Gold prices continue to plummet.

12/12/2023 11:24 Nhat Linh Print article

ANTD.VN - Domestic gold ring prices fell sharply this morning by 400-500 thousand dong per tael, and SJC gold also continued to decline following the downward trend of the global precious metals market.

In yesterday's trading session, domestic gold prices continued their downward trend, falling by approximately 200,000 to 250,000 VND per ounce for both SJC gold and gold rings.

This morning, the downward trend continued to widen. Saigon Jewelry Company (SJC) listed the price of SJC gold at the beginning of trading at 72.60 - 73.62 million VND/ounce, a decrease of 150,000 VND/ounce in both buying and selling prices compared to the closing price yesterday.

At DOJI , the price of SJC gold decreased by up to 200,000 VND per tael for buying and 400,000 VND per tael for selling, bringing the price down to 72.40 – 73.50 million VND/tael. Phu Quy SJC also decreased by 200,000 VND/tael in both directions today, listed at 72.0 – 73.50 million VND/tael; Bao Tin Minh Chau reduced the price of SJC gold to only 72.60 – 73.45 million VND/tael…

Gold prices fell sharply in today's trading session.

Non-SJC gold prices even saw a sharper decline, up to 400,000-500,000 VND per tael. Specifically, PNJ gold was listed this morning at 60.00-61.20 million VND/tael; SJC 99.99 rings were down to 60.10-61.15 million VND/tael; and Bao Tin Minh Chau's Thang Long Dragon Gold was at 60.42-61.52 million VND/tael…

On the global market, precious metals continued their downward trend. At the close of trading on December 11th (last night/early this morning in Vietnam time), the spot price of gold had fallen by more than $23 per ounce, to just $1,981.4 per ounce.

Gold prices continued to be affected by the better-than-expected US jobs report, disappointing investors who had previously had high expectations of an early Fed interest rate cut. This report also strengthened the US dollar index and led to a slight increase in US Treasury yields at the beginning of the week, negatively impacting the precious metals market. Furthermore, with consecutive declines since the end of last week, gold's technical chart has also deteriorated, triggering significant technical selling activity.

However, experts believe this is only a short-term movement in gold prices.

Experts at the World Gold Council believe that while the Fed's decisions will be the main driver of the gold market in the near future, they are not the only factor affecting the price of this precious metal.

The fact is that the Fed has been raising interest rates at the fastest pace in over 40 years this past year, yet the gold market has still been trading around $2,000 and even reaching new record highs.

Therefore, the World Gold Council believes that geopolitical instability coupled with central bank demand will continue to be key drivers for the precious metal. Countries continue to diversify away from the US dollar, which has fueled stronger central bank demand for gold in recent months.

The World Gold Council has not set an official price target for next year, but its experts predict that gold prices will reach new all-time highs in 2024.

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