Gold prices continue to 'anchor' at high levels

12/15/2023 10:43 Nhat Linh Print article

ANTD.VN - Although the increase has slowed down a bit, gold prices still maintain the high price achieved earlier, after the Fed's dovish message.

In yesterday's trading session, gold prices increased sharply in the morning session and somewhat narrowed the increase in the afternoon session, closing the session with an increase of about 300,000 VND per tael.

By this morning, although the increase was no longer strong, the precious metal continued to inch up. SJC gold was listed by Saigon Jewelry Company (SJC) at 73.40 - 74.42 million VND/tael, up 100 thousand VND/tael in both buying and selling directions compared to the close of yesterday's trading session.

At DOJI , SJC gold price remained unchanged compared to the previous closing price, at 73.20 - 74.30 million VND/tael. Phu Quy slightly decreased 100 thousand VND/tael for buying, kept the selling price unchanged, listed at 73.30 - 74.30 million VND/tael; Bao Tin Minh Chau also listed at 73.35 - 74.25 million VND/tael...

Giá vàng đang hưởng lợi khi Fed dừng tăng lãi suất

Gold prices benefit as Fed stops raising interest rates

Non-SJC gold, similarly, also has a slight price of 50 thousand VND per tael. Of which, PNJ gold listed this morning at 60.65 - 61.75 million VND/tael; SJC 99.99 rings traded at 60.70 - 61.75 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold 61.47 - 62.52 million VND/tael...

In the world market, after a session of increasing by nearly 48 USD, the spot gold price continued to increase by another 9 USD to 2,036.2 USD/ounce at the end of the trading session on December 14 in the US market (early this morning Vietnam time).

The precious metals market continues to benefit from the dovish, pivot-like message from the Fed, which even exceeded previous market expectations.

Just two weeks ago, on December 1, Fed Chairman Jerome Powell delivered a hawkish speech at Spelman College in Atlanta, appearing to dismiss expectations for aggressive rate cuts in 2024. He said it would be premature to conclude with confidence that the Fed’s actions had achieved a limit, or to speculate on when policy might be eased. He even emphasized that the central bank planned to “keep policy accommodative,” adding, “We are prepared to tighten policy further if appropriate.”

Meanwhile, yesterday, he said the Federal Reserve would proceed with interest rate cuts next year – a rather unexpected and widely expected pivot.

While gold prices have surged, the US dollar has plunged. The dollar index has fallen significantly from yesterday's opening level of 103.83 to its current value of 101.94.

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