Domestic gold prices
Domestic gold prices closed the trading session on December 27.
Domestic gold price trends
Source: Rong Viet Online Services Joint Stock Company (VDOS).
Trends in world gold prices
Source: Kitco
In just one trading session, the price of gold dropped by as much as 6 million VND, causing heavy losses for investors. If an investor bought gold from DOJI Group on the morning of December 28th at 80 million VND/ounce and sold it that same afternoon, they would have lost 8 million VND/ounce. Meanwhile, the loss for customers of Saigon Jewelry Company (SJC) would be 5.4 million VND/ounce.
Global gold prices remained high amid a decline in the US dollar to near its lowest level in five months. At 7:45 PM on December 28th, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 100.510 points (down 0.14%).
Global gold prices rose and remained at a high as traders sought refuge in gold amid speculation that the US Federal Reserve (FED) would cut interest rates in 2024, while a weaker US dollar and falling bond yields also supported gold prices.
Bob Haberkorn, senior market strategist at commodity futures trading firm RJO Futures, predicts that a key factor impacting the gold market in 2024 will be the possibility of central banks around the world lowering interest rates.
The London Gold Market Association said that London's benchmark gold price has risen to a record high of $2,069.40 per ounce, surpassing the previous record set in August 020.
Gold prices are also currently under some pressure. Asian stocks mostly rose in afternoon trading on December 28, with Hong Kong (China) seeing the strongest gains as investors expect the US Federal Reserve (FED) to cut interest rates next year.
Global stock markets have rallied since the Fed's most recent meeting, when the agency signaled that the interest rate hike cycle may be nearing its end due to slowing global inflation.
Although inflation in the US has slowed, it remains above the Fed's long-term target of around 2%, and analysts warn that consumer spending has yet to return to healthy levels.
According to a Mastercard SpendingPulse survey, U.S. retail sales during the crucial holiday shopping season increased 3.1% year-on-year, but this was a significant decrease from the 7.6% increase the previous year.
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