(Dan Tri) - The world gold price "fluctuates", causing the domestic gold price to fall. Both SJC gold bars and gold rings have had two consecutive sessions of price decline.
Gold bar and gold ring prices decreased by 500,000 VND/tael
At the end of the trading session on December 20, the price of SJC gold bars was listed by large enterprises at 81.8-83.8 million VND/tael (buy - sell). Yesterday, this item was adjusted down by 500,000 VND each way in the morning session, and recovered by 200,000 VND in the afternoon session.
Thus, the total decrease of gold bars yesterday was 300,000 VND each way. The difference between buying and selling price was 2 million VND. This is the second consecutive decrease of this item, with a total decrease of 1.3 million VND/tael.
At the end of yesterday's session, the price of plain round gold rings was listed at 81.8-83.6 million VND/tael (buy - sell), down 300,000 VND in both directions.
In the international market, the price of gold is around 2,617 USD/ounce, recovering 20 USD after falling to the lowest price range in a month. Converted at the exchange rate excluding taxes and fees, the world gold price is currently equivalent to 81.2 million VND/tael.
World gold prices fluctuate amid the US monetary policy pivot. The Summary of Economic Projections (SEP), published quarterly during the Federal Open Market Committee (FOMC) meetings, revealed revised US interest rate forecasts for 2025-2027.
The chart shows a significant change from the September forecast, when the Fed reduced its forecast for rate cuts next year from four to just two, each by 0.25 basis points (0.25%). This is significantly more hawkish than the market had expected, although Fed Chairman Jerome Powell had hinted at this policy change in several speeches before the meeting.
This news triggered a sharp rise in the value of the US dollar and US bond yields. Since gold is priced in US dollars, a stronger value of the currency puts pressure on the price of the precious metal. Higher US bond yields also attract investors to put money into bonds, reducing demand for gold.
Gold market "fluctuates" (Photo: Tien Tuan).
Investors now await the Fed's preferred inflation gauge, the core personal consumption expenditures (PCE) index, due later in the week for further clues on the outlook.
USD price hits peak
The USD Index - a measure of the strength of the USD against six major currencies - reached 108.15. This is the highest price range of this index in 2 years. Compared to last week, the USD Index is estimated to have increased by 1.06%. Considering the beginning of 2024 until now, this index has increased by 6.66%.
World developments have pushed up the domestic USD price. At the end of this week, the State Bank listed the central exchange rate at 24,304 VND, up 26 VND from the previous one. With a 5% margin compared to the central exchange rate, banks are allowed to buy and sell USD in the price range of 23,089-25,519 VND.
Major banks buy and sell USD at 25,189-25,519 VND (buy - sell), up 26 VND in both directions. Joint stock banks allow USD transactions at 25,265-25,519 VND. For about a month now, banks have listed USD selling prices at the ceiling.
In the free market, the greenback price exceeded 25,700 VND in the selling direction, traded at 25,650-25,750 VND (buy - sell), up 30 VND in both directions.
Source: https://dantri.com.vn/kinh-doanh/vang-mieng-vang-nhan-dong-loat-giam-gia-20241220214918597.htm
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