Gold bars and gold rings recover slightly

DNVN - The price of SJC gold bars and gold rings has slightly recovered after a sharp decrease of 700,000 VND per tael, in line with the international market trend.

At the close of trading on December 6, large enterprises listed the price of SJC gold bars at VND82.7-85.2 million/tael (buy - sell). Previously, in the morning session, gold bars decreased by VND700,000 in both directions, down to VND82.3-84.8 million/tael before increasing again in the afternoon. The difference between buying and selling prices remained at VND2.5 million/tael.

For plain round gold rings, the current price is announced at 82.6-84 million VND/tael (buy - sell). Previously, each tael of gold rings decreased by 700,000 VND each way, but then recovered with an increase of 300,000 VND for buying and 200,000 VND for selling.

Domestic gold prices, after a sharp decline, have recovered along with the upward trend of world gold prices. In the international market, gold prices were trading at 2,636 USD/ounce, up 6 USD compared to the previous session, after hitting a low of 2,625 USD/ounce during the trading session.

Recent US economic reports showing a weakening labour market have contributed to a sharp drop in gold prices. At the same time, the yield on 10-year US government bonds rose 0.3%, while the price of Bitcoin surpassed the $100,000 mark for the first time.

In a speech in New York, Fed Chairman Jerome Powell said the US economy is maintaining a fairly stable state, and downside risks related to the labor market appear to be under control. These comments have caused concern among speculators in the metal market.

However, investor sentiment remains optimistic about the possibility of gold prices continuing to rise, thanks to expectations that the Fed will adjust monetary policy in an easing direction. According to CME's FedWatch tool, the market forecasts a 74% chance that the Fed will cut interest rates by 25 basis points (0.25%) at the upcoming meeting.

Gainesville Coins expert Everett Millman said that gold prices could only move significantly if the upcoming non -farm payrolls report shows a significant deterioration in the US labor market.

It is forecasted that gold prices may drop to the range of 2,594-2,608 USD/ounce, investors need to pay attention to this threshold.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/vang-mieng-vang-nhan-phuc-hoi-nhe/20241207095808933