Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices are anchored at a high level in the context of the USD remaining at a low level. Recorded at 7:00 p.m. on December 29, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 100.850 points (down 0.06%).
Unabated geopolitical instability in many regions, including Ukraine, the Middle East, the Red Sea... along with strong net buying power of central banks of countries are factors that push up world gold prices strongly throughout 2023. Gold demand in India and China during the peak season is also a driving force for this precious metal.
Gold prices have risen 14% year-to-date and are on track for their biggest annual gain since 2020.
Many forecasts suggest that in 2024, demand for gold will remain high as uncertainty continues to prevail. The decline in the greenback has also pushed gold prices up gradually. However, the recent sharp increase in prices could create profit-taking pressure. This means that gold will find it difficult to break out too strongly in the new year.
The main driver of the gold market next year will be the timing and magnitude of interest rate cuts by the US Federal Reserve (FED), said Ilya Spivak, head of global macro markets at financial firm Tastylive.
Bets on a Fed rate cut have strengthened after inflation continued to cool, with traders betting the central bank has an 88% chance of easing monetary policy at its March 2024 meeting.
See more articles about gold prices on Lao Dong Newspaper here...
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