Officially broke the peak of 80 million/tael, should we buy or sell?

Gold price today December 28: Officially broke the peak of 80 million/tael, should you buy or sell? — Gold price today December 28. Illustration photo: Phan Anh

Domestic gold price

Recorded at 9am today, DOJI Group listed the buying price at 78.2 million VND/tael; the selling price was 80 million VND/tael.

The difference between buying and selling gold prices at DOJI is 1.8 million VND/tael.

Compared to the opening of yesterday's trading session, gold price at DOJI increased by 100,000 VND/tael for buying and increased by 300,000 VND/tael for selling.

Meanwhile, Saigon Jewelry Company SJC listed the buying price of gold at 78.4 million VND/tael; the selling price was 79.9 million VND/tael. The difference between the buying and selling price of gold at Saigon Jewelry Company SJC is 1.5 million VND/tael.

Compared to yesterday's opening session, the gold price at Saigon Jewelry Company SJC increased by 400,000 VND/tael for buying and increased by 200,000 VND/tael for selling.

According to Associate Professor Dr. Nguyen Huu Huan - Lecturer at Ho Chi Minh City University of Economics , the recent sharp increase in gold prices is partly due to seasonal factors, people often tend to buy gold during holidays.

Mr. Huan believes that investors should not buy more gold at this time because the risk from the price is too high. Except for some cases where people buy to save, investors hope to make a profit, this investment channel is relatively risky.

World gold price

As of 9am today, listed on Kitco at 2,085.5 USD/ounce. Compared to the opening of the previous trading session, the world gold price increased by 19 USD/ounce.

Gold Price Forecast

The world gold price has increased by more than 13% in 2023. This is a quite impressive annual increase. Investors reflected the expectation of a US interest rate cut in 2024 in the recent gold price increase. This also means that when the US officially cuts interest rates, the possibility of gold having much motivation to increase sharply.

According to the CME Fedwatch tool, market participants are pricing in a more than 71% chance of a rate cut in March. The chance of a second rate cut in May is more than 68%.

So this metal is still is forecast to continue to increase through 2024.

Speaking on CNBC, economist John Plassard said that the upward trend of gold could continue with greater intensity than in recent months.

Bob Haberkorn, senior market strategist at RJO Futures, said that as the new year approaches, the theme seems to be central banks around the world cutting interest rates, and with that, gold will have nothing but upside. The market is currently expecting the US Federal Reserve (FED) to start its rate-cutting cycle from March 2024.

The economic calendar is light this week due to the holiday, while data on second-week jobless claims will be in focus. Fed policymakers, who favor longer-term interest rates to ensure inflation returns to 2%, may favor cutting borrowing costs sooner rather than later.

See more articles about gold prices on Lao Dong Newspaper here...

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