Gold prices ended the week relatively quiet, tied to the Christmas holiday of 2024, at $2,622 an ounce. The price of gold was limited to a weekly high of $2,650 an ounce, as US Treasury yields rose to 4.64%, their highest level in seven months.

In the next 10 days, world gold is forecast to continue to be quite calm as the whole world enters the new year 2025.

The gold market will close on January 1, 2025, and many analysts and investors are still focused on celebrating the new year instead of following the financial markets.

According to analysts, in the first days of the new year, gold prices will remain stuck between rising bond yields and safe-haven demand due to increasing geopolitical and economic instability in the US.

Gold prices are likely to recover in the next 10 days due to escalating geopolitical tensions. Investors are closely monitoring conflicts in Eastern Europe and the Middle East.

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Geopolitical factors are supporting gold prices. Photo: HH

James Hyerczyk, market analyst at FX Empire, said Israeli airstrikes on Houthi targets in Yemen and Russian drone attacks in Ukraine last week further bolstered gold's appeal as a safe-haven asset.

However, he commented that gold remains bearish, with rising yields and the strength of the US dollar acting as stronger drivers than geopolitical risks. However, the quiet developments of the past week could also spark trading in the coming days, thereby providing some positive improvements for gold prices.

In the long term, Hyerczyk said, gold will bottom out at $2,607 an ounce. Gold needs to break above $2,665 an ounce to regain long-term bullish momentum.

In addition to geopolitical factors, gold is also reacting negatively to the increasing number of weekly unemployment claims in the US. Jeffrey Roach, chief economist at LPL Financial, said that the continued increase in unemployment claims indicates that the US Federal Reserve will slow down the pace of interest rate cuts, which is unfavorable for gold prices.

Additionally, gold could be negatively affected as China and India, the world's two largest gold consuming markets, are facing domestic challenges that could reduce demand for the precious metal.

In China, a weaker yuan and a slow recovery from the pandemic have made gold less attractive, according to Fawad Razaqzada, a market analyst at City Index. Meanwhile, No. 2 gold market India is facing similar challenges. A recent currency devaluation has eroded its purchasing power, making dollar-denominated gold more expensive domestically.

In the domestic market, gold prices last week were also quite active, in contrast to the gloomy developments of world gold prices. While world prices ended the week down, domestic prices still increased by half a million VND/tael.

At the end of the week, the price of gold bars at SJC closed at 82.7-84.7 million VND/tael (buy - sell). The price of 1-5 chi gold rings at SJC was listed at 82.7-84.5 million VND/tael (buy - sell).

Gold price today December 29, 2024: The world ended the week down, domestic gold skyrocketed Gold price today December 29, 2024 on the world market ended the week down, experts predict it will continue to be gloomy next week. Domestically, Doji plain ring price increased by more than half a million VND/tael at the end of yesterday's session, while SJC gold remained unchanged.