Gold prices were boosted by expectations that the US Federal Reserve has ended its interest rate hikes. Expectations were heightened by recent comments from Fed officials. The less hawkish views weighed on the greenback and supported the precious metals market.
Recently, there have been predictions that the FED may cut interest rates as early as March 2024. The market recorded a 50% chance that the FED would cut interest rates in May. Meanwhile, the chance that the FED would cut interest rates in June 2024 is very high.
Some experts believe that with the US dollar trending lower, it is “just a matter of time” before gold reaches an all-time high. According to Kitco, Nicky Shiels, head of metals strategy at MKS PAMP, said that if gold’s technical momentum continues at its current pace, prices could hit an all-time high within 10 days.
The gold rally comes as geopolitical safe-haven demand begins to wane, according to the expert. Nicky Shiels noted that the decline in the US dollar and a sharp drop in US bond yields helped push gold to a six-month high.
Gold prices were also supported by central bank demand and increased physical demand in Asia during the year-end holiday season. India imported more gold than expected in October, hitting a 31-month high.
“Combined with the recent decline in US Treasury yields, hopes of a Fed pivot and the decline in the US dollar, gold is in a favorable position and has the potential to set a new record,” Goldseek director Peter Spina told Market Watch.
Investors are still waiting for signals from the US and Chinese economies in the first half of next year to determine clearer trends for the markets. This factor may prevent gold from breaking out strongly in the next few months, even though this is the peak season for gold consumption.
Domestic gold prices today "dance" non-stop. After a shocking increase of nearly 2 million VND/tael at the beginning of the session, by this afternoon the price of SJC gold had simultaneously adjusted down to around 700,000 VND/tael.
As of 3:45 p.m. today (November 29), DOJI Group listed the buying price at 72.2 million VND/tael; the selling price was 73.7 million VND/tael. The difference between the buying and selling price of gold at DOJI is 1.5 million VND/tael.
Meanwhile, Saigon Jewelry Company SJC listed the buying price of gold at 72.5 million VND/tael; the selling price was 73.7 million VND/tael. The difference between the buying and selling price of gold at Saigon Jewelry Company SJC is 1.2 million VND/tael.
The world gold price at the same time listed on Kitco was at 2,046.1 USD/ounce. Compared to the opening of the previous trading session, the world gold price increased by 30.8 USD/ounce.
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