Gold prices remain cautious awaiting inflation data.

December 19, 2023 11:13 AM Nhat Linh Print article

ANTD.VN - Although gold prices have recovered after falling last weekend, they remain cautious as investors await further economic data to make clearer predictions about when the Fed might cut interest rates.

This morning, domestic gold prices saw a slight increase across the board. SJC gold, listed by Saigon Jewelry Company (SJC), was priced at 73.50 – 74.52 million VND/ounce, an increase of 100,000 VND/ounce in both buying and selling prices compared to the close of yesterday's trading session.

At DOJI , the price of SJC gold increased by 150,000 VND per tael compared to the previous closing price, reaching 73.5 - 74.50 million VND/tael. Phu Quy saw a slight increase of 100,000 VND/tael, listed at 73.55 - 74.50 million VND/tael; Bao Tin Minh Chau also listed at 73.58 - 74.48 million VND/tael…

Non-SJC gold also saw a slight increase of about 100,000 VND per tael. Specifically, PNJ gold was listed this morning at 60.95 – 62.05 million VND/tael; SJC 99.99 rings traded at 60.95 – 62.00 million VND/tael; and Bao Tin Minh Chau's Thang Long Dragon Gold was at 61.38 – 62.43 million VND/tael…

Gold prices are trading quietly.

On the global market, during the trading session on December 18th (last night, early this morning in Vietnam time), spot gold contracts rose slightly by 0.4% to $2,026.5 per ounce, while US gold futures contracts fell slightly by 0.2% to $2,040.8 per ounce.

According to experts, gold prices are currently in a "pause" mode, awaiting further important economic news or data. However, gold edged up slightly as investors saw some buying demand after last weekend's price drop, anticipating a technical price increase.

The fundamental factors keeping gold prices high are a weaker US dollar, more accommodative monetary policy, and safe-haven demand amid escalating tensions in the Middle East.

Last week, the US Federal Reserve (Fed) kept interest rates unchanged and indicated that the historic monetary tightening could be coming to an end as inflation fell faster than expected.

According to the CME FedWatch tool, traders are pricing in a 69% chance that the Fed will cut interest rates in March.

However, the Fed's dovish stance also supports the underlying bullish sentiment in global stock markets, thereby limiting further gains in safe-haven precious metals.

Traders are currently awaiting a series of US economic data releases, including the November core personal consumption expenditures (PCE) report this Friday.

This will give investors more clues to determine the Fed's interest rate cut trajectory as well as the next stage of the gold price trend.

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