Gold prices cautiously await inflation data

12/19/2023 11:13 Nhat Linh Print article

ANTD.VN - Although it has recovered after the decline last weekend, gold prices are still quite cautious as investors are waiting for more economic data to have a clearer prediction about when the Fed may cut interest rates.

This morning, domestic gold prices increased slightly. SJC gold was listed by Saigon Jewelry Company (SJC) at 73.50 - 74.52 million VND/tael, an increase of 100 thousand VND/tael in both buying and selling prices compared to the closing price of yesterday's trading session.

At DOJI, SJC gold price increased by 150 thousand VND per tael compared to the previous closing price, to 73.5 - 74.50 million VND/tael. Phu Quy increased slightly by 100 thousand 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, similarly, also has a slight price of about 100 thousand VND per tael. Of which, PNJ gold listed this morning at 60.95 - 62.05 million VND/tael; SJC 99.99 rings traded at 60.95 - 62.00 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold 61.38 - 62.43 million VND/tael...

Gold prices are trading quietly

In the world market, in the trading session on December 18 (last night, early this morning Vietnam time), spot gold contracts increased slightly by 0.4% to 2,026.5 USD/ounce, while gold futures contracts in the US decreased slightly by 0.2% to 2,040.8 USD/ounce.

According to experts, gold prices are in a “pause” mode, waiting for the next important news or fundamental economic data. However, gold increased slightly when witnessing light buying demand from investors after the last weekend's price decline with expectations of a technical increase.

Fundamental factors keeping gold prices high are a weaker US dollar, looser 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 said its historic tightening of monetary policy may be coming to an end as inflation fell faster than expected.

Traders are pricing in a 69% chance the Fed will cut rates in March, according to the CME FedWatch tool.

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

Traders are now awaiting a slew of US economic data, including the November core personal consumption expenditure (PCE) report due this Friday.

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

Source link