The price of gold on the Kitco floor at 9:00 p.m. (December 12, Vietnam time) was trading at $2,698.8/ounce, down 0.81% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,701.3/ounce.

At the beginning of the trading session on December 12 (US time), the world gold price decreased after the US announced a report of 242,000 unemployment benefit applications, higher than the previous forecast of 221,000 applications. At the same time, gold is losing value against the euro after the European Central Bank (ECB) cut interest rates by 25 basis points.

However, gold is still being boosted by growing expectations that the US Federal Reserve will cut interest rates following a US inflation report. Accordingly, data from the US Department of Labor showed that in November, the country's consumer prices increased 0.3% compared to the previous month - an increase in line with economists' forecasts.

Screenshot 2024 11 25 210739.png
ECB cuts interest rates, world gold price plummets. Photo: HH

Such inflation data is seen as stable, making the possibility of a Fed rate cut at the next monetary policy meeting almost certain, said David Meger, director of metals trading at High Ridge Futures.

Traders now see a 98.1% chance the Fed will cut another 25 basis points at its December 17-18 meeting, up from 86% before the inflation report.

In addition to economic data, investors will also look to Fed Chairman Powell's post-meeting comments for more details on future US policy, according to StoneX analyst Rhona O'Connell.

In the domestic market, at the end of the session on December 12, the price of 9999 gold bars at SJC was VND84.6 million/tael (buy) and VND87.1 million/tael (sell). Doji listed it at VND84.8 million/tael (buy) and VND87.3 million/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 84.5-85.9 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.8-85.9 million VND/tael (buy - sell).

Gold Price Forecast

Goldman Sachs recently maintained its forecast that gold could hit $3,000 an ounce by the end of 2025, even if the US dollar remains strong. This shows confidence in gold's long-term price growth.

According to analysts at Heraeus Precious Metals Financial Group, gold prices in 2025 will fluctuate between $2,450 and $2,950 per ounce, supported by central bank purchases, albeit less than in 2024, along with geopolitical tensions in Ukraine and the Middle East.

Many experts predict that gold prices may fluctuate between $2,647 and $2,760 per ounce in the short term. Factors such as US bond yields and the global economic situation will positively affect gold prices.

The price of gold rings increased rapidly, nearly 2 million more expensive in 2 days . The price of gold rings today (December 11) continued to increase sharply. After 2 days, the price of gold rings at some brands increased by nearly 2 million VND per tael in the buying direction.