SJC gold price suddenly dropped sharply early this week

ANTD.VN - While the price of gold rings remained almost unchanged, SJC gold dropped sharply by 1.2 million VND per tael.

At the opening of the first trading session of the new week, the price of SJC gold had an unexpected development when it suddenly dropped by 1.2 million VND per tael. Accordingly, this gold brand was listed for sale at 4 State-owned commercial banks, SJC Company and large gold trading enterprises at 85.1 million VND/tael, down 1.2 million VND/tael compared to the end of last week. Similarly, the selling price also decreased to 82.6 million VND/tael.

Meanwhile, the price of gold rings has almost no fluctuations. SJC 999.9 rings are listed at 82.60 - 84.30 million VND/tael. At Bao Tin Minh Chau, the price of gold is 83.68 - 85.43 million VND/tael; Phu Quy 83.20 - 84.70 million VND/tael; DOJI 83.50 - 84.60 million VND/tael...

In the world, gold prices increased slightly at the beginning of the week by nearly 7 USD per ounce, currently trading around 2,655 USD/ounce.

World gold price fluctuates little while domestic SJC gold price drops sharply

Short-term gold price forecasts are mixed as gold is under pressure from a mix of unpredictable developments. Most experts believe that the precious metal will fluctuate in a narrow range this week, despite the US Federal Reserve’s monetary policy meeting. Almost the entire market is pricing in the possibility of the Fed cutting interest rates by 25 basis points after its last meeting of 2024.

The rise in wholesale inflation suggests the threat to consumer prices remains high, which could make the Fed's rate-cutting path longer than expected.

The gold market faces two distinct scenarios next year as uncertainty dominates investor sentiment, according to the latest report from the World Gold Council (WGC).

The metal is on track to end the year up nearly 30%, its best run in decades. Analysts at the WGC said their model suggests the gold market will become more nuanced as investors assess the health of the global economy.

Market consensus on key US macro variables such as GDP, yields and inflation – in real terms – suggests gold will see positive but much more modest growth in 2025.

However, the big risk for gold remains President-elect Donald Trump's uncertain economic policies, including proposed tariffs to support domestic manufacturing, which threaten to push the global economy into a trade war.

Many economists have noted that higher trade tariffs could push already stubborn inflation higher, potentially impacting the Federal Reserve’s current monetary policy stance. Markets have already begun to trim their expectations for rate cuts in 2025, with Bank of America predicting just two rate cuts next year, while Wells Fargo predicts just one.

On the positive side, the WGC noted that investors should continue to pay attention to Asian consumer interest, which has helped push prices to record highs as the Federal Reserve maintains restrictive monetary policy into the first half of 2024.

Ultimately, the biggest support for gold remains central bank demand. The WGC expects central banks to continue buying gold, even if at a slower pace than in recent years.

Source: https://www.anninhthudo.vn/gia-vang-sjc-bat-ngo-giam-manh-sang-dau-tuan-post598475.antd