Profit-taking pressure increased, the world gold price dropped by 100 USD/ounce in just one day, erasing all the efforts to increase in the last 4 sessions. Spot gold fell to 2,627 USD/ounce. SJC gold bars were sold for only over 85 million VND/tael.
World gold price "roller coaster", erases 4-session increase
Profit-taking pressure increased, the world gold price dropped by 100 USD/ounce in just one day, erasing all the efforts to increase in the last 4 sessions. Spot gold fell to 2,627 USD/ounce. SJC gold bars were sold for only over 85 million VND/tael.
After five consecutive sessions of increase, the spot gold price traded at $2,627/ounce. The price of gold futures for delivery in December 2024 on the Comex New York floor was also at a similar level, $2,626/ounce. Investors "took profits" and switched to riskier assets after Mr. Scott Bessent, who was nominated by US President-elect Donald Trump as Treasury Secretary in the new government, announced that he would prioritize implementing tax cut commitments.
In an interview with the Wall Street Journal, Mr. Bessent said the tax cuts would include continuing the tax cuts implemented during Mr. Trump’s first term, as well as eliminating taxes on tips, Social Security benefits and overtime. Mr. Bessent would also focus on implementing tariffs, cutting spending and maintaining the dollar’s status as the world’s reserve currency.
Mr. Bessent, born in 1962, is a longtime hedge fund executive. Although he was not present in Mr. Trump’s first administration, he became a trusted adviser who could interpret Mr. Trump’s trade policies in a way that was palatable to investors.
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| Gold price "evaporated" 100 USD/ounce in just one day. |
Meanwhile, according to recent information, reports from Israel and the US show that Israel and Hezbollah forces in Lebanon are getting closer to reaching a ceasefire agreement amid signs of progress in negotiations. Last week, gold prices jumped nearly 6%, also due to safe-haven demand amid the escalating Russia-Ukraine conflict.
Investors are looking ahead to the minutes of the Fed's November meeting and PCE inflation data this week to gauge the outlook for U.S. interest rates. The market now sees a 56% chance of another 25 basis point cut in December, down slightly from 62% last week.
In Vietnam, SJC gold bars also quickly “evaporated” more than a million VND per tael early in the morning. Saigon Jewelry Company (SJC) listed the price of gold bars at 82.8 million VND/tael, down 1.8 million VND/tael for buying and 85.3 million VND/tael, down 1.3 million VND/tael for selling. This is the lowest price since November 20. The difference between buying and selling prices widened to 2.5 million VND per tael.
Similar to the world situation, the "effort" to recover in the past week of SJC gold bars was completely erased. Mi Hong Gold usually lists gold prices higher than the general level, but this morning, it strongly reduced them, bringing the price of SJC gold bars to 82.2 million VND/tael for buying and 85.2 million VND/tael for selling.
The price of gold rings also fell sharply. At Saigon Jewelry Company (SJC), SJC 99.99 gold rings of 1 chi, 2 chi, 5 chi were bought at 82.7 million VND/tael, while sold at 84.7 million VND/tael.
In contrast to the gold price trend, the US dollar has remained relatively stable following the announcement of the Treasury Secretary-designate. Despite recently falling below 107, the US Dollar Index (DXY) is currently trading at 107.28. The dollar hit a two-year high last week amid investors' belief that Trump's policies will spur inflation, which could affect the US Federal Reserve's interest rate cut scenario.
This morning, the State Bank announced the daily central exchange rate at 24,295 VND/USD, up 3 VND compared to the end of last week. With a margin of +/-5% as prescribed, the ceiling rate is 25,509 VND/USD. The selling rate at banks continues to be high at the ceiling. At Vietcombank, the USD/VND exchange rate is currently trading at 25,197 VND/USD (buying by transfer) and 25,509 VND/USD (selling), up 3 VND compared to yesterday. In the free market, the USD price also increased, commonly sold at 25,840 VND/USD.
Source: https://baodautu.vn/gia-vang-the-gioi-du-tau-luon-xoa-sach-thanh-qua-4-phien-tang-d230931.html
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