DNVN - Global gold prices edged up on December 26 as investors sought safe havens in a gloomy trading session after the Christmas holidays. The market is focusing on US economic signals under the incoming Donald Trump administration, along with the Federal Reserve's interest rate strategy for 2025.
At 1:47 a.m. on December 27, Vietnam time, spot gold price increased 0.9% to $2,635.29/ounce, while gold futures price inched up 0.7% to $2,653.90/ounce.
Daniel Pavilonis, senior strategist at RJO Futures, said gold prices were partly driven by the escalating conflict in Ukraine. He said central banks will continue to buy gold, and persistent inflation could spur retail demand. He predicted gold prices could top $3,000 an ounce by 2025.
Gold is often used as a safe haven asset during times of geopolitical uncertainty and inflation. However, rising interest rates could reduce the appeal of the non-yielding asset. Gold has gained 28% since the start of the year, hitting a high of $2,790.15 an ounce on October 31.
Ajay Kedia, director of Kedia Commodities in Mumbai, predicts a volatile period for gold prices in 2025. He believes that the precious metal will rise in the first half of the year due to geopolitical tensions, but may fall in the second half due to profit-taking.
As Donald Trump prepares to return to the White House in January 2025, markets are expected to closely monitor US economic data to assess the Fed’s policies. After cutting interest rates in September and November, the Fed eased monetary policy further in December, but hinted at a slowdown in 2025.
In this trading session, spot silver price increased slightly by 0.4% to 29.72 USD/ounce, while platinum price decreased by 0.9% to 935.25 USD/ounce.
In the Vietnamese market, on December 26, the price of SJC gold bars announced by DOJI Gold and Gemstone Group and Saigon Jewelry Company (SJC) was at 82.5 - 84.5 million VND/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-27-12-2024-tang-nhe-trong-boi-canh-thi-truong-giao-dich-tram-lang/20241227080345078
Comment (0)