Gold prices continue to plummet

12/12/2023 11:24 Nhat Linh Print article

ANTD.VN - The price of domestic gold rings this morning dropped sharply by 400 - 500 thousand VND per tael, SJC gold also continued to decline following the downward trend of the world precious metal market.

In yesterday's trading session, domestic gold prices continued to decrease by about 200 - 250 thousand VND per tael for both SJC gold and ring gold.

In the morning session, the decline continued to widen. Saigon Jewelry Company (SJC) listed the price of SJC gold brand at the beginning of the trading session at 72.60 - 73.62 million VND/tael, down 150 thousand VND/tael in both buying and selling directions compared to the closing price yesterday.

At DOJI, the decrease was up to 200 thousand VND per tael for buying, 400 thousand VND per tael for selling, bringing the price of SJC gold to 72.40 - 73.50 million VND/tael. Phu Quy SJC today also decreased 200 thousand VND/tael in both directions, listed at 72.0 - 73.50 million VND/tael; Bao Tin Minh Chau reduced the price of SJC gold to only 72.60 - 73.45 million VND/tael...

Gold prices fell sharply today

Non-SJC gold has an even stronger decrease, up to 400 - 500 thousand VND per tael. Of which, PNJ gold is listed this morning at 60.00 - 61.20 million VND/tael; SJC 99.99 rings are at 60.10 - 61.15 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold is 60.42 - 61.52 million VND/tael...

In the world market, precious metals continued to decline. At the end of the trading session on December 11 (last night, early this morning Vietnam time), the world spot gold price fell by more than 23 USD/ounce, down to only 1,981.4 USD/ounce.

Gold prices continued to be affected by the better-than-expected US jobs report, which disappointed investors who had previously expected the Fed to cut interest rates soon. This report also made the US dollar index firmer and US Treasury yields rose slightly at the beginning of the week, negatively affecting the precious metals market. Not only that, with consecutive declines since the end of last week, the technical chart of gold also deteriorated, triggering many technical selling activities.

However, experts say this is only a short-term move in gold prices.

While Fed decisions will be the main driver of the gold market in the coming period, they are not the only thing that will impact the price of the precious metal, according to experts from the World Gold Council.

Because of the fact that the Fed has been raising interest rates at the fastest pace in more than 40 years this year, the gold market is still trading around $2,000 and even reaching new record highs.

As a result, the World Gold Council believes that geopolitical uncertainty, along with central bank demand, will continue to be important drivers for the precious metal. As countries continue to diversify away from the US dollar, central bank demand for gold has become stronger in recent months.

The World Gold Council has not given an official price target for next year, but its experts predict gold prices will hit a new all-time high by 2024.

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