Gold Price Update on December 23: Remarkable Surge in Weekend Trading

World gold prices continued to increase when the US released data related to inflation, the USD depreciated and US bond interest rates went down.


At 8:00 a.m. this morning (December 23, Vietnam time), the world gold price was trading around 2,053 USD/ounce, an increase of 4 USD/ounce compared to trading at the same time yesterday morning.




World gold prices maintained their upward momentum in the context of the US Bureau of Economic Analysis announcing that the core personal consumption expenditure price index in November increased by 0.1%, 0.1 percentage point lower than forecast. is 0.2%.




With the above data, core inflation in the US dropped to 3.2%, down 0.1 percentage points compared to the consensus of 3.3%. The latest data has continued to increase expectations that the US Federal Reserve (Fed) will cut interest rates early next year. Traders are increasingly confident in their predictions that the US Central Bank will begin cutting interest rates in March.




Reacting to this information, the US Dollar Index hit its lowest level in 5 months and the benchmark 10-year bond yield was also near its lowest level since July. Last night's world gold price had momentum to increase to 2,060 USD/ounce.




David Meger, head of metals trading at High Ridge Futures, said that gold prices will continue to remain above the threshold of 2,000 USD/ounce. Expectations of reduced inflationary pressures will continue to push gold to an uptrend.




In the domestic market, gold prices decreased slightly after climbing to an all-time high in yesterday morning's trading session.




Specifically, Saigon Jewelry Company listed the price of SJC gold for buying and selling at 75.7 - 76.9 million VND/tael, down 500,000 VND/tael for buying, down 400,000 VND/tael for selling. out compared to yesterday's closing.




Doji HN gold listed gold price at 75.7 - 77.0 million VND/tael, down 300,000 VND/tael for buying and down 100,000 VND/tael for selling compared to yesterday.




Phu Nhuan Jewelry Joint Stock Company (PNJ) listed SJC gold price in Hanoi market at 75,700 million VND/tael (buy) and 77,000 million VND/tael (sell).




Lower interest rates will cause the USD and US bond yields to fall sharply. This is beneficial for gold.

Closing the trading session on December 19, Saigon Jewelry Company listed the buying and selling price of SJC gold at 73.9-74.92 million VND/tael, an increase of 500,000 VND/tael compared to yesterday's closing session. before.




Doji HN gold listed gold price at 73.85 - 74.9 million VND/tael, an increase of 550,000 VND/tael compared to yesterday's closing session.




Phu Quy SJC is purchasing SJC gold bars at the price of 73.85 - 74.85 million VND/tael, an increase of 400,000 VND/tael of buying and an increase of 450,000 VND/tael of selling compared to the previous closing session.




On the world market, the gold price reached 2,030.31, an increase of 2.5 USD at 8:36 p.m. on December 19, Vietnam time.




Precious metals benefited after the US Federal Reserve (FED) announced to keep interest rates unchanged for the third consecutive time, and expected interest rates at the end of next year to be lower than currently.




The FED's recognition that inflationary pressures continue to decline has increased expectations of interest rate cuts. Lower interest rates will cause the USD and US bond yields to fall sharply. This is beneficial for gold.

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