According to data from the Kitco exchange, gold spot prices in New York closed at $2,642.20 per ounce, a $4.20 increase from the previous session’s close.
Meanwhile, in the Asian market at around 10:00 a.m. Vietnam time, the spot gold price rose by $2.70 per ounce compared to the US session close, trading at $2,644.90 per ounce.
South Korea experienced significant political turmoil as President Yoon Suk Yeol suddenly declared martial law on the night of December 3, only to revoke it a few hours later. In France, President Emmanuel Macron called on lawmakers to reject a vote that could bring down the government.
The price of the precious metal fell nearly 5% in November as the US dollar strengthened following Donald Trump’s presidential election victory earlier in the month, and tensions eased somewhat due to a ceasefire between Israel and Hezbollah in Lebanon. However, year-to-date, gold prices are still up nearly 30%.
Analysts from JPMorgan and HSBC predict that gold’s safe-haven appeal will continue to strengthen in the coming period due to persistent geopolitical risks. The policies of President-elect Donald Trump could also heighten geopolitical risks, boding well for gold prices in 2025. JP Morgan forecasts that gold prices could reach $3,000 next year.
“Gold prices surged following the JOJTS report, which showed the number of job vacancies in October, confirming our expectations of a resilient US job market,” said Daniel Ghali, a commodity strategist at TD Securities.
Strong employment reports could make the Fed more cautious about cutting interest rates. Investors are now focusing on the ADP employment report and remarks by Fed Chairman Jerome Powell today (December 4) ahead of the non-farm payrolls report on Friday.
Gold Prices Rise Slightly After US Jobs Report and Political Turmoil in South Korea, France
The spot gold price in New York edged higher on Tuesday (December 3rd) as robust employment data reinforced expectations of a more cautious Fed in its monetary easing cycle. In the Asian market, gold prices also ticked upwards following political turmoil in South Korea and France.
The Week in Forex: Central Bank Interest Rates and Interbank Rates Cool Off, SBV Cuts Liquidity Support
Last week, the interbank exchange rate fell to 25,372 VND/USD, while VND interest rates continued their downward spiral across all tenors. The State Bank of Vietnam (SBV) withdrew a net amount of VND 16,000 billion from the market through open market operations.
The Golden Question: How Much Has Gold Price Dropped in the Past Month?
This morning (December 1st), gold bar prices hovered around the 85 million VND per tael mark, while gold rings dropped to 84 million VND per tael. Over the past month, gold bar prices have fallen by nearly 4 million VND per tael.
Is There a Way to Get the Highest Interest Rate by Depositing Money at Agribank, Vietcombank, BIDV, or VietinBank in Early December?
In the short term, Agribank currently offers the highest savings interest rates among the Big 4 banks. For long-term deposits of 24 months and above, VietinBank remains at the forefront with a competitive 5% annual interest rate.
Prime Minister Directs Action on Bank Interest Rates; Fate of B1 and B2 Driver’s Licenses
Prime Minister Calls for Lower Bank Interest Rates; Nearly VND 670,000 Billion to be Pumped into the Economy; Important Updates on the Fate of B1 and B2 Car Driving Licenses; Gold Prices Fluctuate, Leaving Many Anxious. These were the notable highlights from the past week.
