Gold prices surged this morning in Vietnam, following the global trend, with gold trading at $2,623 per ounce, a $35 increase from the previous night’s low of $2,588 per ounce.
Gold price fluctuations chart Source: Kitco
Gold prices fluctuated significantly after the US released the Personal Consumption Expenditures (PCE) Index – the preferred inflation measure of the Federal Reserve (Fed). It rose by 0.1% in November, much lower than October’s 0.3% increase. Over the past 12 months, US inflation rose by 2.8%, just 0.1 percentage points lower than the predicted 2.9%. This caused the value of the US dollar to drop by 0.4% from its two-year high, pushing gold prices up.
Global investors are once again feeling the allure of gold. Market strategist Phillip Streible of Blue Line Futures commented that, in addition to the PCE data, personal income and spending data also fell short of expectations. People are returning to the gold market and re-establishing their positions.
Analysts and economists unanimously assert that gold will reach the $3,000 per ounce mark in the coming period. Gold started 2024 at $2,000 per ounce and is on track to end the year with an approximate 25% gain.
Domestic Market: Gold Ring Prices Likely to Rise
At the beginning of the morning, the Saigon Jewelry Company listed SJC gold prices at 81.8-83.8 million VND/tael (buy-sell), a decrease of 300,000 VND/tael on both sides. The buy-sell spread for SJC gold at the Saigon Jewelry Company was 2 million VND/tael.
DOJI Group listed SJC gold prices at 81.8-83.8 million VND/tael (buy-sell), a decrease of 300,000 VND/tael on both sides. The buy-sell spread for SJC gold at DOJI Group was 2 million VND/tael.
Gold rings are expected to surge in price during today’s session
Bao Tin Minh Chau listed SJC gold prices at 82-83.8 million VND/tael (buy-sell), a decrease of 100,000 VND/tael on the buying side and 300,000 VND/tael on the selling side. The buy-sell spread for SJC gold at Bao Tin Minh Chau was 1.8 million VND/tael.
Meanwhile, the price of 9999 gold rings at DOJI was listed at 82.75-83.75 million VND/tael (buy-sell), a decrease of 300,000 VND/tael on both sides compared to the previous trading session.
Bao Tin Minh Chau listed gold ring prices at 82.3-83.8 million VND/tael (buy-sell), an 800,000 VND/tael decrease on the buying side and a 300,000 VND/tael decrease on the selling side compared to the previous day’s session.
In reality, gold ring prices tend to move in the same direction as global gold prices. Therefore, this type of gold is likely to surge during today’s session amid the upward global market trend.
The Golden Opportunity: Unveiling the Latest Developments in Gold Prices
The morning trading session witnessed a fluctuation in gold prices, with some renowned gold dealers adjusting the prices of plain gold rings compared to the previous day’s trading. Meanwhile, the price of SJC gold remained unchanged, showing no signs of adjustment.
The Golden Opportunity: Navigating the Precious Metal’s Plunge
The morning trading session witnessed a steep decline in SJC gold prices and plain round gold ring prices. In just two days, these two gold types plummeted by up to VND 1.5 million per tael.
The Golden Opportunity: Unveiling the Daily Treasure
On the morning of December 2nd, domestic gold prices dipped compared to the previous week’s close. The adjustment ranged from 500,000 to 800,000 VND per tael.
The Curious Case of Gold’s Global Price Movement
The gold price hovers tentatively, awaiting a new catalyst to spark action. Investors are cautious ahead of impending U.S. economic data and the Federal Reserve’s interest rate trajectory. With markets holding their breath, all eyes are on the Fed’s next move, as they delicately balance inflation concerns with economic growth. This delicate dance has investors poised, ready to pounce or retreat, depending on the Fed’s forthcoming steps.
The Golden Opportunity: Breaking the Chain – Gold Prices Retreat After Four Days of Gains, While the Dollar Hits a Two-Week Low
As of the market close on December 2nd, gold prices retreated from a four-day winning streak, with coffee futures also dropping from their highest level in 47 years, and non-ferrous metals closing at their weakest level in over two weeks.
