As of the evening of December 12th, gold prices surged by 1.4% to reach $4,340 per ounce. Earlier, gold prices had already climbed over 1.2% during the December 11th trading session and rose more than 2% in the last three sessions. Currently, global gold prices are less than 1% below the historic peak of $4,381 per ounce recorded on October 20th.
Gold hit a seven-week high on Friday, bolstered by a weaker U.S. dollar, expectations of further Fed rate cuts, and safe-haven demand amid geopolitical tensions.
Source: TradingView
The U.S. dollar is currently trading near its two-month low and is heading for its third consecutive weekly decline, making gold more attractive when priced in USD.
“The sharp rise in U.S. weekly jobless claims, coupled with escalating tensions between the U.S. and Venezuela, are supporting gold prices and keeping safe-haven demand elevated,” said Zain Vawda, an analyst at MarketPulse, OANDA.
Last week, U.S. jobless claims saw their biggest increase in nearly four and a half years, reversing the sharp decline from the previous week.
The U.S. Federal Reserve cut interest rates by 25 basis points for the third time this year on Wednesday but signaled caution about further reductions.
Investors now anticipate two rate cuts next year, with the upcoming U.S. non-farm payrolls report expected to provide additional insights into the Fed’s future policy path.
Non-yielding assets like gold typically benefit in a low-interest-rate environment.
On the geopolitical front, the U.S. is preparing to intercept more Venezuelan oil tankers following the seizure of one earlier this week. Meanwhile, peace negotiations between Russia and Ukraine remain stalled.
“The President is tired of meetings for the sake of meetings. He doesn’t want to talk anymore; he wants action,” White House spokesperson Karoline Leavitt told reporters on December 11th, referring to the Russia-Ukraine peace talks.
“The President is extremely frustrated with both sides of the conflict,” she emphasized.
Gold Ring and Gold Bar Prices on December 13th
The current selling price of SJC gold bars at major gold shops stands at 156.3 million VND per tael, while gold rings fluctuate between 153.6 and 155.5 million VND per tael.
December 12: Ring and Bullion Gold Prices Surge as Global Gold Reaches Near 2-Month High
Global gold prices surged to their highest level in nearly two months, following the Federal Reserve’s decision to cut benchmark interest rates by an additional 0.25%. Domestically, gold prices rose sharply, climbing between 900,000 and 1.1 million VND per tael compared to yesterday’s closing levels.
Gold Ring and Gold Bar Prices on December 9th: Plummet by Up to 1.3 Million VND per Tael
The current domestic SJC gold bar selling price stands at 153.7 million VND per tael, while the price of gold rings fluctuates between 151.3 and 153.5 million VND per tael.
December 11: Gold Bar Prices Drop, Bao Tin Minh Chau and Bao Tin Manh Hai Increase Ring Gold Prices
At the close of the session on December 11th, the retail price of gold rings at major domestic gold shops fluctuated between 152 and 154 million VND per tael, while the selling price of gold bars stood at 154.5 million VND per tael.
December 11: Gold Bar Prices Drop, Bao Tin Minh Chau and Bao Tin Manh Hai Raise Ring Gold Prices
At the close of the session on December 11th, the retail price of gold rings at major domestic gold shops fluctuated between 152 and 154 million VND per tael, while the selling price of gold bars stood at 154.5 million VND per tael.
