Gold prices fell after the US inflation report, the market “held its breath” waiting for Fed news

World gold prices decreased slightly last night and this morning (December 13), when the latest US inflation report continued to reduce the possibility of the Federal Reserve (Fed) cutting interest rates in March. Investors Investors are also cautious before the Fed ends its monetary policy meeting tonight Vietnam time, with statements and signals that could cause financial markets to move.

The price of domestic gold bars this morning did not decrease according to the world gold price, but in some places even increased slightly, while the price of gold rings decreased sharply.

At nearly 10:00 a.m., Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 72.55 million VND/tael (buying) and 73.55 million VND/tael (selling), an increase of 50,000 VND/tael. quantity at each price compared to yesterday morning.

Phu Quy brand 999.9 plain round ring is priced at 60.15 million VND/tael and 61.25 million VND/tael, corresponding to the buying and selling price, down 350,000 VND/tael at each price compared to yesterday morning.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 72.6 million VND/tael and 73.6 million VND/tael, unchanged from yesterday morning.

At the same time, the spot price of gold in the Asian market stood at 1,979 USD/oz, down 1.5 USD/oz, equivalent to a decrease of 0.08%, compared to last night’s closing session in the US – according to data. data from the Kitco exchange.

This price is equivalent to about 58.2 million VND/tael if converted at the USD selling rate at Vietcombank, down 200,000 VND/tael compared to yesterday morning.

Compared to the converted world gold price, the retail price of SJC gold bars is currently about 15.4 million VND/tael higher, while gold rings are about 3 million VND/tael higher.

On Tuesday session in New York, spot gold price decreased by 1.9 USD/oz, equivalent to a decrease of 0.1%, to 1,980.5 USD/oz.

A report from the US Department of Labor showed that the consumer price index (CPI) in November increased by 3.1% over the same period last year and increased by 0.1% over the previous month. The full-year increase was in line with economists’ forecasts in a Dow Jones survey, while the monthly increase was 0.1 percentage point higher than forecast. Core CPI – the index excluding energy prices and food prices – increased 4% over the same period last year and increased 0.3% over the previous month, both consistent with expert forecasts.

From the beginning of the year until now, what  World gold increased by about 8.5%.  Unit: USD/oz.
From the beginning of the year until now, world gold prices have increased about 8.5%. Unit: USD/oz.

“Inflation data is almost flat compared to expectations, but the market really needs to see a sharper decline in inflation to strengthen the possibility of the Fed cutting interest rates soon,” Blue Line Futures strategist Phillip Streible told CNBC news agency. “Gold price will be stuck in the range of 1,950-2,050 USD/oz. Weak economic data and geopolitical tensions are factors that could push gold prices up.”

According to data from CME’s FedWatch Tool, the market is betting a 43.7% chance of the Fed cutting interest rates by at least 0.25 percentage points in March, from about 50% before the inflation data. broadcast was announced. The likelihood of a rate cut in May is 78%, from 75% on Monday.

After the CPI report, all investors’ attention is focused on the Fed meeting. The two-day meeting will end tonight Vietnam time with a statement on interest rates, an economic forecast update, and a press conference by Fed Chairman Jerome Powell.

“If an economic recession occurs, the USD will weaken and that will be the factor that helps gold prices set a new peak. Gold price is forecast to fluctuate between 1,880-2,250 USD/oz,” Heraeus Metals company commented in its 2024 gold price outlook report.

The Dollar Index, which measures the strength of the USD against a basket of six other major currencies, fell on Tuesday to 103.9 points, from 104.1 points in the previous session.

Vietcombank this morning quoted USD price at 24,060 VND (buy) and 24,430 VND (sell), an increase of 20 VND at each price compared to yesterday morning.

The world’s largest gold exchange-traded fund (ETF) SPDR Gold Trust sold gold for the second consecutive session, with a net sale of about 2.8 tons, reducing its holdings to nearly 875.7 tons of gold. In two consecutive sessions, the fund sold a net of nearly 5 tons of gold.

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