World gold prices continue to decrease, nearly 15 million VND/tael lower than domestic ones

World gold prices fell closer to the threshold of 2,000 USD/oz due to the increase in USD value despite the market increasing expectations that the US Federal Reserve (Fed) will soon cut interest rates. The price of domestic gold bars this morning (December 6) remained above the mark of 74 million VND/tael, while the price of gold rings fell below the threshold of 62.5 million VND/tael.

At nearly 10:00 a.m., Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 72.9 million VND/tael (buying) and 74.1 million VND/tael (selling). Compared to the same time yesterday, the price of SJC gold bars at this enterprise now increased by 300,000 VND/tael at each end of the price.

Phu Quy brand 999.9 plain round ring is priced at 61.35 million VND/tael and 62.45 million VND/tael, respectively buying and selling price, down 150,000 VND/tael and 250,000 VND/tael compared to yesterday morning.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 73.1 million VND/tael and 74.3 million VND/tael, an increase of 300,000 VND/tael at each price end.

Yesterday morning, under downward pressure from the international gold market, the domestic gold bar price slipped to 74 million VND/tael in many places, but quickly regained this price level in the afternoon and maintained it until this morning despite International gold prices fell further.

During Tuesday’s session in the New York market, spot gold price decreased by 10.3 USD/oz, equivalent to a decrease of 0.5%, closing at 2,019.8 USD/oz – according to data from the Kitco exchange.

At nearly 10:00 a.m. Vietnam time today, the spot price of gold in the Asian market increased by 0.4 USD/oz compared to the close of the US session, trading at 2,020.2 USD/oz. This price is equivalent to 59.5 million VND/tael if converted at the USD selling rate at Vietcombank, down 600,000 VND/tael compared to yesterday morning.

Compared to the converted world gold price, the retail price of SJC gold bars is 14.6-14.8 million VND/tael higher, while the price of gold rings is about 3 million VND/tael higher.

World gold prices decreased due to the increase in USD exchange rate. The Dollar Index, which measures the strength of the USD against a basket of six other major currencies, closed Tuesday’s session at nearly 104.1 points, the highest in 2 weeks, from more than 103.6 points in the previous session. , equivalent to an increase of about 0.5%.

The USD is recovering after falling sharply in November. According to data from MarketWatch, the Dollar Index has increased nearly 1.2% in the past 5 trading sessions.

However, gold prices are being supported by the continuing downward trend of US Treasury bond yields.

Data released Tuesday showed the U.S. job market is weakening, as job openings in October fell to their lowest level since early 2021. The data point reinforces the possibility The Fed could start cutting interest rates as soon as March 2024. The prospect of falling interest rates soon dragged US Treasury yields lower, with the 10-year yield falling below the key mark of 4.2%.

This year, what  world gold  increased nearly 11%.  Unit: USD/oz. 
This year, world gold prices have increased nearly 11%. Unit: USD/oz.

In the futures interest rate market, traders are betting on a nearly 100% chance that the Fed will not change interest rates at its meeting next week, while the possibility of cutting interest rates at the March meeting has reached 65%.

The prospect of lower interest rates is still an important factor supporting gold prices, but analysts say investors do not want to place big bets before the US Department of Labor releases the November jobs report on Friday. this, and ahead of the Fed’s monetary policy meeting on December 12-13.

Compared to the all-time high price of 2,135.4 USD/oz set on Monday, the price of gold has so far decreased by more than 100 USD/oz.

Kitco News analyst Jim Wyckoff said bullish gold speculators are exhausted, but “the $2,000/oz threshold will be the floor for gold prices in the short term.”

“We believe that gold prices can only sustainably increase above the threshold of 2,100 USD/oz in the second half of 2024, when the Fed begins to reduce interest rates,” German bank Commerzbank said in a report.

The world’s largest gold exchange-traded fund (ETF) SPDR Gold Trust sold a net 0.3 tons of gold during Tuesday’s session, reducing its holdings to 880.8 tons of gold. In the past 10 days, this fund has been a net seller even though world gold prices have set a record.

Vietcombank this morning quoted USD price at 24,080 VND (buy) and 24,450 VND (sell), an increase of 30 VND at each price compared to yesterday morning.

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