World gold prices wait for US and domestic employment data to stay at 74 million VND/tael

World gold prices increased slightly while the market waited for the US employment report expected to be released this Friday. The domestic gold bar price this morning (December 7) maintained the mark of 74 million VND/tael, continuing to be nearly 15 million VND/tael higher than the international gold price.

At 10:00 a.m., Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 73.1 million VND/tael (buying) and 74.2 million VND/tael (selling). Compared to the same time yesterday, the price of SJC gold bars at this enterprise currently increased by 200,000 VND/tael on the buying side and increased by 100,000 VND/tael on the selling side.

Phu Quy brand 999.9 plain round rings are priced at 61.15 million VND/tael and 62.35 million VND/tael, respectively, buying and selling prices, down 200,000 VND/tael and 100,000 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, unchanged from yesterday morning.

At the same time, the spot price of gold in the Asian market stood at 2,029.3 USD/oz, an increase of 3.2 USD/oz, equivalent to an increase of 0.16%, compared to the closing session on Wednesday in the market. American school. This price is equivalent to about 59.8 million VND/tael if converted according to the USD selling rate at Vietcombank.

Compared to yesterday morning, the converted world gold price has now increased by 300,000 VND/tael, more than the increase in domestic gold price.

Compared to the converted world gold price, the retail price of SJC gold bars is 14.4-14.5 million VND/tael higher, from 14.6-14.8 million VND/tael higher yesterday morning. The price of gold rings is about 2.6 million VND/tael compared to the international price.

Closing last night’s session in New York, spot gold price increased by 6.3 USD/oz, equivalent to an increase of 0.31%, closing at 2,026.1 USD/oz.

Gold prices rise as US Treasury bond yields fall. The yield on 10-year US Treasury bonds closed at 4.125%, the lowest in more than 3 and a half months.

However, the USD continued to recover, limiting the increase in gold prices. The Dollar Index closed the session at 104.16 points, from 104.1 points in the previous session.

Last 6 months, now  World gold increased by about 3.3%.  Unit: USD/oz.
In the past 6 months, world gold prices increased by about 3.3%. Unit: USD/oz.

In addition, investors are also cautious before receiving the overall US employment report expected to be released by the Ministry of Labor this Friday, before the regular monetary policy meeting. of the Federal Reserve (Fed) on Tuesday and Wednesday next week.

“Precious metals traders are waiting. Friday’s employment report could cause major fluctuations,” a TD Securities report said.

The market is betting about a 60% chance that the Fed will start cutting interest rates in March 2024 – according to data from CME’s FedWatch Tool. Upcoming employment data could change this expectation, leading to price fluctuations in assets including gold.

Geopolitical tensions and the prospect of lower interest rates have pushed gold prices up more than 11% since the beginning of the year. Earlier this week, world gold prices set an all-time record at 2,135 USD/oz.

According to RJO Futures strategist Daniel Pavilonis, the forecast of a Fed rate cut is the biggest driver of gold prices, potentially pushing the price of this precious metal even higher in 2024. “Tensions Geopolitics may also play an important role in increasing gold prices for the rest of this year and next year,” Mr. Pavilonis said.

Vietcombank this morning quoted USD price at 24,070 VND (buy) and 24,440 VND (sell), down 10 VND at each price compared to yesterday morning.

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