This week, investors continue to evaluate the updated economic forecasts of the US Federal Reserve (Fed) announced at the last policy meeting in 2023.
At 8:45 a.m. this morning, December 18, Vietnam time, the world gold price stood at 2,020 USD/ounce, a slight increase of 1 USD/ounce compared to last week's closing session.
This week, investors continue to evaluate the updated economic forecasts of the US Federal Reserve (Fed) announced at the final policy meeting of 2023. In addition, investors and traders Trading will also monitor a number of important reports, including the personal consumption expenditure index to be released on Thursday.
If the report shows that inflation continues to "cool down" it will strengthen the possibility of The Fed will cut interest rates next year and push gold higher. On the contrary, a rising inflation scenario will put pressure on gold.
After two lackluster years, gold is making an impressive comeback in 2023, with double-digit gains at the end of November. Gold's appeal is growing stronger as interest rates fall for a variety of reasons. Gold also acts as a hedge against economic risks and fears, providing a good choice for diversifying an investor's portfolio, as it is uncorrelated with bonds and share.
In addition, the demand for investment in gold is clearly increasing. November saw net inflows of about $1.5 billion into the world's largest physically backed gold exchange-traded fund (ETF), SPDR Gold Trust (GLD), according to data sourced from ETFdb.com .
Expert Diego Colman forecasts gold's resistance level at 2,050 USD/ounce, followed by the highest level reached in May of about 2,075 USD. Colman also does not rule out the possibility that gold will conquer new highs in the near future. This expert believes that gold's current support level is 2,010 USD/ounce. If this level is broken, the metal could fall to $1,990/ounce, or even lower.
In the domestic market, opening this morning's trading session, Saigon Jewelry Company listed the buying and selling price of SJC gold at 73.25 - 74.27 million VND/tael, down 100,000 VND/tael. compared to the previous day's closing session.
Doji HN gold listed gold price at 73.2 - 74.35 million VND/tael, down 50,000 VND/tael compared to yesterday's closing session.
Phu Nhuan Jewelry Joint Stock Company (PNJ) listed SJC gold price in Hanoi market at 73.4 -74.4 million VND/tael, unchanged from the previous session's closing price. Gold ring price is listed at 60.85 - 61.95 million VND/tael, an increase of 50,000 VND/tael compared to the latest closing session.
Phu Quy SJC is purchasing SJC gold bars at the price of 73.4 - 74.4 million VND/tael, an increase of 50,000 VND/tael purchased and 100,000 VND/tael sold compared to the previous closing session.