The most expensive gold price in history, about to reach 75 million VND/tael

Specifically, Saigon Jewelry Company listed the price of SJC gold at 73.9 - 74.9 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both buying and selling compared to early this morning.

Similarly, Doji Gold and Gemstone Group listed gold price at 73.85 - 74.9 million VND/tael (buy - sell), also increased by 500,000 VND/tael in both directions.

This is the highest price in history, surpassing the record of 74.6 million VND/tael set in early December.

Domestic gold prices increased along with the trend in the world market. At the opening session this morning, the international gold price increased by nearly 15 USD to 2,032 USD per ounce, before falling to 2,022 USD. If converted according to Vietcombank's selling rate, the world gold price is equivalent to 59.8 million VND per tael, 2.2 million VND lower than domestic gold rings and 14.8 million VND lower than gold bars.

Precious metals benefited after the US Federal Reserve (FED) announced that it would keep interest rates unchanged for the third consecutive time, while also projecting lower interest rates by the end of next year. The Fed's recognition of continued downward inflationary pressures has increased expectations of a rate cut. Lower interest rates will cause the USD and US bond yields to fall sharply, which is good for gold and silver. The current uptrend in gold is a sustainable rally.

According to the FedWatch tool, traders are pricing in a 69% chance of the Fed cutting interest rates in March. Lower bond yields and interest rates are a favorable environment for gold as it reduces the opportunity cost of holding the metal.

Traders are now awaiting a slew of US economic data, including the November core personal consumption expenditure (PCE) index report, due to be released on Friday (December 22).

The trend of lower US interest rates is often accompanied by stronger gold price moves and this asymmetric trend could continue, giving gold an advantage, especially in the first half of next year, and prices could average $2,050/ounce by 2024.