Market

Gold prices rise vertically

According to Tuoi Tre • December 14, 2023 21:14

World gold prices have jumped sharply, reaching nearly 2,040 USD/ounce after the US Federal Reserve (Fed) signaled that it was about to cut interest rates.

Giá vàng thế giới tăng mạnh trước kỳ vọng Fed chuẩn bị cắt giảm lãi suất - Ảnh chụp màn hình — World gold prices increase sharply amid expectations that the Fed is preparing to cut interest rates (Screenshot)

At 4:00 p.m. today, December 14, the world gold price was at 2,035.2 USD/ounce, an increase of 65 USD/ounce compared to yesterday, equivalent to an increase of 1.9 million VND/tael.

World gold prices rose sharply after the Fed chairman announced that "rate cuts are starting to be considered". Fed officials expect three rate cuts, each by 0.25%, by 2024.

The news sent gold prices soaring, while the dollar fell. The dollar index, which measures the greenback's strength against a basket of major currencies, fell 0.6% after the Fed's announcement.

At 2,035.2 USD/ounce, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 59.94 million VND/tael.

This afternoon, SJC Company listed the selling price of SJC gold bars at 74.3 million VND/tael, an increase of 70,000 VND/tael compared to two days ago. The buying price is 73.3 million VND/tael.

Thus, the difference between buying and selling prices has narrowed from 1.2 million VND/tael to 1 million VND/tael.

Notably, the price of 9999 gold rings increased quite rapidly following the increase in world gold prices. At SJC Company, the selling price of 9999 gold rings this afternoon was 61.7 million VND/tael, buying price was 60.65 million VND/tael, an increase of 600,000 VND/tael compared to two days ago.

This price is 1 million VND/tael lower than the record price of gold rings.

At PNJ Company, the price of SJC gold bars also increased to 74.3 million VND/tael, buying at 73.3 million VND/tael.

Selling price of 9999 gold is 61.7 million VND/tael, buying price is 60.6 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 14.35 million VND/tael higher.

According to expert Tran Duy Phuong, although Fed officials expect three interest rate cuts, each by 0.25% in 2024, the market is pricing in six Fed rate cuts in 2024.

Therefore, the world gold price is likely to reach the threshold of 2,200 USD/ounce in the second quarter of next year.

According to Tuoi Tre