The steady rise of gold
Updated as of December 24, 2023
SJC gold price gained 0.39% to reach a new peak of VND77.3 million per tael Monday morning. Gold ring prices also rose by 0.08% to VND63 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. The U.S. market remained closed on Monday for the Christmas holiday.
The price of gold went up, reaching a more than two-week high on Friday, marking a second consecutive week of gains as the dollar and U.S. Treasury yields slipped on rising expectations that the Federal Reserve will cut interest rates early next year, according to a report by Reuters.
Gold jewelry. Photo by VnExpress/Quynh Tran
Gold continues to be in an uptrend, with SJC gold price reaching a record-breaking VND77.3 million per tael on Monday morning. The rise in gold prices is indicative of the global economic environment, where investors are turning to the precious metal as a safe-haven asset amidst uncertainties, such as regulatory measures and interest rate fluctuations. The market has been closely monitoring the movements of the U.S. dollar and Treasury yields as they play a significant role in shaping the direction of gold prices.
Additionally, with the global economy indicating signs of gradual recovery from the impact of the pandemic, the demand for gold is expected to remain robust. As a tangible asset, gold is seen as a hedge against inflation and currency devaluation, which further underscores its appeal to investors. Therefore, the uptrend in gold prices is likely to persist in the near term, driven by a combination of economic conditions and investor sentiment.
