Under a lot of pressure, is it worth worrying about?

Updated gold price on the morning of December 1. Illustration photo: Phan Anh

Domestic gold price

Domestic gold price on the morning of December 1.

Domestic gold price fluctuations

Source: VDOS Dragon Online Service JSC.

World gold price fluctuations

Source: Kitco

World gold prices stopped increasing amid the rising USD. Recorded at 0:30 on December 1, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 103.360 points (up 0.67%).

Stronger GDP data boosted the dollar and put pressure on gold. According to the Bureau of Economic Analysis, US GDP grew 5.2% in the third quarter, compared to an estimated 4.9%.

Still, analysts at Société Générale say gold could reach new heights in 2024. They see a push above $2,000 an ounce as the start of a broader rally that could see the precious metal hover around $2,200 an ounce for most of next year.

Gold prices held near their highest level in about seven months, buoyed by expectations that the US Federal Reserve could cut interest rates as early as 2024, boosting the outlook for non-yielding assets like bullion.

According to the CME FedWatch Tool, markets expect the Fed to keep rates unchanged in December and predict a 45.5% chance they will cut rates to 5.00-5.25 bps in March.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-112-chiu-nhieu-ap-luc-co-dang-lo-1274270.ldo