Although the world gold price recovered at the end of last week, it was still hovering around the $2,600/ounce mark. Last week, despite the US Federal Reserve (Fed) cutting interest rates by another 25 basis points, the gold price still fell sharply, even to a one-month low of $2,586.79/ounce.

Analysts note that gold prices will continue to face many risks in the next 10 days. The context of the Christmas holiday and the new year 2025, the shortened trading time cannot help gold regain momentum.

According to what Fed Chairman Jerome Powell said after the monetary policy meeting on December 18, the Fed is almost certain to cut interest rates two more times in 2025 and two more times in 2026.

Such a prolonged cutting cycle has made gold investors impatient. They believe that the future of gold is very dim, it is difficult to break out and set a new record next year.

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World gold prices are bogged down in the Fed's monetary policy. Photo: Kitco

Commodity analysts at TD Securities say gold is mired in uncertainty around Fed policy and persistent inflation. Others say gold is caught in a tug-of-war between monetary policy and geopolitical uncertainty. Only the latter is helping gold rally.

In a new report from the second largest US bank, Bank of America, analysts said gold is facing many obstacles, partly because Western investors face potentially higher bond yields and a stronger US dollar.

"It is likely that the Trump administration will promote a combination of policies, through stronger growth, higher inflation, higher interest rates and a stronger US dollar, limiting investors' demand for gold in the near term," Bank of America's report stated.

John LaForge, Head of Real Asset Strategy at Wells Fargo, believes that gold prices will be driven by demand from central banks in emerging markets as countries continue to diversify their reserves away from the US dollar.

Tom Bruce, macro investment strategist at Tanglewood Total Wealth Management, said he is also paying more attention to central bank gold demand. Although central banks have slowed their purchases in recent months, they have recently picked up, a trend that is expected to continue through 2025.

Most analysts believe that weak global economic growth, the threat of higher inflation and geopolitical uncertainty will continue to support investor demand for gold, especially in emerging markets.

In the domestic market, SJC gold rings and gold bars fluctuated strongly last week, with many sessions falling freely, decreasing by millions of VND/tael due to the impact of world gold prices.

At the end of the session on December 21, the price of gold bars at SJC closed at 81.8-83.8 million VND/tael (buy - sell), while Doji listed it at 82.4-84.4 million VND/tael (buy - sell).

The price of 1-5 chi SJC gold rings is listed at 81.8-83.6 million VND/tael (buy - sell), 9999 gold rings at Doji closed the session at 82.9-84.4 million VND/tael.

It is forecasted that domestic gold prices in the next 10 days will continue to be strongly influenced by world gold prices. Investors need to monitor world prices to make their investment decisions.

Gold price today 12/22/2024 decreased, domestic gold price increased in the opposite direction. Gold price today 12/22/2024 on the world market ended the week of decrease. Domestic branded gold ring price adjusted up.