World gold price “cools down” waiting for signal from US Federal Reserve

The world spot gold price decreased by 0.4% to 2,611.17 USD/ounce, while the gold futures price in the US also decreased by 0.6% to 2,628.20 USD/ounce.

Gold bars are sold in Kota Bharu, Kelantan state, Malaysia.

In the trading session on December 23, world gold prices fell, as the USD increased in value and US bond yields were high.

In addition, investors are waiting for clearer signals on the US Federal Reserve's monetary policy in 2025.

Specifically, the spot gold price decreased by 0.4% to 2,611.17 USD/ounce. Meanwhile, the gold futures price in the US also decreased by 0.6% to 2,628.20 USD/ounce.

The dollar index rose 0.4% against a basket of currencies and hovered around a two-year high, reducing the appeal of gold to holders of other currencies.

The yield on the 10-year US Treasury note also rose higher. Peter Grant, senior strategist at precious metals brokerage Zaner Metals, said the market was continuing to evaluate the outcome of last week's Federal Open Market Committee (FOMC) meeting.

He said a slower rate hike path for 2025 is on the table, with a possible pause in January or even March. Despite the Fed cutting rates by 25 basis points last week, the signal that there will be fewer rate cuts in 2025 sent gold prices to their lowest since mid-November.

With gold typically benefiting in a low interest rate environment, investors are adjusting their expectations for next year.

Gold prices have set multiple records this year and are estimated to have risen 27%, marking their best year since 2010. The growth has been fueled by strong central bank buying, geopolitical tensions and monetary easing by major banks.

Michael Langford, investment director of Scorpion Minerals, said that one of the factors that could have the next big impact on gold prices is Donald Trump's inauguration as US President and the executive orders he may issue.

This is likely to add to market volatility and benefit gold prices.

President-elect Donald Trump will be inaugurated on January 20. Gold, considered a safe haven, typically rises more strongly during times of economic uncertainty.

In other precious metals, spot silver rose 0.5% to $29.67 an ounce, platinum rose 1.2% to $937.65 an ounce, and palladium rose 1.1% to $931.10 an ounce.

In the domestic market, early in the morning of December 24, Saigon Jewelry Company announced the price of SJC gold bars at 82.50-84.50 million VND/tael (buy-sell).

(Source: VNA/Vietnam+)

Source: https://baophutho.vn/gia-vang-the-gioi-ha-nhet-cho-tin-hieu-tu-cuc-du-tru-lien-bang-my-225095.htm