Sunday , February 25 2024

Gold prices return to near historic peak


SJC gold prices Monday continued its upward trend and is now close to its historic peak secured last week.

Gold bar rose 0.54% to VND74.4 million ($3,069.62) per tael Monday morning, inches away from the historic peak of VND74.6 million achieved on the morning of Nov. 29 before closing the day at VND73.8 million.

Gold ring price rose 0.24% to VND62.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Vietnam’s gold price is now around VND13 million more expensive that global rates, according to Vietcombank data.

Globally gold prices bolted to an all-time high above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell’s remarks elevated traders’ confidence that the U.S. central bank could cut interest rates early next year, Reuters reported.

Spot gold was up 0.7% at $2,085.76 per ounce. Earlier in the session, bullion surged to an all-time high of $2,111.39.

Powell on Friday said “the risks of under- and over-tightening are becoming more balanced,” but the Fed is not thinking about lowering rates right now.

Traders are now pricing in a 70% chance for a rate cut by the U.S. central bank by next March, CME’s FedWatch Tool showed.

Backing market sentiment, data last week pointed out to cooling inflationary pressures, a gradually easing labour market, with Fed Governor Christopher Waller flagging a possible rate cut if inflation continues to decline.

The latest survey by the World Gold Council (WGC) shows that 24% of global central banks plan to increase gold reserves in the next 12 months as they are increasingly skeptical about the role of the U.S. dollar as a reserve asset.

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