On the morning of December 15, global gold prices opened the week at USD 4,311 per ounce, up approximately USD 11 per ounce compared with the previous weekend’s closing level. Overall, the precious metal gained nearly USD 100 per ounce over the past week.

The ongoing rally in gold prices is fully in line with earlier assessments from analysts and investors. According to Kitco’s weekly gold price outlook survey, none of the surveyed experts anticipate a short-term decline in gold prices.
 

Gold’s upward trajectory has been strongly supported by the U.S. dollar hovering near its lowest level in two months. In addition, expectations of interest rate cuts in the United States and other major economies have provided further momentum for the precious metal.

Recently, the U.S. Federal Reserve (Fed) implemented its third interest rate cut of the year, lowering rates by 0.25 percentage points, despite inflationary pressures not yet being fully contained.

Since the beginning of the year, gold prices have surged by more than 65%, marking the strongest annual gain since 1979.
 

However, on the downside, some market participants have begun to caution that the gold market may be approaching “bubble territory”, following an extended period of rapid price appreciation.

In the domestic market, gold prices have shown new developments. According to Saigon Jewelry Company (SJC), the buying price of SJC gold bars is currently listed at VND 154.3 million per tael (one tael equals approximately 37.5 grams), while the selling price stands at VND 156.3 million per tael, unchanged from the previous weekend.
 

 

Meanwhile, 99.99% pure gold rings and jewelry continue to trade steadily, with buying prices at around VND 151.1 million per tael and selling prices at approximately VND 153.6 million per tael.

At present, both SJC gold bars and gold rings are holding at their highest price levels on record.

Based on the current listed exchange rate, international gold prices are equivalent to approximately VND 137.3 million per tael.