Gold prices fluctuate strongly

Each ounce of gold fluctuated by tens of dollars, at times the price dropped below $1,063, then jumped to the highest mark of the day at $1,076.

During the trading day of December 11, the price of gold fell in the Asian and European sessions, at times falling close to 1,063 USD after witnessing a sharp decline in silver. At the end of the week, each ounce of silver fell 4.8%, down to 13,844 USD.

Gold price increased by 2.7 USD. Photo: Goldsilver.com.

However, at the beginning of the New York session, the market began to see bottom-fishing buying pressure, pushing the gold price up by $13 to the highest level of the day at $1,076. The price then decreased slightly at the end of the US session and closed the day around $1,074, down nearly $2.7 compared to the previous session.

At the same time, gold for February delivery also fell slightly, to 1,075 USD. For the whole week, each ounce of gold has decreased in value by about 1%. At this price, an international gold tael is equivalent to 29.16 million VND (excluding taxes, fees, interest, processing fees, etc.). Meanwhile, each domestic gold tael at the closing price yesterday was 33.05-33.11 million VND.

Market sentiment is currently quite mixed as we await the US Federal Reserve meeting on December 16, which is likely to raise interest rates for the first time in 9 years.

Accordingly, of the 450 people participating in Kitco's online survey this week, 116 people (26%) were optimistic about gold next week. At the same time, 299 people, or 66%, said gold prices will fall and 35 people, equivalent to 8%, predicted neutral.

On the other hand, in a survey of 18 experts including banks, dealers, analysts..., 9 people, accounting for 50% of the total said they expect gold prices to go higher next week. Five analysts (33%) think prices will go lower and three people (17%) are neutral.

Some experts expect the Fed to raise interest rates by 25 basis points (0.25%), but others are concerned about recent views from Fed Chair Janet Yellen that the agency will consider and adjust the increase gradually.

According to VNE