At the close of the US trading session last night, each ounce of international gold fell by more than $15, to around $1,071, which is over 4.1 million VND cheaper than the price of gold in Vietnam per tael.

World gold prices fell by $15 in the US trading session last night.

The strong rise in the US dollar index, coupled with a sharp drop in crude oil prices to their lowest level in nearly seven years, has negatively impacted gold prices. Consequently, crude oil on the Nymex exchange fell below $38 a barrel and is forecast to continue falling, potentially reaching $33.2 – the lowest level since 2009.

Furthermore, profit-taking orders following last Friday's sharp rise pushed prices even lower, with the price losing over $15 for the entire session, falling to $1,071. At the same time, February gold futures closed the day down $8 from the previous session, nearing $1,076.2.

The temporary decline has not yet spread to this morning's trading session in the Asian market. As of 7:50 AM Hanoi time, each ounce had recovered slightly to nearly $1,072, an increase of about one dollar compared to the opening price.

Based on the bank exchange rate, each ounce of world gold is currently worth approximately 29.08 million VND (excluding taxes, fees, and processing costs). Meanwhile, yesterday's closing price of domestic gold bars was around 33.15-33.21 million VND. Thus, the difference between domestic and international gold prices has widened to over 4.1 million VND.

Compared to its record high of $1,920.3 reached in September 2011, the price of the precious metal has now fallen by approximately $849. According to experts, the economic recovery in many countries around the world will cause the value of the precious metal to decrease further.

From a technical analysis perspective, a breach of the psychological support level of $1,075 per ounce could lead to a continuation of the downtrend. Currently, strong resistance is at $1,100, while long-term support is at $1,045.5.

Currently, the upcoming meeting of the Federal Open Market Committee (FOMC) next week is the focus of investor attention. Most market observers believe that the Federal Reserve will raise interest rates for the first time in nine years on December 16th.

According to VNEXPRESS