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.

On the trading day of December 11, the price of gold fell in the Asian and European sessions, at times falling to nearly 1,063 USD after witnessing a sharp decline in silver. At the end of the week, each ounce of silver decreased by 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 a high of $1,076. The price then fell slightly towards the end of the US session and closed the day at around $1,074, down nearly $2.7 from the previous session.

At the same time, gold for February delivery also fell slightly, to $1,075. For the whole week, each ounce of gold has decreased in value by about 1%. At this price, an international gold tael is now equivalent to VND29.16 million (excluding taxes, fees, interest, processing fees, etc.). Meanwhile, each domestic gold tael at yesterday's closing price was VND33.05-33.11 million.

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

Accordingly, of 450 participants 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 would 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 expected gold prices to rise higher next week. Five analysts (33%), thought prices would fall and three people (17%) were neutral.

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

According to VNE