Latest information from the world gold market, each ounce of gold increased by more than 30 USD compared to yesterday.
The reason is attributed to the weakening USD, when the markets are still focused on the US interest rate policy.
Closing the session on December 20, the world spot gold price increased by 1.6% to 1,818 USD. This is a one-week high.
Markets fell as the dollar weakened against the yen, after the Bank of Japan surprised markets with its decision to review its yield-curve control policy.
RJO Futures strategist Bob Haberkorn said the US housing data was “less optimistic”, adding to the demand for safe-haven gold.
The price of gold is down $260 an ounce since peaking in March 2022.
Gold is having its best bull run since early 2020, gaining 9.4%, due diligence in Vietnam.
The chairman of the US Federal Reserve, said he will still raise interest rates next year, even if the economy is headed for a recession.
High interest rates increase the opportunity cost of holding precious metals, since the instrument does not pay a fixed interest rate.
The World Bank (WB) has also downgraded the country’s growth outlook for this year and next.
Spot silver rose 4.6 percent to $24 an ounce. Platinum rose 3.4% to $1,012, while palladium rose 3.8% to $1,733.
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