Gold prices forecast to continue rising in short term

December 25, 2023 | 14:03

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Experts have predicted that gold prices, which reached a record high last week, may continue to rise in the short term, but the upward trend would be hard to sustain in the medium and long term.

Gold prices forecast to continue rising in short term

At the final session last week, buying prices are listed at 75.7 million VND per tael and the selling prices at between 76.9 million VND and 77 million VND per tael in Hanoi. (Photo: VNA)

Hanoi – Experts have predicted that gold prices, which reached a record high last week, may continue to rise in the short term, but the upward trend would be hard to sustain in the medium and long term.

Selling prices are high due to several factors in the domestic market, including VND/USD exchange rate, the global rising trend in gold prices, and seasonal such as the end-of-year consumption cycle, the wedding season, and God of Wealth Day (the 10th day of a lunar year).

With these psychological factors, experts believe that gold prices will grow further in the short term. However, the current rising pace would not continue in the medium and long term because the price difference between domestic and global gold has reached 15 million VND (619.32 USD) per tael.

Earlier, gold prices experienced a flourishing week, setting a new record of 77.4 million VND per tael in the trading session on December 22.

Although the price quickly dropped from the peak, it still stayed at a high level. At the final session last week, buying prices were listed at 75.7 million VND per tael and the selling prices at between 76.9 million VND and 77 million VND per tael in Hanoi.

Vietnamese gold demand shrinks in Q2

Demand for gold in Vietnam shrank 9 per cent in the second quarter this year compared to the same period last year, according to the World Gold Council’s latest report.

Domestic gold prices hit new record high

Domestic gold prices kept skyrocketing on December 20 morning to pass the historic high, reaching 75.4 million VND (nearly 3,100 USD) per tael (1.2 ounces).

By VNA

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