Gold Prices on the Rise

Gold prices have shown a notable increase, with the gold bar stabilizing at VND85.2 million per tael. A tael, equivalent to 37.5 grams or 1.2 ounces, reflects a steady market trend.

Globally, the gold market is experiencing gains as investors eagerly await U.S. inflation data this week, which is expected to provide insights into the Federal Reserve's future monetary policy decisions, according to Reuters.

Spot and Futures Market Dynamics

Spot gold has increased by 0.5% to $2,644.91 per ounce, while U.S. gold futures have risen by 0.3% to $2,666.80. Despite a nearly 1% drop last week, the current upward trend is being supported by positive market indicators.

The news of China's central bank resuming gold purchases in November is seen as "good news for gold bulls," as it suggests that the People's Bank of China (PBOC) could support gold prices. IG market strategist Yeap Jun Rong highlights the potential impact of this development on the market.

Federal Reserve's Next Move

Federal Reserve officials are considering cutting interest rates this month, following data indicating a strong but cooling U.S. labor market in November. This potential policy shift could further influence gold prices and overall market dynamics.