Gold Prices on the Rise

In a significant uptick, the price of gold rings has increased by 0.95% to VND84.8 million per tael. It's important to note that a tael equals 37.5 grams or 1.2 ounces, marking a notable shift in the market.

Global Trends and Predictions

Globally, gold prices have seen a slight increase on Thursday, continuing its upward trajectory from 2024. This rise comes as traders seek more clarity on the U.S. Federal Reserve's interest rate trajectory and the policies of President-elect Donald Trump, as reported by Reuters.

Spot gold rose by 0.39% to $2,634.15 per ounce, while U.S. gold futures edged up 0.2% to $2,646.30. This surge is part of a larger trend, with bullion experiencing over a 27% increase in 2024, marking its largest annual gain since 2010. This was largely driven by the Fed's substantial rate cuts and escalating geopolitical tensions.

"Gold seems to be consolidating in a tight range, which often signals a market that's poised for a breakout. I suspect that breakout will be to the upside," said Kyle Rodda, financial market analyst at Capital.com.

Looking Ahead

Rodda also predicts that gold is likely to remain bullish in 2025, driven by geopolitical risks and expectations of rising government debt due to a deep fiscal deficit under Trump’s administration. This is despite potential challenges from slower Fed rate cuts and U.S. dollar strength.

Gold continues to be viewed as a hedge against inflation, especially in times of geopolitical and economic uncertainty.