World gold price closed session 8.1 at 1,795 USD/ounce. Thus, if they put their money down on Monday, buyers would officially lose $35/ounce in the first trading week of 2022.
In the domestic market, SJC gold bar prices decreased slightly by VND50,000 in both directions compared to the beginning of the week, listed at VND60.95 - 61.7 million (buy - sell).
The important information that has shaken the gold market in recent days is the minutes of the Fed's December meeting.
According to the report, data on the US labor market declining and inflation has forced the Fed to act faster, so raising interest rates and narrowing the accounting balance sheet will happen faster.
However, the appearance of Omicron variants has changed the situation, especially when COVID-19 infections have increased dramatically in the US in the past 2 months.
"Omicron has begun to impact employment data," said Bart Melek, global strategist at TD Securities.
According to the latest report, the US non-farm sector added 199,000 jobs in December, well below the estimate of 400,000. Meanwhile, the unemployment rate in the country fell to 3.9%, contrary to forecasts of 4.1%.
Mr. Phillip Streible, market strategist at Blue Line Futures, said that this week the market has a clear view of how the Fed is "taunting".
"Gold prices will recover after this sell-off. We take advantage of this adjustment to buy back. However, I still don't have a big catalyst to support the precious metal's new rally," said Mr. Phillip Streible.
Everett Millman, a precious metals expert at Gainesville Coins brokerage, noted that long-term drivers are still supporting gold prices to increase gradually.
"Even if interest rates increase, high inflation still means a negative exchange rate and this is a positive for gold. In addition, in the last 2 interest rate increase cycles, gold has been moving very well. That is likely to happen again when the Fed begins raising interest rates later this year. It will push gold prices closer to $1,900 an ounce.
Notable data next week is the latest US inflation data, due out on Wednesday. Public opinion is forecasting the consumer price index (CPI) to increase to 7% annually in December.
The market is awaiting Fed Chairman Jerome Powell's hearing before the US Senate Committee on issues surrounding banking, housing and urban areas. In addition, the Producer Price Index (PPI), unemployment figures and US retail sales will also be released next week.
