Gold price this afternoon December 11, 2024: Gold ring and gold bar prices increased sharply to the highest level in the past month

Domestic gold price this afternoon December 11, 2024

At the time of survey at 2:30 p.m. on December 11, 2024, the price of SJC gold bars at DOJI Group was listed at VND 84.6 million/tael (buy) and VND 87.1 million/tael (sell). Compared to yesterday morning, the price has increased by VND 1.5 million/tael in both directions.

The difference between buying and selling prices at DOJI is currently at 2.5 million VND/tael.

Similarly, Bao Tin Minh Chau also listed the price of SJC gold at 84.6 million VND/tael (buy) and 87.1 million VND/tael (sell). In which, the buy price increased by 1 million VND/tael and the sell price increased by 1.5 million VND/tael compared to yesterday. The difference between buying and selling here is also 2.5 million VND/tael.

The price of 87.1 million VND/tael of SJC gold bars is recorded as the highest selling price in the past month. However, those who bought gold from 1 month ago are still suffering a loss of about 1 million VND/tael due to the difference between buying and selling prices.

Not only gold bars, the price of SJC 99.99 gold rings (1-5 chi) also increased significantly. Currently, the listed price is 84.3 million VND/tael (buy) and 85.8 million VND/tael (sell), an increase of 800 thousand VND for buying and 1 million VND for selling compared to yesterday.

Bao Tin Minh Chau is the company that increased the price of gold rings the most today, with each tael of gold rings increasing by 1 million VND. The listed price is currently at 84.43 million VND/tael (buy) and 85.93 million VND/tael (sell).

PNJ also increased the price of gold rings, currently at 84.6 million VND/tael (buy) and 85.8 million VND/tael (sell), up 800,000 VND and 900,000 VND respectively.

The price of gold rings at Phu Quy Group also increased similarly, from 800,000 to 900,000 VND per tael, pushing the price to 84.5 million VND/tael (buy) and 85.9 million VND/tael (sell).

	Today (December 11, 2024)		Yesterday (December 10, 2024)
	Purchase price	Selling price	Purchase price	Selling price
SJC	84,600 1000	87,100 1500	83,600	85,600
DOJI Hanoi	84,600 1500	87,100 1500	83,100	85,600
DOJI SG	84,600 1500	87,100 1500	83,100	85,600
BTMC SJC	84,600 1000	87,100 1500	83,600	85,600
Phu Quy SJC	84,600 1000	87,100 1500	83,600	85,600
PNJ HCMC	84,600 800	85,800 900	83,800	84,900

While gold prices fluctuated, the USD exchange rate in Vietnam was quite stable last week. This morning, Vietcombank listed the USD buying and selling prices at 25,135 VND and 25,465 VND respectively. In the free market, the USD price fluctuated between 25,530 - 25,650 VND.

On the morning of December 11, there were no longer scenes of people lining up to buy gold at stores in Hanoi. Ms. Nguyen Thanh Mai, a customer in Hoan Kiem district, shared: "This morning, I went to the gold store on Tran Nhan Tong street from the time it opened. There was no longer a crowded scene, waiting like before, so I bought quite quickly. I just bought 5 taels of gold rings."

Employees at a gold shop on Tran Nhan Tong Street also confirmed that the situation has stabilized. The shop is now open for selling gold rings as usual, with a limit of 2 taels (20 chi) per customer. This morning, the shop distributed about 100 coupons to serve customers.

World gold price this afternoon December 10, 2024

The world spot gold price has just increased by 35 USD/ounce (+1.3%), reaching 2,701 USD/ounce. This is the first time the gold price has surpassed the 2,700 USD/ounce mark after a long period of decline. The February 2025 gold futures price on the Comex New York floor is currently at 2,732.3 USD/ounce.

In just the past three days, gold prices have increased by about $80 per ounce, bringing the price to its highest level in the past month.

There are three main factors driving the sharp rise in gold prices in recent days.

Firstly, escalating tensions in the Middle East have led many investors to seek gold as a safe haven asset. Major political upheavals in the region always have a strong impact on world gold prices.

Second, expectations that the US Federal Reserve will cut interest rates at its upcoming meeting also contributed to the rise in gold prices. When interest rates fall, borrowing costs are lower, making gold more attractive compared to other investment channels.

Third, the gold buying by central banks around the world, especially the People’s Bank of China (PBoC), has created a big momentum. After a 6-month pause, China has returned to buying gold, adding to the demand in the market.

The Fed’s monetary policy has played a key role in driving gold’s rise. Fed Chairman Jerome Powell has outlined plans to gradually reduce interest rates from the current level of over 5%/year to around 3-3.5%/year over the next two years. This has increased expectations of a looser monetary policy, giving a boost to gold prices.

In addition, according to CME's Fed Watch tool, there is an 86% chance that the Fed will cut interest rates by another 0.25 percentage points at its upcoming meeting. These moves strengthen investors' confidence in the growth prospects of gold prices.