Gold price this afternoon December 11, 2024: Gold ring and gold bar prices increased sharply to the highest level in the past month
Gold price this afternoon, December 11, 2024: Gold ring and gold bar prices both increased sharply to the highest level in the past month. World gold price surpassed 2,700 USD/ounce after a long time.
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). Of 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 SJC gold bars at VND87.1 million/tael is the highest recorded price in the past month. However, those who bought gold a month ago are still suffering a loss of about VND1 million/tael due to the difference between the 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 (11/12/2024) | Yesterday (10/12/2024) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 84,600 1000 | 87,1001500 | 83,600 | 85,600 |
| DOJI HN | 84,6001500 | 87,1001500 | 83,100 | 85,600 |
| DOJI SG | 84,6001500 | 87,1001500 | 83,100 | 85,600 |
| BTMC SJC | 84,6001000 | 87,1001500 | 83,600 | 85,600 |
| Phu Quy SJC | 84,6001000 | 87,1001500 | 83,600 | 85,600 |
| PNJ HCMC | 84,600800 | 85,800900 | 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 VND25,135 and VND25,465, respectively. On the free market, the USD price fluctuated between VND25,530 and VND25,650.
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 currently 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 3 days, the price of gold has increased by about 80 USD/ounce, bringing the price to the highest level in the past 1 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 resumed buying gold, adding to the demand in the market.
The Fed’s monetary policy has played a key role in driving gold’s rally. Fed Chairman Jerome Powell has outlined plans to gradually reduce interest rates from the current level of over 5% per year to around 3-3.5% per year over the next two years. This has raised 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.
