Gold price this afternoon December 19, 2024: World gold price and domestic gold price both plummeted
Gold price this afternoon December 19, 2024: World gold price dropped to the lowest level of the month. Meanwhile, domestic gold price also followed the downward trend, dropping by millions of VND per tael.
Domestic gold price this afternoon December 19, 2024
As of 2:00 p.m. on December 19, 2024, domestic gold prices decreased sharply compared to the previous trading session, showing that the gold market is gradually becoming less "hot" and more stable.
At Saigon Jewelry Company (SJC), the price of gold bars was listed at VND81.9 million/tael (buy) and VND83.9 million/tael (sell). Compared to the previous session, the price decreased by VND1.2 million/tael in both directions. The difference between the buying and selling prices is currently at VND2 million/tael.
DOJI system listed 9999 gold at buying price of 81.9 million VND/tael and selling price of 83.9 million VND/tael. This price decreased by 700 thousand VND/tael for buying and 1.2 million VND/tael for selling compared to yesterday.
At Mi Hong Jewelry Company, the buying price of SJC gold is 83.3 million VND/tael and the selling price is 84.1 million VND/tael. Thus, compared to the previous session, the buying price decreased by 800 thousand VND/tael and the selling price decreased by 1 million VND/tael.
Bao Tin Minh Chau Co., Ltd. and Bao Tin Manh Hai Co., Ltd. both listed the price of SJC gold at VND82.1 million/tael (buy) and VND84.1 million/tael (sell). This shows that these two units keep the price more stable than the remaining enterprises.
The current buying price of SJC 9999 gold rings is 82.1 million VND/tael and the selling price is 83.8 million VND/tael. Compared to the previous trading session, the buying price decreased by 900 thousand VND/tael, while the selling price decreased by 700 thousand VND/tael.
For Hung Thinh Vuong 9999 gold ring (DOJI), the buying price decreased to 83.05 million VND/tael and the selling price to 84.1 million VND/tael, down 650 thousand VND and 600 thousand VND per tael respectively compared to yesterday.
PNJ plain gold rings were bought at 82.6 million VND/tael and sold at 83.8 million VND/tael. The recorded decrease was 1 million VND/tael for buying and 900 thousand VND/tael for selling.
| Today (December 19, 2024) | Yesterday (December 18, 2024) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 82,100▼1000 | 84,100▼1000 | 83,100 | 85,100 |
| DOJI Hanoi | 82,100▼500 | 84,100▼1000 | 82,600 | 85,100 |
| DOJI SG | 82,100▼500 | 84,100▼1000 | 82,600 | 85,100 |
| BTMC SJC | 82,100▼1000 | 84,100▼1000 | 83,100 | 85,100 |
| Phu Quy SJC | 82,100▼500 | 84,100▼1000 | 82,600 | 85,100 |
| PNJ HCMC | 82,600▼1000 | 83,800▼900 | 83,600 | 84,700 |
| PNJ Hanoi | 82,600▼1000 | 83,800▼900 | 83,600 | 84,700 |
In general, domestic gold bars and gold rings today all decreased in price compared to the previous session. The common decrease ranges from a few hundred thousand to more than one million VND per tael, following the downward trend of world gold prices after last night's event.
World gold price this afternoon December 19, 2024
Last night, the US Federal Reserve (Fed) decided to cut interest rates by another 0.25%. Although this move was predicted, the Fed also expressed the view that it would reduce interest rates at a slower pace in 2025. This made investors feel less optimistic about the prospect of gold prices.
Immediately after the Fed's announcement, the world gold price fell sharply by more than 2%, at one point reaching 2,589 USD/ounce - the lowest level in 1 month. Currently, the gold price has increased slightly to about 2,611 USD/ounce, but compared to 24 hours ago, it is still down nearly 1%.
The recovery of the US dollar and the rise in US government bond yields have made gold less attractive to investors, because when the dollar strengthens, the cost of buying gold with other currencies becomes more expensive. As a result, gold prices have come under further downward pressure.
According to experts, the impact of the Fed's recent interest rate cuts has been reflected in the gold price before. At this time, investors want to know how much the Fed will cut interest rates in 2025. However, the Fed's slow plan has not met market expectations, leading to selling pressure and falling gold prices.
Going forward, the market will be paying close attention to US economic data, especially inflation measures. If inflation does not fall in the direction the Fed expects, it may be difficult for the Fed to continue cutting interest rates at a faster pace. Upcoming data, such as the core personal consumption expenditure (PCE) price index, will be important indicators to predict the next direction of gold prices.
In addition, the world context in 2025 is also forecast to be volatile. If fierce trade wars occur, or geopolitical tensions escalate, commodity prices and inflation may increase. This often causes investors to seek gold as a “safe haven”, contributing to the increase in gold prices.
Besides, the gold buying and reserve activities of major central banks in the world such as India and China will also have a significant impact on gold price trends next year.
