Gold price this afternoon December 2, 2024: Domestic gold price drops sharply by half a million dong

Domestic gold price this afternoon December 2, 2024

At 3:00 p.m. on December 2, 2024, domestic gold prices recorded a sharp downward trend. SJC gold bar prices at large enterprises such as SJC and DOJI decreased by VND 500,000/tael compared to the previous day. Currently, the buying and selling prices are VND 82.8 million/tael and VND 85.3 million/tael, respectively.

At PNJ Company, the buying price decreased by 600 thousand VND to 82.9 million VND/tael, while the selling price decreased by 500 thousand VND to 84.1 million VND/tael.

Bao Tin Minh Chau also adjusted down 500 thousand VND/tael in both directions, keeping the buying price at 82.8 million VND/tael and selling price at 85.3 million VND/tael.

Plain round gold rings and jewelry gold are also under pressure to decrease in price. SJC gold rings are bought at VND82.5 million/tael and sold at VND84.2 million/tael, down VND300,000 and VND500,000/tael respectively.

At DOJI, 9999 gold ring decreased by 600 thousand VND/tael, with buying price of 82.9 million VND/tael and selling price of 83.9 million VND/tael.

Bao Tin Minh Chau maintains the price of plain round gold rings at 83.68 million VND/tael for buying and 84.78 million VND/tael for selling, not much changed compared to previous sessions.

Over the past month, SJC gold bars have decreased by a total of VND4.2 million per tael, while gold rings have decreased by VND400,000 to VND600,000 per tael, bringing the total decrease to VND4.7 million per tael.

	Today (12/2/2024)		Yesterday (12/1/2024)
	Purchase price	Selling price	Purchase price	Selling price
SJC	82,800 500	85,300 500	83,300	85,800
DOJI HN	82,800 500	85,300 500	83,300	85,800
DOJI SG	82,800 500	85,300 500	83,300	85,800
BTMC SJC	82,800 500	85,300 500	83,300	85,800
Phu Quy SJC	82,800 500	85,300 500	83,300	85,800
PNJ HCMC	82,900 600	84,100 500	83,500	84,600

World gold price this afternoon December 2, 2024

The world gold market also recorded a decline. Spot gold prices fell by 16.4 USD/ounce to 2,635.6 USD/ounce. Meanwhile, gold futures prices on the Comex New York floor reached 2,660 USD/ounce, showing a decrease compared to last weekend.

Gold prices have been on a downward trend recently, affected by many major economic factors. According to experts, there are three main reasons putting pressure on gold prices:

Stronger US Dollar: The rise in the US dollar has reduced the appeal of gold, which is priced in US dollars. When the US dollar is strong, buyers need more money to buy the same amount of gold.

Profit-taking: After a period of rising gold prices, many investors sold gold to make a profit, leading to a price drop.

US and Fed policy: The market is waiting for the interest rate decision from the US Federal Reserve (Fed). At the same time, President Donald Trump's statement about imposing tariffs on goods from BRICS countries if the group's common currency replaces the USD also creates great pressure. This strengthens the value of the USD, thereby reducing the price of gold.

In November, gold prices fell 3%, partly after Mr. Trump won the 47th US presidential election. However, thanks to buying power from central banks, gold prices remained stable.

The World Gold Council (WGC) said that several central banks such as Poland, the Czech Republic and Hungary are increasing their gold reserves. In particular, Poland is currently the world's largest buyer of gold, contributing to maintaining a relatively stable gold price.

Experts believe that gold prices will continue to fluctuate in the coming time. According to Ms. Schieven, gold prices may fluctuate between $2,500 and $2,750 per ounce. She said that stability at this price level is necessary for the market to have a healthy correction period, although this may make some investors impatient.

Alex Kuptsikevich, an expert at FxPro, believes that the important support level is $2,600/ounce. If the price of gold breaks this level, it is likely to fall further to $2,400/ounce. However, he still considers gold an attractive investment option at the current high price, especially in the context of global economic uncertainty.