Gold price this afternoon December 20, 2024: World gold price slightly recovered but domestic gold continued to decrease

Domestic gold price this afternoon December 20, 2024

As of 2:00 p.m. on December 20, 2024, the price of SJC gold bars recorded a decrease across major companies. Specifically, Saigon Jewelry Company (SJC) listed the buying price at VND 81.8 million/tael and the selling price at VND 83.8 million/tael, down VND 300,000/tael compared to yesterday. This is also the general price applied by DOJI, with a similar decrease.

At Mi Hong, the buying price of SJC gold bars decreased by VND300,000/tael to VND82.8 million/tael, while the selling price remained at VND83.6 million/tael.

Bao Tin Minh Chau enterprise buys and sells SJC gold at 82 - 83.8 million VND/tael, down 100,000 VND/tael for buying and down 300,000 VND/tael for selling.

Bao Tin Manh Hai Enterprise also maintained the price at 81.6 - 83.6 million VND/tael, while reducing 500 thousand VND/tael in both buying and selling directions.

The price of gold rings today recorded stronger fluctuations than gold bars, with uneven decreases among companies. DOJI Group had the deepest decrease, with the buying price of 82.55 million VND/tael and the selling price of 83.55 million VND/tael, down 500 thousand VND/tael compared to yesterday. This is a notable decrease in the context of a quiet gold market.

At SJC, the price of gold rings decreased by 300,000 VND/tael for buying and 200,000 VND/tael for selling, listed at 81.8 - 83.6 million VND/tael.

Meanwhile, PNJ recorded a decrease of 300,000 VND/tael in both buying and selling prices, reaching 82.8 million VND/tael and 83.75 million VND/tael, respectively.

Mi Hong Company adjusted the price of gold rings down slightly by 50,000 VND/tael, currently listed at 82.5 - 83.5 million VND/tael.

Bao Tin Minh Chau sharply reduced the buying price by 700,000 VND/tael, bringing the price of gold rings to 82.4 - 83.8 million VND/tael.

Meanwhile, Phu Quy Company listed the buying price at 82.6 million VND/tael and the selling price at 83.8 million VND/tael, about 600 thousand VND/tael higher than SJC gold bars.

Recorded at 9am on December 20, the price of round, smooth gold rings dropped sharply, but people's demand for gold was still very high. The scarcity of gold rings caused many customers to queue up to buy, creating a crowded scene at gold shops.

Ms. Nguyen My Hanh, living in Hoan Kiem district, Hanoi, came to a gold shop on Tran Nhan Tong street early in the morning with the hope of buying gold rings. However, she said:

"Stores are often out of SJC gold bars and plain round gold rings. I have been waiting since morning but there is still no specific announcement about the time of selling gold rings."

Similarly, Mr. Ngo Van Quan in Dong Da district also had difficulty when he wanted to buy gold rings:

"The lack of a specific schedule for gold sales has cost me a lot of time. Today I came early in the morning to wait, but I don't know if they will sell it or not." He added that many times when he came to the store, before he could even enter, the staff informed him that the gold rings were out of stock.

Ms. Pham Huong Nhi, Hai Ba Trung district, shared her plan to buy 5 taels of gold rings but encountered a big obstacle:

"I came here very early, before opening time, but the staff informed me that the store did not sell gold rings this morning. However, I was still waiting because I saw many other people also lining up in front."

World gold price this afternoon December 20, 2024

The world gold price today on Kitco floor was recorded at 2,605.4 USD/ounce, down slightly by 10.12 USD/ounce compared to the same time yesterday. Although the gold price increased slightly this morning, compared to the previous increase, the price has decreased sharply due to the influence of new economic information from the US.

The US economy grew better than expected in the third quarter, data released today showed, along with a larger-than-expected drop in unemployment claims. The news has fueled speculation that the Federal Reserve will maintain a cautious approach to monetary policy in 2025.

According to experts, instability in the US government's operations could increase demand for gold in the coming time. Factors such as the risk of a US government shutdown, high public debt and the administration's new economic policies will contribute to boosting gold prices.

In addition, investment bank Goldman Sachs believes that global gold demand will continue to increase, especially as central banks around the world try to diversify their foreign exchange reserves. This will be accelerated after the freezing of Russian assets in 2022.

Central banks have been buying gold at record levels this year, helping to stabilize prices despite short-term fluctuations, according to a report by the World Gold Council (WGC).

Despite the current correction in gold prices, central banks and long-term investors continue to view gold as a strategic choice. They buy gold not only to protect their assets against inflation but also to reduce risks in the uncertain global economic and geopolitical context.

Alex Ebkarian, chief executive of Allegiance Gold, said the short-term decline in gold prices is a good opportunity to accumulate for the long term. Gold tends to increase in price when interest rates fall, or when there is uncertainty about public debt and government fiscal policy.