Gold price this afternoon December 3, 2024: Domestic gold price increased slightly along with world gold price

Domestic gold price this afternoon December 3, 2024

At 2:00 p.m. on December 3, 2024, the price of SJC gold bars was listed by Saigon Jewelry Company at 83 million VND/tael (buy) and 85.5 million VND/tael (sell), a slight increase of 200,000 VND/tael.

At large units such as DOJI Group, PNJ and Bao Tin Minh Chau. The listed prices are all at 82.8 million VND/tael (buy) and 85.3 million VND/tael (sell), unchanged from yesterday morning's trading session.

The difference between the buying and selling prices at all three units remained at VND2.5 million/tael. The gold bar market is currently quite stable, with no major fluctuations during the day.

Unlike gold bars, the price of gold rings today recorded a slight increase. SJC 9999 gold rings are currently traded at VND82.5 million/tael (buy) and VND84.2 million/tael (sell), an increase of VND200,000/tael in both directions compared to the previous day.

The DOJI Hung Thinh Vuong 9999 gold ring brand also increased by VND200,000/tael, currently reaching VND83.1 million/tael (buy) and VND84.1 million/tael (sell). Meanwhile, the Rong Thang Long gold ring brand (Bao Tin Minh Chau) kept its price stable, still listed at VND83.18 million/tael (buy) and VND84.28 million/tael (sell).

	Today (December 3, 2024)		Yesterday (12/2/2024)
	Purchase price	Selling price	Purchase price	Selling price
SJC	83,000 200	85,500 200	82,800	85,300
DOJI HN	82,800	85,300	82,800	85,300
DOJI SG	82,800	85,300	82,800	85,300
BTMC SJC	82,800	85,300	82,800	85,300
Phu Quy SJC	82,800	85,300	82,800	85,300
PNJ HCMC	83,100 200	84,300 200	82,900	84,100

World gold price this afternoon December 2, 2024

Currently, the world gold price is showing signs of a slight recovery, increasing by 4 USD, reaching 2,639 USD/ounce. Previously, the gold price decreased by 0.5% in value in the previous trading session. However, compared to the historical high of 2,800 USD/ounce this year, the current gold price is still 160 USD lower, equivalent to a decrease of nearly 6%.

One of the main reasons for the decline in gold prices is the strength of the US dollar. The currency has rallied strongly due to expectations that the US Federal Reserve will continue to keep interest rates high for a long time. This puts a lot of pressure on gold prices, which usually react negatively to a strong US dollar.

In addition, US Treasury yields also rose, reducing the appeal of gold in the eyes of investors. The yield on the 2-year bond rose to 4.2%, while the yield on the 10-year bond reached 4.19%.

The latest economic data from the US, specifically the personal consumption expenditure (PCE) index in October, increased to 2.3% / year. This has complicated the Fed's decision-making process on monetary policy. Investors are now closely watching potential changes from the Fed to predict market trends.

In addition, according to the CME FedWatch tool, the market now sees a 74.5% chance that the Fed will cut rates by 0.25% at its upcoming meeting, up from 52.3% last week and down from 83% a month ago.

Some market experts warn that the sell-off in French stocks and the pressure on government bonds could exacerbate the country’s budget crisis. This could spill over to other major economies, highlighting the burden of public debt. In such a scenario, demand for safe-haven metals like gold could increase, helping push prices higher in the near term.

In the long term, experts predict that gold prices could reach $2,750 per ounce by the end of 2025, despite headwinds such as a strong US dollar and rising bond yields. The main drivers of this price increase are expected to come from two factors:

Recovery in gold demand in China: China is the world's largest gold consumer, and increased demand there could provide a strong boost to gold prices.

Central Bank Buying: Global central banks, especially in emerging economies, are increasing their gold reserves, adding further upward pressure on prices.