Gold price this afternoon December 6, 2024: Gold ring and gold bar prices drop sharply
Gold price this afternoon, December 6, 2024: Gold ring and gold bar prices both dropped sharply by 300,000 VND/tael for both buying and selling. World gold prices fell due to increased US government bond yields.
Domestic gold price this afternoon December 6, 2024
Gold prices this afternoon, updated at 1:00 p.m. on December 6, have slightly decreased in the domestic market. Specifically, gold prices decreased by 300,000 VND per tael for both buying and selling.
Gold shops such as SJC in Hanoi and Da Nang, Phu Quy SJC, and DOJI in Hanoi and Ho Chi Minh City all listed the buying price of gold at VND82.7 million/tael and the selling price at VND85.2 million/tael.
At Bao Tin Minh Chau Company Limited, the price of SJC gold bars was traded at VND82.7 million/tael for buying and VND85.2 million/tael for selling, down VND300,000/tael. Plain round gold rings also decreased by VND300,000/tael in both directions, with the buying price at VND82.98 million/tael and the selling price at VND84.08 million/tael.
In addition, PNJ gold in Ho Chi Minh City and Hanoi also decreased in price, with the buying price decreasing by 200,000 VND/tael to 83 million VND/tael and the selling price decreasing by 350,000 VND/tael to 84 million VND/tael.
| Today (December 6, 2024) | Yesterday (12/5/2024) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 82,700 300 | 85,200300 | 83,000 | 85,500 |
| DOJI HN | 82,700300 | 85,200300 | 83,000 | 85,500 |
| DOJI SG | 82,700300 | 85,200300 | 83,000 | 85,500 |
| BTMC SJC | 82,700300 | 85,200300 | 83,000 | 85,500 |
| Phu Quy SJC | 82,700300 | 85,200 300 | 83,000 | 85,500 |
| PNJ HCMC | 83,000200 | 84,000350 | 83,200 | 84,350 |
At 9am on December 6, the price of plain round gold rings in the domestic market dropped sharply. However, people's demand for gold has not decreased.
On Tran Nhan Tong street in Hanoi, Ms. Nguyen Hong Hanh from Hoan Kiem district shared:
"I want to buy a gold ring as a gift to celebrate my friend's upcoming marriage. But these past few days, every store I've been to has said they're out of stock or have limited quantities. The other day, I had to wait 2 hours to buy 2 taels of gold. This morning, I came very early in the hope of buying 1 more tael."
An employee at a gold shop on Tran Nhan Tong Street said: "Currently, the shop is temporarily out of plain round gold rings and SJC gold bars. We cannot announce a specific time when we will reopen. However, customers who want to sell gold will still be accepted by the shop as usual."
Many gold buyers said that owning a 9999 smooth round gold ring at this time is very difficult. Many customers have to line up from early morning and wait for many hours in the hope of buying even a small amount.
World gold price this afternoon December 6, 2024
Gold prices on the world market have been under strong downward pressure recently. At the end of yesterday's trading session in the US, spot gold prices fell by 18.3 USD to 2,631.9 USD/ounce.
This morning, in the Asian session, the price of gold continued to decrease by another 7.7 USD, down to 2,624.2 USD per ounce. On the Comex New York floor, the price of gold futures for February 2025 was no exception, falling sharply by 27.8 USD, equivalent to a decrease of 1.04%, down to 2,648.4 USD/ounce.
The main reason for the fall in gold prices was the increase in US government bond yields after the release of weekly unemployment claims data. This increase in yields caused investors to shift from gold to other more attractive financial instruments.
In addition, the market is waiting for the jobs report to get more information about the direction of the US Federal Reserve (Fed) in adjusting interest rates. This uncertainty also contributed to the decline in gold prices.
The decline in gold prices in the world market has affected the domestic market, causing the price of SJC gold bars and gold rings in Vietnam to also drop sharply this morning.
Economists expect the nonfarm payrolls report to reveal about 200,000 new jobs added in November. This is important because it could shape the Fed's approach to normalizing interest rates at the Federal Open Market Committee's (FOMC) final meeting on December 18.
If this report shows the economy is stronger than expected, the Fed could maintain or even raise interest rates, which would continue to put pressure on gold prices.
Despite the current decline in gold prices, experts at macroeconomic research firm Capital Economics remain optimistic about the future of gold. They believe that central bank demand and unconventional factors such as uncertain fiscal policies will continue to support gold prices.
Gold prices are forecast to range from $2,650 to $2,750 per ounce by the end of 2025. According to CME's FedWatch tool, there is a 70.1% chance that the Fed will cut interest rates by 0.25 percentage points at its upcoming meeting, which would reduce the Fed's benchmark lending rate to around 4.25-4.5% per year, which could create more favorable conditions for gold prices in the future.
