Gold price today December 11, 2024: World gold price is about to increase to reach 2,700 USD

Domestic gold price today December 11, 2024

At the time of survey at 4:30 a.m. on December 11, 2024, the gold price on the trading floors of some companies was as follows:

The price of 9999 gold today is listed by DOJI at 83.9 million VND/tael for buying and 84.9 million VND/tael for selling. An increase of 400 thousand VND/tael for both buying and selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84.6-85.6 million VND/tael for buying and selling. Compared to yesterday, the price of Mi Hong SJC gold increased by 200 thousand VND/tael, the selling price increased by 400 thousand VND/tael.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 83.6-85.6 million VND/tael (buy in - sell out). At Bao Tin Manh Hai, it is also traded at 82.7-85.2 million VND/tael (buy in - sell out). Compared to yesterday, the buying price of gold bars increased by 900 thousand VND/tael, the selling price increased by 400 thousand VND/tael.

The latest gold price list today, December 11, 2024 is as follows:

World gold price today December 11, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,685.06 USD/Ounce. Today's gold price increased by 15.68 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,660 VND/USD), the world gold price is about 83.98 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.62 million VND/tael higher than the international gold price.

The precious metal market continued to be supported after China announced that it would implement more active fiscal policy measures and moderately loose monetary policy to boost economic growth. In particular, the People's Bank of China (PBOC)'s return to buying gold reserves in November, after a 5-month pause in net purchases, was also an important factor pushing gold prices up in the first session of the week.

The fall of President Bashar Al-Assad’s regime in Syria has heightened concerns about instability in the Middle East. US and Israeli airstrikes have targeted dozens of military targets in Syria to prevent the new regime from accessing weapons and ammunition. These developments have boosted demand for gold, which is traditionally seen as a safe haven in times of uncertainty.

In South Korea, the political crisis has caused the stock market to fall and the won to depreciate, further increasing demand for gold as a safe haven asset amid financial and political uncertainty.

Other economic factors are also supporting gold prices. The US dollar weakened slightly, the yield on the 10-year US Treasury bond fell to 4.15%, while crude oil prices rose to $68.25 a barrel. These factors create favorable conditions for gold prices to maintain their upward momentum.

Gold price forecast

Bloomberg's Mike McGlone predicts gold prices could hit $3,000 an ounce by 2024 and rise to $7,000 an ounce by 2025. He believes that when the stock market stops rising, quantitative easing (QE) will return, and gold will become the preferred choice.

Shane Williams, President and CEO of West Red Lake Gold Mines, predicts that gold prices could reach nearly $3,000 an ounce in the near future. He believes that as soon as the Fed begins to pivot its interest rate policy, gold prices will start to rise.

MarketWatch predicts that gold prices may fluctuate between $2,640 and $2,680 per ounce in the short term. Factors such as economic data and the Fed's monetary policy will affect gold prices.

According to Reuters, gold prices could rise to $2,700 an ounce by mid-2025 due to factors such as Fed rate cuts and central bank gold purchases. Gold prices are forecast to fluctuate between $2,600 and $2,700 an ounce in the short term.