Gold price today December 12, 2024: Domestic gold price increased sharply thanks to world gold price

Domestic gold price today December 12, 2024

At the time of survey at 4:30 a.m. on December 12, 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 84.8 million VND/tael for buying and 85.9 million VND/tael for selling. An increase of 900 thousand VND/tael for both buying and selling prices - An increase of 1 million VND/tael for selling prices compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 85-86.5 million VND/tael for buying and selling. Compared to yesterday, the price of Mi Hong SJC gold increased by 400 thousand VND/tael, the selling price increased by 900 thousand VND/tael.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 84.4-86.9 million VND/tael (buy in - sell out). At Bao Tin Manh Hai, it is also being traded at 84.4-86.9 million VND/tael (buy in - sell out). Compared to yesterday, the buying price of gold bars increased by 800 thousand VND/tael, the selling price increased by 1.3 million VND/tael.

The latest gold price list today, December 12, 2024 is as follows:

World gold price today December 12, 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 2,711.49 USD/Ounce. Today's gold price increased by 23.94 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,650 VND/USD), the world gold price is about 84.79 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.11 million VND/tael higher than the international gold price.

The price of gold rings today increased sharply by 1 million VND per tael, reaching the highest level since November 26, 2024, with the selling price of 85.9 million VND/tael. The difference between buying and selling prices at businesses currently fluctuates from 1 million to 1.5 million VND/tael, without many strong fluctuations.

This is the third consecutive increase in the price of gold rings this week. After three sessions, the price of gold rings has increased by a total of 1.5-1.8 million VND/tael (buy) and 1.3-1.9 million VND/tael (sell). If the difference between buying and selling is deducted, which is about 1-1.4 million VND, gold ring holders can earn a profit of 100,000-800,000 VND per tael after three days, depending on the business unit.

SJC gold bars also recorded a strong increase. The buying and selling prices increased by VND1 million/tael and VND1.5 million/tael respectively compared to yesterday, reaching VND84.6 million (buying) and VND87.1 million (selling).

This price is the highest since November 8, 2024. Compared to gold rings, the buying price of gold bars is 200,000 VND/tael lower, but the selling price is 1.2 million VND/tael higher, a sharp increase compared to yesterday's difference of 700,000 VND. The difference between buying and selling of gold bars today widened to 2.5 million VND/tael, compared to 2 million VND in the previous session.

The increase in domestic gold prices comes largely from positive developments in world gold prices.

Gold prices remained steady around a two-week high, driven by escalating geopolitical tensions and expectations that the US Federal Reserve will cut interest rates again next week, ahead of the release of a key US inflation report.

Investors are awaiting the US Consumer Price Index (CPI) report. The CPI is expected to increase by 0.3% in November. If the results are as expected, the Fed can confidently continue to cut interest rates at its meeting on December 18. According to experts, this action will further support gold prices.

“If CPI comes in as expected, the Fed will have a basis to cut interest rates next week and that could be the main driver for gold to rise further,” said Kyle Rodda, financial market analyst at Capital.com.

According to a Reuters survey, up to 90% of economists believe the Fed will cut interest rates by another 0.25 percentage points on December 18. The majority also predict the Fed will keep interest rates unchanged at the end of January, due to concerns about inflation risks.

The CME’s “Fed Watch” tool shows that there is an 86% chance that the Fed will cut interest rates by another 0.25% at its next meeting. Although Mr. Powell emphasized that the Fed will act cautiously and not rush to cut interest rates, the market seems to have “calculated” this possibility into the current price.

Regarding international tensions, the Israeli military said it had attacked strategic weapons depots in Syria and targeted two of the country's naval facilities. Meanwhile, South Korea is in political turmoil as police raided the presidential office in connection with martial law (Yonhap news agency).

Gold prices could continue to rise in 2025 due to predictions that major central banks around the world will continue to cut interest rates and the US dollar may weaken, according to a report from Heraeus Precious Metals released on December 10.

If China's economic stimulus measures are successful and boost growth, gold demand in China and India - two major gold consuming markets - will increase, contributing to keeping gold prices high.

Heraeus also commented that if Donald Trump returns to the US presidency, trade and tariff uncertainty could increase, further supporting gold prices.

Gold price forecast

Goldman Sachs recently maintained its optimistic view that gold could hit $3,000 an ounce by the end of 2025, even if the US dollar remains strong. This shows confidence that gold still has room to increase in price in the long term.

Heraeus forecasts gold prices in 2025 to range between $2,450 and $2,950 an ounce, supported by central bank buying, albeit less than in 2024, along with geopolitical tensions in Ukraine and the Middle East.

Economists predict that gold prices may fluctuate between $2,647 and $2,760 per ounce in the short term. Factors such as US bond yields and the global economic situation will affect gold prices.

Expert Tran Duy Phuong predicts that the world gold price will likely reach 2,727 USD/ounce and the highest 2,789 USD/ounce this December. After that, the world gold price may break the peak and increase sharply to 2,900 USD/ounce in the first quarter of 2025.

"CPI data will have little impact on gold prices if it hovers around the forecast level. However, a higher-than-expected CPI reading will reduce the likelihood of the Fed cutting rates again in early 2025," said Fawad Razaqzada, an analyst at Forex.com. He forecasts gold prices could fluctuate between $2,700 and $2,750 an ounce.

According to CNBC, gold prices could rise to $2,750 an ounce by the end of 2024 due to factors such as inflation and the global economic situation.