Gold price today December 13, 2024: World and domestic gold prices begin to decrease

Domestic gold price today December 13, 2024

At the time of survey at 4:30 a.m. on December 13, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.8 million VND/tael for buying and 85.9 million VND/tael for selling. An increase of 200 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 84.6-85.8 million VND/tael for buying and selling. Compared to yesterday, the price of Mi Hong SJC gold decreased by 400 thousand VND/tael for buying and selling, and the price decreased by 700 thousand VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 84.8-87.3 million VND/tael (buy in - sell out). At Bao Tin Manh Hai, it is also being traded at 84.8-87.3 million VND/tael (buy in - sell out). Compared to yesterday, the price of gold bars increased by 400 thousand VND/tael for both buying and selling.

The latest gold price list today, December 13, 2024 is as follows:

World gold price today December 13, 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 2,684.93 USD/Ounce. Today's gold price decreased by 15.36 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 83.94 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.16 million VND/tael higher than the international gold price.

Currently, the price of gold bars at State commercial banks fluctuates differently. Specifically:

Vietinbank increased the price by VND200,000/tael compared to the end of yesterday, bringing the selling price of gold bars to VND87.3 million/tael.

BIDV also increased by 400,000 VND/tael compared to Wednesday's trading session, to 87.3 million VND/tael, but then decreased by 200,000 VND and the current price is 87.1 million VND/tael.

Agribank kept the selling price of gold bars at 87.1 million VND/tael, unchanged from the end of yesterday.

In general, domestic gold prices have increased to the highest level in the past month and are closely reflecting the movements of world gold prices. Gold rings are no longer as scarce as before, but with SJC gold bars, people still have to order online to own them.

The world gold market is now starting to fall sharply after the US released some important information on producer prices last month.

The producer price index (PPI), which measures the change in prices received by manufacturers, rose 0.4% in November, slightly higher than the 0.3% forecast, according to the US Department of Labor. Meanwhile, for the year as a whole, producer prices rose 3.0%, much higher than the 2.5% expected.

Another closely watched measure is the core PPI, which strips out volatile components like food and energy. It rose just 0.2% in November, less than expected, but for the year it rose 3.4%, beating forecasts.

Gold prices immediately fell after the figures were released but remained near their lows for the day, with spot gold trading at around $2,684.93 an ounce, down 0.57% from the previous day.

The Federal Open Market Committee (FOMC) monetary policy meeting of the US Federal Reserve (FED) is taking place next week. Although inflation remains a major concern, today's Consumer Price Index (CPI) report is unlikely to change the Fed's monetary policy decision. According to the CME FedWatch tool, there is an 85% chance that the Fed will cut interest rates by 0.25%.

However, uncertainty over the easing of monetary policy in 2025 is growing. Michael Brown, market researcher at Pepperstone, said factors such as rising inflation, lack of rapid changes in monetary policy and new economic policies of the US President-elect could support gold prices in the short to medium term.

He also stressed that in the first quarter of next year, policymakers will face concerns about rising inflation due to US President-elect Donald Trump's tax plans and fiscal stimulus measures, which could continue to put pressure on prices.

Overall, policy adjustments are likely to slow significantly in 2025, when the Fed may adopt a more cautious path, with interest rates forecast to stabilize at around 3% as they approach neutral.

In another development, the Bank of Canada (BoC) decided to cut its overnight interest rate to 3.25% on Wednesday. The bank rate is now at 3.75%, while the deposit rate remains at 3.25%.

BoC Governor Tiff Macklem said the goal of monetary policy is to maintain inflation stable at the 2% target. He explained that the BoC is currently focused on keeping inflation from exceeding that level.

The 0.5% rate cut comes as the central bank monitors key economic factors. This decision creates favorable conditions for gold prices, which could provide support in the short to medium term.

In recent news, China's yuan has weakened after reports that the country's monetary officials are considering letting the currency depreciate to counter the threat of a trade war with the US.

The devaluation of the yuan could drag down other Asian currencies, creating anxiety in financial markets, prompting many investors to turn to gold as a safe haven.

Factors from international markets are influencing gold prices, including a slight increase in the USD index, Nymex crude oil prices reaching around $69.50/barrel, and the US 10-year Treasury yield at 4.2%.

In addition, next Wednesday, a number of important economic reports from the US will be released, such as the weekly mortgage applications report, the monthly budget statement, real income and the DOE energy inventory report. These information may continue to affect gold prices in the short term.

Gold price forecast

Technically, the February gold futures market is currently showing a bullish bias. The next target is to break above the resistance level of $2,826.30 per ounce. Meanwhile, the bears will try to push the price below the support level of $2,650 per ounce.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, believes gold prices could reach $2,800 an ounce by the end of 2024. He believes factors such as the Fed's monetary policy and geopolitical tensions will continue to support gold prices.

John Reade, Head of Market Research at the World Gold Council, predicts gold prices could rise to $2,750 an ounce by early 2025. He believes demand for gold from central banks and investors will continue to increase.

David Lennox, an analyst at Fat Prophets, said that gold prices could continue to rise in the short term due to factors such as inflation and the global economic situation. He predicted that gold prices could fluctuate between $2,700 and $2,750 an ounce.

According to Forex24.pro, the gold price is expected to develop a downward correction and test the support area near the level of 2,695 USD/ounce. After that, the gold price may continue to increase with a target above the level of 2,785 USD/ounce.