Gold price today December 14, 2024: World gold price pulls domestic gold down sharply

Domestic gold price today December 14, 2024

At the time of survey at 4:30 a.m. on December 14, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.8 million VND/tael for buying and 84.9 million VND/tael for selling. A decrease of 1 million 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 84.4-85.4 million VND/tael for buying and selling. Compared to yesterday, the price of Mi Hong SJC gold decreased by 200 thousand VND/tael, the selling price decreased by 400 thousand VND/tael.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 83.9-86.4 million VND/tael (buy in - sell out). At Bao Tin Manh Hai, it is also being traded at 83.9-86.4 million VND/tael (buy in - sell out). Compared to yesterday, the price of gold bars decreased by 900 thousand VND/tael for both buying and selling.

The latest gold price list today, December 14, 2024 is as follows:

World gold price today December 14, 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 2,661.93 USD/Ounce. Today's gold price decreased by 35.9 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 83.22 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.08 million VND/tael higher than the international gold price.

The world gold price has dropped sharply, moving away from the 2,700 USD/ounce mark. This has affected the domestic market, causing the price of SJC gold bars to decrease by nearly 1 million VND/tael. Gold rings are not immune to this trend, with a decrease of nearly 1 million VND/tael - the sharpest decrease since November 27, 2024.

Currently, the gap between the buying and selling price of gold is around 2.5 million VND/tael. According to experts, this gap is still very high.

Since the beginning of the year, the price of plain gold rings has increased sharply, reaching a peak of about 89 million VND/tael. Although the current price has decreased by 4-5 million VND/tael compared to the peak, compared to the beginning of the year, the price of gold rings is still about 35% higher. Meanwhile, the price of gold bars has also increased, with an increase rate of more than 16% since the beginning of the year.

Gold prices fell slightly ahead of the US Federal Reserve meeting, as many investors wanted to sell to secure profits. At this meeting, the Fed is expected to cut interest rates for the third time this year.

Investors are focused on the Fed's December 17-18 meeting, with a 97% chance of a further 0.25% rate cut. Comments from Fed Chairman Jerome Powell will be closely watched for more insight into the policy plan for 2025, when US inflation is still above the 2% target.

Investors are not just focused on whether the Fed will cut interest rates at its upcoming meeting. Instead, they are more interested in what the Fed will signal about future meetings, especially the meeting in January next year, and the long-term trend of interest rate policy. These decisions will greatly affect whether gold prices can continue to rise steadily.

The US Department of Labor reported that the producer price index (PPI) rose 0.4% in November compared to the previous month, beating the forecast of 0.2%. Earlier, the consumer price index (CPI) – another important measure – came in as expected. This information shows that inflation in the US is still persistent and has not decreased significantly.

Gold price forecast

The CEO of Allegiance Gold said the Fed is having trouble because inflation remains above its target. If the Fed cuts rates more slowly or less than expected in 2025, gold prices could come under pressure.

A commodity strategist at TD Securities said that gold funds are currently holding large speculative positions. Some funds may sell gold to reduce risk ahead of the Fed meeting, which could also cause gold prices to fall in the short term.

Ole Hansen, commodity strategist at Saxo Bank, said that the end of the year often makes investors cautious, leading to short-term buying and selling when prices change, whether up or down. He predicted that gold prices could remain stable until the end of the year, before continuing their upward trend in 2025, potentially reaching $3,000 an ounce.

Gold prices at $3,000 an ounce or higher depend on whether the Fed can control inflation, said Nicky Shiels, precious metals strategist at MKS PAMP SA. If the Fed is slow to respond to inflation, real (inflation-adjusted) interest rates could fall and the dollar could weaken, helping gold prices continue to rise in the second half of 2025.