Gold price today December 15, 2024: World gold price and gold ring price decreased sharply

Domestic gold price today December 15, 2024

At the time of survey at 4:30 a.m. on December 15, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.5 million VND/tael for buying and 84.6 million VND/tael for selling. The price of 9999 gold rings decreased by 300 thousand VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84.0-85.0 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 400 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 83.8-86.3 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is also being traded at 83.8-86.3 million VND/tael (buy in - sell out). Compared to yesterday, the gold price decreased by 100 thousand VND/tael in both buying and selling directions.

The latest gold price list today, December 15, 2024 is as follows:

World gold price today December 15, 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 2,649.77 USD/Ounce. Today's gold price decreased by 38.21 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 82.85 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.45 million VND/tael higher than the international gold price.

Currently, many investors are selling gold to take profits after the world gold price reached its highest peak in the past 5 weeks. At the same time, the US dollar has remained at a high level in the past 2 weeks, putting further downward pressure on gold prices.

Gold prices rose 0.8% last week, mainly due to expectations that the US Federal Reserve (Fed) will cut interest rates. This year, many central banks around the world have lowered interest rates and the demand for gold to preserve assets has helped gold prices increase continuously.

In the short term, several factors are putting pressure on gold prices. The recent report from the US Department of Labor showed that the producer price index (PPI) increased by 0.4% in November, higher than forecast. This shows that inflation is still a concern, making the Fed more cautious in cutting interest rates.

Some major financial institutions such as Wells Fargo and Bank of America predict that the Fed will only make one or two interest rate cuts in 2025. This may reduce investors' expectations that gold will rise sharply in the near future.

In addition to the Fed’s policy decision, the market will be watching other important economic data, such as November retail sales, which are a sign of US consumer spending during the holiday season. In addition, manufacturing reports and third-quarter GDP figures will also be factors affecting gold prices.

Gold price forecast

Currently, the world gold price is falling sharply. However, Mr. Tran Duy Phuong, a gold expert, believes that this is only a temporary decrease. He predicts that from now until the end of 2024 and the beginning of 2025, the gold price may increase again.

However, Mr. Phan Dung Khanh, a financial expert, advises those who intend to invest in gold to make quick profits to be very careful. After a year of strong gold price increases, the possibility of prices continuing to increase is not high.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said gold prices could fall further next week if the Fed signals a “cautious” rate cut. He also noted that gold trading volumes could be lower due to the upcoming holiday season.

"Gold has had a strong year. There may be some slight declines later this year, but they will be temporary. In the long term, gold prices will continue to rise," said Daniel Pavilonis, an expert at RJO Futures.

Carsten Menke, an expert at Julius Baer, ​​said that the US economy is likely to strengthen next year. At that time, the Fed will have less reason to cut interest rates, making it difficult for gold prices to rise as strongly as this year.

Carley Garner, co-founder of DeCarley Trading, said the gold market is showing signs of weakness as it has failed to maintain prices above $2,700. She recommended considering selling when gold prices rise again.

Lukman Otunuga, Chief Market Analyst at FXTM, believes that gold prices are in a “tug of war”. Gold prices have risen nearly 30% this year, and if the Fed leaves open the possibility of further rate cuts, gold prices could rise back to $2,700 or higher.

Meanwhile, Michele Schneider, a strategist at Marketgauge, predicts gold prices will fluctuate between $2,600 and $2,800. She said factors such as falling global interest rates and rising public debt are still supportive of gold in the long term.

According to the World Gold Council (WGC), gold prices in 2025 are likely to increase slightly, influenced by many factors such as central bank actions, geopolitical tensions, and economic situations in major markets such as the US, China, and India.

Central banks have been buying gold consistently for the past 15 years, viewing it as a safe haven asset. In 2024, the Reserve Bank of India (RBI) bought 27 tonnes of gold in October alone, bringing its total reserves to 882 tonnes. Other central banks, such as Türkiye and Poland, have also bought tens of tonnes of gold, contributing to the high gold price.