Gold price today December 16, 2024: World gold price and domestic gold price still increased last week

Domestic gold price today December 16, 2024

At the time of survey at 4:30 a.m. on December 16, 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 83.5 million VND/tael for buying and 84.6 million VND/tael for selling.

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.

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).

The latest gold price list today, December 16, 2024 is as follows:

World gold price today December 16, 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 increased by 6.91 USD/Ounce compared to last week. 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.

The price of SJC gold bars fluctuated a lot last week. At the beginning of the week, the price did not change much but then increased sharply, up to 900,000 VND/tael at stores. The increase continued the next day, with an increase of 1 to 1.5 million VND/tael in both buying and selling directions.

However, by December 12, the gold price began to stagnate and fell again on the last two days of the week. Specifically, the price decreased by 700,000 VND on December 13 and 100,000 VND on December 14. Overall, the price of SJC gold increased by about 1.1 million VND/tael for the whole week, but the difference between the buying and selling prices remained high, about 2.5 million VND. This caused investors holding gold bars for 1 week to lose about 1.4-1.7 million VND/tael.

Currently, the price of SJC gold bars is traded at 83.8 million VND/tael (buy) and 86.3 million VND/tael (sell). At some stores such as Phu Quy, the buying price is lower, around 83.5 million VND/tael.

For gold rings, the price is at 83.3-83.5 million VND/tael (buy) and 84.3-84.8 million VND/tael (sell). In the first 4 days of the week, the price of gold rings continuously increased, but decreased slightly at the end of the week due to the influence of world gold prices. However, for the whole week, the price of gold rings still increased by about 1 million VND/tael.

Currently, the gap between buying and selling prices of gold rings has widened, at 1.1-1.75 million VND/tael, higher than last weekend (1-1.4 million VND).

Although the price of gold rings increased last week, investors still suffered a loss of about 400,000-700,000 VND/tael after deducting the difference between buying and selling prices.

The gold jewelry industry in Vietnam is facing difficulties due to a prolonged shortage of raw gold supply, and this situation is expected to continue next year. This causes many challenges for businesses, especially small retail stores.

The main reason is that the government tightens control over the origin of gold. Small retail stores often cannot prove the origin of the gold in their warehouses, leading to restrictions on operations or even closure. This makes the shortage of gold in the domestic market even more serious.

According to a report from SSI Research, the difficulties of small retail stores have created an opportunity for PNJ (Phu Nhuan Jewelry Joint Stock Company) to expand its market share. Many small retail gold stores have to order from PNJ to ensure the products are of legal origin. This has helped PNJ's wholesale revenue increase sharply, with growth of 54% in the third quarter and 64% in October.

Experts say the gold shortage may continue next year, but it will not be as severe as in 2024. The policy of controlling the origin of gold is maintained to prevent gold smuggling from abroad into Vietnam.

Thanks to the advantage of legal supply and expansion strategy, PNJ plans to continue to gain more market share by attracting more customers and opening 30-35 new stores in the period of 2024-2025.

World gold prices have increased sharply in the first three days of the week, when the market is almost certain that the US Federal Reserve (Fed) will lower interest rates by another 0.25% in its meeting on December 17-18.

Meanwhile, the People's Bank of China (PBOC) resumed gold purchases after a five-month hiatus, helping push gold prices to a five-week high midweek.

However, the gold price did not maintain its upward momentum for long. On the last two days of the week (Thursday and Friday), the price of gold fell sharply. The main reason was a new report showing that inflation in the US slowed down, raising concerns that the Fed may pause interest rate cuts after the upcoming meeting.

According to CME’s FedWatch Tool, the market now expects the Fed to cut interest rates only twice in 2025, lower than previously predicted. However, the possibility of the Fed cutting interest rates at next week’s meeting remains high, at about 95%.

In addition, rising US bond yields also put great pressure on gold prices. The 10-year bond yield rose to 4.399% last week. At the same time, the USD also strengthened, with the Dollar Index increasing 0.84% ​​to close at 106.95 points, making gold less attractive.

The past week’s developments have shown that the gold market is being influenced by a number of intertwined factors, including expectations of lower interest rates, new economic data, and a stronger US dollar. In the short term, gold prices may continue to fluctuate as investors wait for clearer signals from the Fed meeting.

Gold is still considered an important safe-haven asset in times of uncertainty, but pressure from high bond yields and a strong US dollar could limit gains.

Gold prices have risen about 30% since the beginning of the year, thanks to factors such as loose monetary policy, demand for gold reserves from central banks, and investors' safe-haven sentiment amid rising geopolitical tensions. However, recently, gold prices have fluctuated between $2,600 and $2,700 per ounce due to a lack of new supporting factors.

Gold price forecast

Some investors are inclined to sell to take profits in the last weeks of the year. However, according to Daniel Pavilonis, strategist at RJO Futures, this is only a short-term trend. He believes that gold prices will continue to rise in the coming time.

On a more cautious note, Julius Baer analyst Carsten Menke said the US economy is likely to be more stable and stronger next year, meaning the Fed will have less reason to cut interest rates, and gold prices may not see as much support as they have this year.

In contrast, Peter Schiff, chief strategist at Euro Pacific Asset Management, is more optimistic, predicting that gold prices will never fall below $2,000 an ounce again after this year's strong gains.

“$2,000 is a thing of the past,” Schiff told Kitco News. “There’s nothing stopping gold from going higher. It could double, triple, or even go higher.”