Gold price today December 18, 2024: World gold price drops sharply, domestic gold drops

Domestic gold price today December 18, 2024

At the time of survey at 4:30 a.m. on December 18, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.7 million VND/tael for buying and 84.7 million VND/tael for selling. The price of 9999 gold rings increased by 100 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 84.1-85.1 million VND/tael for buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.6-85.1 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is also being traded at 82.6-85.1 million VND/tael (buy in - sell out).

The latest gold price list today, December 18, 2024 is as follows:

World gold price today December 18, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was at 2,634.54 USD/Ounce. Today's gold price decreased by 24.13 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,725 VND/USD), the world gold price is about 82.61 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.5 million VND/tael higher than the international gold price.

According to the latest report from the US Department of Commerce, retail sales data last month showed that American consumers maintained quite stable purchasing power, but there were signs of slowing down.

Specifically, retail sales in November increased 0.7%, higher than the forecast of 0.6%. At the same time, the data for October was also adjusted up 0.5%. Over the past 12 months, US retail sales have increased 3.8%.

However, excluding autos (the "core" retail sales), the figure rose just 0.2%, below expectations of 0.4%.

Immediately after this report was published, the gold market was under strong selling pressure. Spot gold prices are currently down 0.55% to 2634.54 USD/ounce.

Meanwhile, Bitcoin has attracted attention as it hit a record high of over $106,000. In contrast, gold remains "stuck" in a stable price range.

In the short term, gold prices may face difficulties due to rising bond yields and a strong US dollar. However, if there is positive news from China or strong economic support policies, gold will have a chance to increase in price, especially as the Lunar New Year season approaches.

Investors are focused on the Fed's two-day policy meeting, which begins on Tuesday. The Fed is expected to cut interest rates by 0.25% (25 basis points). At the meeting, the Fed will also provide forecasts on the possibility of further rate cuts in 2025 and 2026.

Other major central banks will also announce their interest rate policies this week. The Bank of Japan (BOJ), the Bank of England (BoE) and Sweden (Riksbank) will make their decisions on December 19. The European Central Bank (ECB) is expected to cut interest rates again next year if inflation falls back to its 2% target.

In addition to interest rates, geopolitical tensions around the world also contribute to the increased demand for gold. Recently, Israel announced plans to double the population of the Golan Heights due to concerns from Syria, although the situation has not yet changed seriously.

The United States recently imposed new sanctions on Russia and North Korea. These measures target North Korea's financial activities and its military support for Russia.

Besides the Fed meeting, other economic news will also affect gold prices this week, including:

US GDP figures – a gauge of the health of the economy.

PCE consumer price index report – the Fed's key inflation measure.

Consumer confidence survey finalized this month.

Gold price forecast

According to Mr. Giovanni Staunovo, an expert from UBS, interest rate cuts this year and the Fed's easing policies in 2025 will create conditions for gold prices to increase to 2,900 USD/ounce by the middle of next year.

Meanwhile, Citi Bank also believes that demand for gold and silver will remain high, especially in the context of the global economy still having many risks and US interest rates tending to decrease to neutral levels. Citi forecasts that gold and silver prices may peak in the fourth quarter of 2025 or the first quarter of 2026.

According to Gold Eagle, the current price of gold is $2,648.96 per ounce. Short-term forecasts suggest that gold prices may rise due to the influence of the US dollar, elections and the policies of the US Federal Reserve (Fed). In the long term, gold prices may reach $3,200 per ounce within a year and $4,825 per ounce within three years.

CAPEX forecasts that gold prices could fluctuate between $2,600 and $2,700 an ounce in the short term. Factors such as economic data and the Fed's monetary policy will affect gold prices.

Chris Skinner, financial expert and author of the blog The Finanser, 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 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.