Gold price today December 23, 2024: World gold price and domestic gold price compete to lose value

Update SJC gold price today December 23, 2024

Gold price on December 23 increased to 84.4 million VND/tael compared to the end of last week's session.

According to the latest gold price update as of 4:30 a.m. on December 23, the domestic gold price on December 23 was specifically listed by many gold, silver, and gemstone businesses.

Accordingly, the price of SJC gold today in Hanoi and Da Nang is 81.8 million VND/tael for buying and 83.8 million VND/tael for selling. In Ho Chi Minh City, the price of SJC gold on December 23 is buying and selling at the same level as in Hanoi and Da Nang. Thus, compared to the closing price of last weekend, the price of SJC gold remains the same in both buying and selling directions.

Today's Doji gold price in Hanoi is 82.4 million VND/tael for buying and 84.4 million VND/tael for selling, an increase of 600 thousand VND/tael for both buying and selling compared to the closing price of last weekend. The Doji gold price on December 23 in Ho Chi Minh City is buying and selling similarly to the Hanoi area.

PNJ gold price is listed at 82.4 million VND/tael for buying and 84.4 million VND/tael for selling, an increase of 600 thousand VND/tael for both buying and selling compared to the closing price at the end of last week.

Bao Tin Minh Chau gold price is traded by businesses at 82.4 million VND/tael for buying and 84.4 million VND/tael for selling, an increase of 400 thousand VND/tael for buying and an increase of 600 thousand VND/tael for selling compared to the closing price at the end of last week.

Thus, the domestic gold price today, December 23, increased sharply in both buying and selling directions compared to the closing price of last weekend at some major gold brands.

Gold ring price today 12/23/2024

Gold ring prices today, December 23, reversed and increased strongly in some gold brands.

Specifically, the price of 9999 Hung Thinh Vuong round gold ring at Doji is listed at 82.9 - 84.4 million VND/tael (buy - sell), an increase of 150 thousand VND/tael for buying and an increase of 650 thousand VND/tael for selling compared to the closing price at the end of last week.

Saigon Jewelry Company (SJC) listed the price of SJC gold rings, type 1-5, at only 81.8 - 83.6 million VND/tael (buy - sell), keeping both buying and selling prices unchanged compared to the closing price at the end of last week.

Bao Tin Minh Chau listed the price of plain round rings at 82.7 - 84.4 million VND/tael (buy - sell), an increase of 400 thousand VND/tael for buying and 600 thousand VND/tael for selling compared to the close of the previous trading session.

The latest gold price list today, December 23, 2024 is as follows:

World gold price today December 23, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 a.m. today, Vietnam time, was 2,621.59 USD/Ounce. Today's gold price decreased by 28.08 USD/Ounce compared to the closing price of last weekend. Converted according to the USD exchange rate, on the free market (25,750 VND/USD), the world gold price is about 82.28 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.52 million VND/tael higher than the international gold price.

Last week, domestic gold prices made strong adjustments, mainly downward, in line with the trend of world gold prices. The price of SJC gold bars at major brands such as Doji and Bao Tin Minh Chau decreased by 1.9 million VND/tael compared to last week. The price of gold rings at these two units also decreased by 1.03 million VND/tael.

Although the price of gold has dropped sharply, in Hanoi, many people still have difficulty buying plain round gold rings of grade 1 just to give as gifts or presents. This situation has lasted for many months.

Notably, domestic gold bar prices recorded positive signals when the difference between buying and selling prices narrowed. Currently, the common difference is 2 million VND/tael, down from 2.5 million VND/tael compared to last week.

However, with this sharp decline, gold bar holders suffered significant losses last week. When buying, they had to pay the high selling price of the business, while when selling, they received a lower purchase price, plus the price difference. Calculations show that investors could lose from 3.7 to 4.5 million VND/tael this week alone.

While the price of gold bars has decreased the buying and selling margin, the price of gold rings has had the opposite development. The difference between buying and selling prices has widened, mainly due to the sharp decrease in buying prices. Currently, the common difference of gold rings is from 1.5 to 1.8 million VND/tael.

With the price reduction combined with the increase in difference, gold ring holders last week also suffered losses from 1.7 to 2.9 million VND/tael.

The world gold price fluctuated strongly last week, mainly due to the policy decision of the US Federal Reserve (Fed) in the early morning of December 19 (Hanoi time). Accordingly, the Fed reduced interest rates by 0.25%, as previously predicted.

However, the post-meeting speech of Fed Chairman Jerome Powell caused a big surprise, causing investors to sell gold in droves. Mr. Powell said the Fed could pause its monetary policy easing path to further assess the economic situation.

According to experts, the Fed is currently closely monitoring economic factors such as GDP growth, inflation and employment. The forecast for US GDP growth in the fourth quarter of this year is 3.3%, higher than the 2.8% of the third quarter.

Meanwhile, inflation in November showed signs of rising again, while the labor market remained stable. These factors will greatly influence the Fed's policy decisions in the coming time.

After Mr. Powell's speech, expectations for the number of Fed rate cuts in 2025 have decreased. Previously, the market predicted the Fed would cut interest rates four times, but now it has only cut twice. This suggests that the Fed may continue to maintain a more cautious monetary policy, depending on the US economic developments.

The Fed's decision sent the dollar soaring. The Dollar Index, which measures the greenback's strength against a basket of major currencies, briefly hit 108,480.

The increase in the value of the USD has pushed the price of gold down sharply. In the trading session in the US on December 18, the price of gold lost more than 61 USD/ounce, reflecting the pressure from the USD on the precious metals market.

Gold Price Forecast

Many experts predict that gold prices could reach $3,000 an ounce by 2025. However, this strong increase is expected to only occur in the second half of the year. In the first half of 2025, gold prices are likely to remain stable around $2,500 - $2,700 an ounce, equivalent to an increase of about 13% compared to this year, when gold prices have increased by nearly 30%.

According to Chantele Schieven, Head of Research at Capitalight Research, the gold market is currently in a “wait and see” mode. Investors and experts are closely monitoring factors such as economic health, inflation, geopolitical risks and moves from central banks.

Ms. Schieven remains optimistic about gold prices in 2025, despite pressure from expectations of limited interest rate cuts from the US Federal Reserve (Fed). She believes that although interest rates will not decrease much, factors such as persistent inflation and global risks will continue to support higher gold prices.

Gold prices are expected to surpass $3,000 an ounce in the second half of 2025, after the market has had time to consider and react to economic and geopolitical fluctuations. This is considered the time when gold can play its role as a safe haven asset, especially in the context of increasing global risks.