Gold price today December 7, 2024: World gold price and domestic gold price decreased sharply

Domestic gold price today December 7, 2024

At the time of survey at 4:30 a.m. on December 7, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 83 million VND/tael for buying and 84 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 300 thousand VND/tael in both buying and selling directions.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84-85 million VND/tael for buying and selling. Compared to yesterday, the buying price increased slightly by 200 thousand VND/tael.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.7-85.2 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is also being traded at 82.7-85.2 million VND/tael (buy in - sell out). Compared to yesterday, the price of SJC gold here has decreased by 300 thousand VND/tael in both buying and selling directions.

The latest gold price list today, December 7, 2024 is as follows:

World gold price today December 7, 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 2,629.62 USD/Ounce. Today's gold price decreased by 16.2 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,750 VND/USD), the world gold price is about 82.53 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.67 million VND/tael higher than the international gold price.

The price of 9999 gold rings has recorded a significant decrease, but people's demand for gold has not decreased. On Tran Nhan Tong Street (Hanoi), many customers came very early in the hope of buying gold.

Ms. Nguyen Hong Hanh (Hoan Kiem district) shared that she wanted to buy a gold ring as a wedding gift for her friend but kept encountering shortages. "The other day, I had to wait 2 hours to buy 2 taels of gold. This morning, I came earlier in the hope of buying 1 more tael," Ms. Hanh said.

An employee at a gold shop on Tran Nhan Tong Street said: "Currently, the shop is temporarily out of plain round gold rings and SJC gold bars. We have not determined a specific time when we will reopen. However, gold sales transactions from customers are still being accepted normally."

Many customers say that owning a 9999 plain round gold ring is currently very difficult. This causes a lot of inconvenience for buyers when they have to wait or cannot buy the product as desired.

Experts say the heat in the domestic gold market may continue, especially when gold prices are still fluctuating. People are advised to closely monitor price and supply developments to have a reasonable trading plan.

Bitcoin has now surpassed the $100,000 mark, reaching an all-time high and up 50% since the US presidential election. This comes after President-elect Donald Trump picked Paul Atkins, a cryptocurrency advocate, to head the US Securities and Exchange Commission.

Bitcoin’s strong price increase could cause many investors to shift money from gold to Bitcoin. This means that the gold market could come under downward pressure, as investors often have to choose between investing in gold or other assets, such as cryptocurrencies, based on expectations of higher returns.

The world gold price in 2024 continuously set new records, surprising many people. Normally, gold prices increase sharply when there are geopolitical tensions or economic instability, because gold is always considered a "safe haven" in difficult times. In addition, expectations of a "soft landing" (steady deceleration) of the US economy and lower interest rates also contributed to the increase in gold prices.

But this year’s gold rally has one big difference. In addition to the usual suspects like the Russia-Ukraine war and conflicts in the Middle East, another factor has driven gold prices higher: central bank policies and Chinese consumers.

The People’s Bank of China (PBOC) has been ramping up gold purchases to diversify its reserves and reduce its reliance on the US dollar. However, the main driver of record gold prices has been the Chinese people. Faced with global uncertainty and a struggling domestic economy, Chinese people have been rushing to buy gold in the form of jewelry and even gold bars to protect their assets against risks. This strong buying has sent gold prices soaring throughout the year.

Gold Price Forecast

According to Jigar Trivedi, an analyst at Reliance Securities, gold prices are likely to fluctuate between $2,550 and $2,700 an ounce in December. Currently, gold prices are showing a slight downward trend as many investors decide to sell to lock in profits after a sharp increase in prices this year.

Peter Schiff, a strategist at Euro Pacific Asset Management, believes that gold still has a lot of upside potential. According to him, the $2,000/ounce mark is in the past, and gold prices could even double or triple their current value.

Meanwhile, Han Tan, an analyst at Exinity Group, said gold prices are still under pressure due to the strengthening US dollar. He predicted that spot gold prices will fluctuate between $2,600 and $2,700 per ounce, unless there is a major change in data on the labor market or inflation. These data could affect the possibility of the US Federal Reserve cutting interest rates on December 18.

Technically, gold futures for February 2025 are still expected to rise in the short term. The next target is to break above the key resistance level at $2,748/oz. However, if the bears (those who want prices to fall) gain the upper hand, gold could fall below $2,600/oz.