Gold price today December 8, 2024: World gold price drops sharply, domestic gold price remains unchanged
Gold price today December 8: World gold price continues to fall to the lowest level in the past 2 weeks. Domestic gold ring and gold bar prices are both unchanged.
Domestic gold price today December 8, 2024
At the time of survey at 4:30 a.m. on December 8, 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 million VND/tael for buying and 84 million VND/tael for selling.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84-85 million VND/tael for buying and selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.7-85.2 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).
The latest gold price list today, December 8, 2024 is as follows:
| Gold price today | December 8, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 82.7 | 85.2 | - | - |
| DOJI Group | 82.7 | 85.2 | - | - |
| Mi Hong | 84 | 85 | - | - |
| PNJ | 82.7 | 85.2 | - | - |
| Vietinbank Gold | 85.2 | - | ||
| Bao Tin Minh Chau | 82.7 | 85.2 | - | - |
| Bao Tin Manh Hai | 82.7 | 85.2 | - | - |
| 1.DOJI- Updated: 12/8/2024 04:30 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 82,700 | 85,200 |
| AVPL/SJC HCM | 82,700 | 85,200 |
| AVPL/SJC DN | 82,700 | 85,200 |
| Raw material 9999 - HN | 82,900 | 83,200 |
| Raw materials 999 - HN | 82,800 | 83,100 |
| AVPL/SJC Can Tho | 82,700 | 85,200 |
| 2.PNJ- Updated: 12/8/2024 04:30 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 83,000 | 84,000 |
| HCMC - SJC | 82,700 | 85,200 |
| Hanoi - PNJ | 83,000 | 84,000 |
| Hanoi - SJC | 82,700 | 85,200 |
| Da Nang - PNJ | 83,000 | 84,000 |
| Da Nang - SJC | 82,700 | 85,200 |
| Western Region - PNJ | 83,000 | 84,000 |
| Western Region - SJC | 82,700 | 85,200 |
| Jewelry gold price - PNJ | 83,000 | 84,000 |
| Jewelry gold price - SJC | 82,700 | 85,200 |
| Jewelry gold price - Southeast | PNJ | 83,000 |
| Jewelry gold price - SJC | 82,700 | 85,200 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 83,000 |
| Jewelry gold price - Jewelry gold 999.9 | 82,900 | 83,700 |
| Jewelry gold price - 999 jewelry gold | 82,820 | 83,620 |
| Jewelry gold price - 99 jewelry gold | 81,960 | 82,960 |
| Jewelry gold price - 916 gold (22K) | 76,270 | 76,770 |
| Jewelry gold price - 750 gold (18K) | 61,530 | 62,930 |
| Jewelry gold price - 680 gold (16.3K) | 55,670 | 57,070 |
| Jewelry gold price - 650 gold (15.6K) | 53,160 | 54,560 |
| Jewelry gold price - 610 gold (14.6K) | 49,810 | 51,210 |
| Jewelry gold price - 585 gold (14K) | 47,720 | 49,120 |
| Jewelry gold price - 416 gold (10K) | 33,570 | 34,970 |
| Jewelry gold price - 375 gold (9K) | 30,140 | 31,540 |
| Jewelry gold price - 333 gold (8K) | 26,370 | 27,770 |
| 3. SJC - Updated: 12/8/2024 04:30 - Website time of supply - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 82,700 | 85,200 |
| SJC 5c | 82,700 | 85,220 |
| SJC 2c, 1C, 5 phan | 82,700 | 85,230 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 82,600 | 84,000 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 82,600 | 84,100 |
| 99.99% Jewelry | 82,500 | 83,600 |
| 99% Jewelry | 79,772 | 82,772 |
| Jewelry 68% | 54,003 | 57,003 |
| Jewelry 41.7% | 32,014 | 35,014 |
World gold price today December 8, 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 2,629.62 USD/Ounce. Today's gold price decreased by 5.7 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,710 VND/USD), the world gold price is about 82.41 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.79 million VND/tael higher than the international gold price.
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According to expert Gary Wagner from Kitco News, gold prices have recently been in a "slowdown" phase after a sharp drop of 90 USD/ounce on November 25. Currently, the gold market is in the process of adjusting and finding a direction amid unpredictable economic fluctuations.
A report by the World Gold Council showed that China – the world’s largest gold consumer – has reduced its demand for physical gold. In addition, gold investment funds also recorded capital withdrawals in November, ending a six-month streak of capital withdrawals.
US economic indicators, especially strong labor market data, are prompting the Federal Reserve to slow its rate cuts. A CME forecasting tool shows the likelihood of the Fed cutting interest rates one last time this year, putting the federal funds rate at 4.25%-4.5%.
Christopher Vecchio, a trading expert, said he has not yet made a specific prediction on gold. He said that for gold prices to rise sharply, they need to surpass $2,725 an ounce, while there are still many risks in the short term due to investors holding high speculative positions.
Next week, the gold market will focus on important information from US inflation data and interest rate decisions of major central banks around the world:
Monday: The Reserve Bank of Australia will announce new monetary policy.
Wednesday: Bank of Canada makes interest rate decision, US releases consumer price index (CPI) data.
Thursday: European Central Bank and Swiss National Bank interest rate decisions are announced. The same day, the US will release its producer price index (PPI).
According to experts, gold prices in the coming time will likely remain stable, fluctuating within a narrow range. This is because the market is waiting for clearer information from economic data and the next move of the US Federal Reserve (FED).
According to a preliminary survey from the University of Michigan released on Friday, US consumer sentiment in December reached 74 points, the highest level in the past seven months, up from 71.8 points in late November. The figure surpassed the expectations of economists, who predicted the index would reach around 73 points.
Joanne Hsu, director of consumer surveys, said all components of the sentiment index showed positive signals. Notably, the rush of consumers to buy durable goods (products with a long life such as household appliances and vehicles) pushed the current economic conditions index up more than 20%.
However, Ms. Hsu noted that this is not necessarily a sign of a strengthening economy. The main reason is that consumers are worried that prices will continue to rise in the future, so they shop early to avoid paying higher prices.
Gold price forecast
According to Kitco's forecast, the world gold price is currently going through a short-term correction period. However, in the long term, this precious metal still has the potential to increase in price thanks to supporting economic and geopolitical factors.
Currently, gold prices are hovering around $2,640/ounce, which is considered an important support level. If the price breaks above $2,750/ounce, the market could aim for a target of $3,000/ounce. Conversely, if the price falls below $2,600/ounce, the market is likely to test the lower level of $2,450/ounce.
Gold demand is still driven by geopolitical events such as international tensions or conflicts. In addition, short-term profit-taking by investors can also cause gold prices to fall slightly.
Jigar Trivedi, an analyst at Reliance Securities, predicts that in December 2024, gold prices could fluctuate between $2,550/ounce and $2,700/ounce.
Colin Cieszynski, strategist at SIA Wealth Management, said that in the medium term, gold prices will remain stable at support levels but it is unlikely that there will be a strong breakout in the near future.
