Gold prices on December 24th: SJC gold surges to 159 million VND/ounce.

Domestic gold prices reach historical peak.

The domestic gold market recorded a sharp price increase on the morning of December 24th, with common increases ranging from 1.5 to 2 million VND per tael, setting a new all-time high price level.

Major brands such asSJC,DOJI,PNJandBao Tin Minh ChauBoth sides adjusted the price of gold bars up to 157 million VND/ounce for buying and 159 million VND/ounce for selling. This price is 1.5 million VND/ounce higher in both directions compared to the previous trading session.Phu QuyThe price of gold bars was also listed at 156 million VND/ounce (buying price) and 159 million VND/ounce (selling price), an increase of 1.5 million VND/ounce respectively.

Not only gold bars, but the gold ring market also witnessed a breakthrough increase. SJC gold rings were listed at 152.6 million VND/ounce (buying price) and 155.6 million VND/ounce (selling price), an increase of 1.5 million VND/ounce. DOJI and PNJ listed gold rings at higher levels, 153.5 - 156.5 million VND/ounce, with an increase of up to 2 million VND/ounce at DOJI.

According to experts, the sharp rise in domestic gold prices is driven by the limited supply of gold bars while the public and investors are increasingly hoarding safe-haven assets at the end of the year.

The global gold market is approaching a key milestone.

On the international market, the spot gold price on the morning of December 24th fluctuated around this level.4,485.7 USD/ounceThe price increased by approximately 0.93% in 24 hours, equivalent to an increase of over $41 per ounce. This price range is very close to the historical mark of $4,500 per ounce.

Based on the exchange rate at Vietcombank, the current world gold price is equivalent to approximately 143.2 million VND/ounce (excluding taxes and fees). This price is about 15.8 million VND/ounce lower than the domestic SJC gold bar price, indicating that the significant price difference is still being maintained.

Causes and predictions

Global gold prices are being supported by several fundamental factors. The US dollar continues to weaken, making gold more attractive as a safe-haven asset. In addition, prolonged geopolitical tensions and expectations that the US Federal Reserve (Fed) will maintain a dovish monetary policy are also important drivers.

Analysts at SP Angel believe that central banks' trend of diversifying their foreign exchange reserves will be the main driver of gold prices until the end of this decade, and they forecast that prices could rise to around$5,000 per ouncenext year.

Concurring with this view, Swissquote expert Carlo Alberto De Casa believes that expectations of Fed easing policy, declining confidence in the USD, and stable buying from central banks have created significant appeal for gold. The $4,500/ounce mark is gradually becoming a new benchmark in the long-term uptrend of the precious metal.