Gold price today December 3, 2024: World and domestic gold prices both decreased after Mr. Trump's statement

Domestic gold price today December 3, 2024

At the time of survey at 4:30 a.m. on December 3, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82.9 million VND/tael for buying and 83.9 million VND/tael for selling. A decrease of 600 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 84-85 million VND/tael for buying and selling. Compared to yesterday, the buying price decreased by 300 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 82.8-85.3 million VND/tael (buying - selling), down 500 thousand VND/tael for buying - selling compared to yesterday.

At Bao Tin Manh Hai, the price is also being traded at 82.8-85.3 million VND/tael (buy - sell), down 300 thousand VND/tael for both buying and selling compared to yesterday.

The latest gold price list today, December 3, 2024 is as follows:

World gold price today December 3, 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 2,650.65 USD/Ounce. Today's gold price increased by 0.59 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,720 VND/USD), the world gold price is about 83.06 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.24 million VND/tael higher than the international gold price.

The world gold price rose above the $2,640 mark after falling to nearly $2,620 in the morning session. The main reason comes from the change in the USD exchange rate, making gold more expensive for buyers using other currencies.

The US dollar is currently the world's most important currency, accounting for 58% of global foreign exchange reserves and used in most strategic transactions such as oil. However, BRICS countries are actively looking for alternatives to the US dollar, raising concerns about a major change in the global financial system.

At the recent BRICS summit, Russian President Vladimir Putin condemned the US “weaponization” of the USD. He said that economic sanctions from the West forced Russia and other countries to develop new payment systems to replace SWIFT, thereby reducing their dependence on the USD. This is a move to protect Russia’s economic interests and at the same time promote the trend of de-dollarization in international transactions.

In a post on the social network Truth Social, former US President Donald Trump issued a stern warning to the BRICS countries, asking them to commit to not creating a new common currency to replace the USD, and declaring that any action to challenge the USD's status would result in a 100% tariff and the risk of being excluded from the US market.

The dollar index rose 0.5%, marking its biggest one-day gain in more than a week, boosted by comments from President-elect Donald Trump.

Investors are keeping a close eye on the Federal Reserve. Expectations are rising for a 25 basis point rate cut in December, but concerns that Mr Trump’s tax plan could prolong a period of high interest rates have weighed on sentiment.

This week, important economic events such as employment data, non-farm payrolls and Fed Chairman Jerome Powell's speech will determine the trend of gold prices. Investors are cautious, waiting for a clear signal from the Fed.

On the afternoon of November 30, the National Assembly passed the Resolution on questioning activities at the 8th Session with a high approval rate of 95.62%. In particular, the National Assembly especially emphasized the need to strictly manage the gold market to stabilize the macro-economy and minimize negative impacts.

The National Assembly has requested to review and amend Decree 24/2012 on gold trading management by June 2025 at the latest. This is an important step to complete the legal framework and strengthen the State's management and regulatory role in the gold sector.

The amendment of the Decree and related policies will not only help stabilize the gold market but also encourage capital flows to real business and production activities. This will contribute to supporting sustainable economic development and minimizing risks from gold speculation.

Gold Price Forecast

Wall Street is divided on the subject, with 43% of those polled predicting gold prices will rise this week, 50% expecting prices to be stable, and 7% predicting prices will fall, according to Kitco.

Survey results from 199 retail investors also showed caution, with 48% predicting gold prices to rise, 31% thinking prices will fall, and 21% expecting prices to fluctuate sideways.

Colin Cieszynski from SIA Wealth Management said the gold market is in a period of stabilization after a strong increase from February to October. He predicted that gold prices could fluctuate in a range of $2,532 to below $2,800 an ounce in the coming time.

Meanwhile, Chantelle Schieven from Capitalight Research predicts that gold prices will fluctuate strongly in the coming time due to the influence of Donald Trump's statements before taking office. She commented that the market is currently in a "wait and see" state, sensitive to any policy changes.

In the short term, gold prices could range from $2,500 to $2,750 an ounce. While this may be disappointing for some investors, it is a necessary phase for the market to stabilize.

FxPro expert Alex Kuptsikevich said the gold market still retains some strength despite investors' selling tendencies. He pointed to $2,540 an ounce as a key level to watch. If prices fall below that level, gold could fall to $2,400 an ounce.

Although gold prices have temporarily fallen due to the impact of a strong US dollar and US policy, the long-term outlook remains positive. Investors should consider a long-term investment strategy, especially in the context of continued volatility in monetary policy and geopolitical factors.

Gold prices could rise to $2,900 an ounce by mid-2025 as the Fed continues to cut interest rates and investment demand for the metal increases, according to UBS analyst Giovanni Staunovo. Although gold prices are currently under pressure, gold remains a safe haven amid economic and geopolitical uncertainty.

NAB also believes that gold's status as a "safe haven asset" will continue to be maintained, thanks to policy uncertainty, geopolitical tensions, and gold purchases from central banks.

Quoc Duong