Gold price this afternoon December 16, 2024: Domestic gold price evaporates millions of dong
Gold price this afternoon, December 16, 2024: Domestic gold price evaporated by millions of dong on the first day of the week. Specifically, gold bars decreased by 1.2 million dong/tael; gold rings decreased to 84.3 million dong/tael.
Domestic gold price this afternoon December 16, 2024
At 2:30 p.m. on December 16, 2024, the domestic gold price showed a sharp downward trend compared to the end of last week. SJC gold bars were listed by SJC Company at VND 82.6 million/tael for purchase and VND 85.1 million/tael for sale, down VND 800,000/tael compared to the weekend price.
Meanwhile, SJC 9999 gold rings were bought at VND82.6 million/tael (down VND700,000/tael) and sold at VND84.3 million/tael (down VND400,000/tael) compared to the previous session.
The situation at DOJI brand is similar. In Hanoi and Ho Chi Minh City, DOJI gold bars are bought at 82.6 million VND/tael and sold at 85.1 million VND/tael.
Doji Hung Thinh Vuong 9999 gold ring alone is bought at 83.5 million VND/tael and sold at 84.6 million VND/tael.
PNJ Gold is also not out of the downward trend, with the buying price at 83.4 million VND/tael and the selling price at 84.4 million VND/tael, down 100,000 VND/tael and 300,000 VND/tael respectively compared to yesterday's session.
| Today (16/12/2024) | Yesterday (12/15/2024) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 82,600▼1200 | 85,100▼1200 | 83,800 | 86,300 |
| DOJI HN | 82,600▼1200 | 85,100▼1200 | 83,800 | 86,300 |
| DOJI SG | 82,600▼1200 | 85,100▼1200 | 83,800 | 86,300 |
| BTMC SJC | 82,600▼1200 | 85,100▼1200 | 83,800 | 86,300 |
| Phu Quy SJC | 82,600▼900 | 85,100▼1000 | 83,500 | 86,100 |
| PNJ HCMC | 83,400▼100 | 84,400▼300 | 83,500 | 84,700 |
| PNJ Hanoi | 83,400▼100 | 84,400▼300 | 83,500 | 84,700 |
World gold price this afternoon December 16, 2024
In the international market, the world gold price is listed at about 2,655.22 USD/ounce, a slight increase of 5.45 USD/ounce compared to early this morning. Converted to Vietnamese currency, the world gold price is about 81.5 million VND/tael.
Last week, gold prices rose sharply to nearly $2,700 an ounce at the beginning of the week. However, after the US producer price index (PPI) report showed persistent inflation, investors believed that the US Federal Reserve (FED) would not be able to loosen monetary policy anytime soon. This caused many people to rush to sell, causing gold prices to fall.
Naeem Aslam, Investment Director at Zaye Capital Markets, predicts that gold prices may weaken next week. The main reason is that the FED is likely to reduce expectations of interest rate cuts, as inflation in the US has not cooled down as expected.
FXTM’s Lukman Otunuga is neutral on gold in the short term. He believes that the gold market will depend heavily on the message that Fed officials deliver at their upcoming meeting. If the Fed continues to be hawkish (continues to maintain a tightening policy), expectations for rate cuts will narrow, limiting the upside momentum of gold. Conversely, if the Fed hints at easing policy in 2024, gold could surge to $2,700/ounce or higher.
Carley Garner, co-founder of DeCarley Trading, is also neutral on gold prices through 2024. However, she sees signs of weakness in the gold market, especially as gold fails to hold the $2,700/ounce mark. She said that at this point, she would consider selling when gold prices recover.
This week, the market will receive many important economic news:
Monday:Investors watch the Empire State manufacturing index (which measures manufacturing in New York state) and the preliminary PMI released by S&P Global (which reflects economic activity across the US).
Tuesday:US retail sales data will be in focus.
Wednesday:The Fed's monetary policy decision, the most anticipated event of the week, will be announced.
Thursday:A slew of data will be released, including the Bank of England's monetary policy decision, US weekly jobless claims, final Q3 GDP figures, the Philly Fed manufacturing survey, and existing home sales.
Friday:US personal consumption expenditure (PCE) data will be released, an important inflation indicator that the Fed pays close attention to.