Gold prices today, December 17th: SJC gold closed the December 16th session at 155.6 million VND.
On the morning of December 17th, the price of SJC gold bars and gold rings simultaneously dropped sharply, losing up to 1.7 million VND per ounce. The difference with world prices remained high, at nearly 19 million VND.
The domestic gold market is undergoing a sharp correction.
On the morning of December 17th, the domestic gold market witnessed a sharp price correction, with both gold bars and gold rings falling simultaneously. SJC gold bars lost up to 1.6 million VND/ounce, while gold rings recorded the highest decrease of up to 1.7 million VND/ounce compared to the previous trading session.
In the early morning hours, major brands such as SJC, DOJI, PNJ, and Bao Tin Minh Chau listed the price of gold bars at 153.6 million VND/ounce for buying and 155.6 million VND/ounce for selling. SJC gold bars at Phu Quy were traded at a lower price, with a buying price of 152.8 million VND/ounce and a selling price of 155.6 million VND/ounce.
Gold rings are also under downward price pressure.
Not only gold bars, but the price of gold rings also recorded a significant decrease across the market:
- SJC gold rings:Gold prices fell by as much as 1.7 million VND/ounce, trading at 149.9 – 152.7 million VND/ounce.
- DOJI and PNJ gold rings:Gold prices both decreased by 800,000 VND/ounce, trading around 151-154 million VND/ounce.
- Bao Tin Minh Chau gold rings:Gold is listed at 151.8 - 154.8 million VND/ounce, a decrease of 1 million VND/ounce.
- Phu Quy Gold Rings:Similarly, the price decreased to 151-154 million VND/ounce.
World gold prices and the price difference.
On the international market, the spot gold price on the morning of December 17th (Vietnam time) fluctuated around $4,302 – $4,305 per ounce, a slight decrease of about $3 – $4 compared to the same time the previous day. After converting according to the exchange rate at Vietcombank (excluding taxes and fees), the world gold price is equivalent to approximately VND 136.9 million per tael.
Thus, the price of SJC gold bars in Vietnam is currently about 18.7 million VND/ounce higher than the world gold price, indicating that the difference remains at a high level.
Market causes and analysis
The correction in gold prices is believed to stem from profit-taking pressure after the previous period of strong gains. Additionally, investors are showing caution ahead of upcoming key US economic data releases, particularly the jobs report, which could shape expectations regarding the Federal Reserve's interest rate cut trajectory.
According to experts, the slight weakening of global gold prices also reflects a temporary cooling of risk-averse sentiment, amid some positive news regarding the Russia-Ukraine peace negotiations.
Nevertheless, many believe the medium- and long-term trend of the gold market remains positive. James Stanley, senior market strategist at Forex, believes that gold prices are still technically in an upward trend. Similarly, Daniel Pavilonis, senior commodities broker at RJO Futures, argues that gold is showing relatively good strength. The latest report from the World Gold Council (WGC) also forecasts that gold prices in 2026 will continue to be supported by persistent geopolitical uncertainties.