At the end of the trading session on December 11 (Vietnam time), the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND84.4-86.9 million/tael (buy - sell), much lower than at noon, but still increased by VND800,000 in the buying direction and increased by VND1.3 million in the selling direction compared to the previous session.

Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 84.3-85.7 million VND/tael (buy - sell), an increase of 800,000 VND/tael for buying and an increase of 900,000 VND for selling compared to the previous session. Doji listed the price of 9999 round gold rings at 84.6-85.7 million VND/tael (buy - sell), an increase of 700,000 VND for buying and an increase of 800,000 VND for selling.

In the world , at 8:00 p.m. on December 11 (Vietnam time), the spot gold price today on the world market was at 2,696 USD/ounce. Gold for February 2025 delivery on the Comex New York floor was at 2,721 USD/ounce.

The world gold price on the night of December 11 was about 30.7% higher (633 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 83.6 million/tael, including taxes and fees, about VND 3.3 million/tael lower than the domestic gold price as of the end of the afternoon session on December 11.

Gold prices on the international market have turned down after several days of sharp increases. The situation in Syria has somewhat stabilized.

After the Bashar al-Assad regime in Syria collapsed on December 8, Israel, the United States and Türkiye carried out a series of airstrikes in Syria to protect their interests in the country.

The rebels have now formed a transitional government and begun operating in Syria. Syrian interim Prime Minister Mohammed al-Bashir said his government will operate until March 1, 2025, when a formal cabinet is scheduled to be formed.

Observers expect stability and peace in Syria after 13 years of civil war.

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Domestic gold prices turned down after breaking through the threshold of 87 million VND/tael at noon on December 11. Photo: MH

The administration of US President Joe Biden is considering removing the terrorist organization status of HTS - the main force in the recent uprising. If so, the international community will have to engage with the new administration in the future.

The rebel leader has also just announced that the war in Syria will end and Syria will enter into reconstruction. At the same time, he said that the West should not be afraid of the situation in this country.

With positive developments in Syria, the flow of money betting on gold has decreased significantly, thereby pulling down the price of this commodity.

Gold Price Forecast

However, the complexity of religion, land, geopolitical position and too many conflicting interests will make it difficult for the situation in Syria to stabilize completely as expected.

Many minority groups and factions in Syria, such as Kurds, Alawites and Christians, fear reprisals or discrimination. Even the coalition of groups that forms a new government may not be able to hold together for long.

Syria could descend into chaos as factions vie for power, but the situation may become less complicated once Donald Trump takes office.

Gold is unlikely to fall much, but it may not increase much either. The main driving force for gold now is probably the US-China economic war when Mr. Trump takes office and the monetary easing efforts of most countries to revive the economy.

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