Gold price today December 28, 2023 increased dramatically, SJC gold immediately exceeded 80 million VND

Domestic gold price today December 28, 2023

At noon on December 28 , the price of SJC 9999 gold decreased by 500,000 VND/tael in both buying and selling prices, losing the 80 million VND/tael mark.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 11:01 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 11:04 a.m. as follows:

	Buy	Sell
SJC Hanoi	78,000,000 VND/tael	79,520,000 VND/tael
SJC HCMC	78,000,000 VND/tael	79,500,000 VND/tael
SJC Danang	78,000,000 VND/tael	79,520,000 VND/tael
DOJI Hanoi	77,700,000 VND/tael	79,500,000 VND/tael
DOJI HCMC	77,700,000 VND/tael	79,500,000 VND/tael

SJC and DOJI gold price list updated at noon on December 28

At 9:19 a.m. on December 28 , the price of SJC 9999 gold was adjusted to increase by 200,000 VND/tael in both buying and selling prices, regaining the 80 million VND/tael mark.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:19 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 9:31 a.m. as follows:

	Buy	Sell
SJC Hanoi	78,500,000 VND/tael	80,020,000 VND/tael
SJC HCMC	78,500,000 VND/tael	80,000,000 VND/tael
SJC Danang	78,500,000 VND/tael	80,020,000 VND/tael
DOJI Hanoi	78,200,000 VND/tael	80,000,000 VND/tael
DOJI HCMC	78,500,000 VND/tael	80,000,000 VND/tael

SJC and DOJI gold price list updated early morning December 28

Early morning of December 28 , the price of SJC 9999 gold today in Hanoi increased by 500,000 VND/tael for buying and increased by 300,000 VND/tael for selling compared to the close of yesterday's session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:56 am and the price of 9999 gold was listed by DOJI Jewelry Group at 8:38 am as follows:

	Buy	Sell
SJC Hanoi	78,300,000 VND/tael	79,820,000 VND/tael
SJC HCMC	78,300,000 VND/tael	79,800,000 VND/tael
SJC Danang	78,300,000 VND/tael	79,820,000 VND/tael
DOJI Hanoi	78,000,000 VND/tael	79,800,000 VND/tael
DOJI HCMC	78,300,000 VND/tael	79,800,000 VND/tael

SJC and DOJI gold price list updated early morning December 28

At the end of the trading session on December 27, the domestic gold price of 9999 today was listed by SJC and DOJI Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 77,800,000 VND/tael - 79,500,000 VND/tael
DOJI Hanoi: 77,800,000 VND/tael - 79,500,000 VND/tael
SJC HCMC: 77,800,000 VND/tael - 79,520,000 VND/tael
DOJI HCMC: 77,800,000 VND/tael - 79,500,000 VND/tael

The central exchange rate on December 28, 2023 announced by the State Bank is 23,904 VND/USD, an increase of 19 VND compared to the previous session. The USD price at commercial banks this morning (December 28) was listed at 24,100 VND/USD (buy) and 24,470 VND/USD (sell).

International gold price today December 28, 2023

At 9:03 a.m. today (December 28, Vietnam time), the world spot gold price stood at around 2,087.56 USD/ounce, up 19.56 USD/ounce compared to last night. The price of gold futures for February 2024 on the Comex New York floor was at 2,094.4 USD/ounce.

On the night of December 27 (Vietnam time), the spot gold price on the world market stood at around 2,068 USD/ounce. Gold for February 2024 delivery on the Comex New York floor was at 2,080 USD/ounce.

The world gold price on the night of December 27 was about 13.4% higher (244 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 61.6 million VND/tael, including taxes and fees, about 17.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on December 27.

Gold prices on the world market continued to move quite calmly in the last sessions of the year. Domestic SJC gold bars remained at a high level, around the peak of 80 million VND/tael in the context of bustling gold trading activities.

Many people took profits when gold hit a record high, but there were also customers who bought in the hope that the precious metal would continue to rise.

*The price of SJC gold bars is around the historical peak of 80 million VND/tael. (Photo: Nguyen Hue)*

Some people even withdrew their savings from banks to buy gold bars despite the difference in domestic and international gold prices being nearly 18 million VND/tael. Bank interest rates are at record lows, with 1-2 month terms in some places dropping to just 1.9%/year. Expectations of gold prices increasing are still very high.

The increase in domestic gold prices is partly due to the fact that world gold prices are still inching up after a strong increase earlier and are still considered to be in an uptrend.

World gold is forecast to peak in 2024 when the USD is on a downward trend. The US will be forced to lower interest rates when the economy weakens and inflation cools down.

Gold Price Forecast

The USD has been continuously falling in recent sessions. The DXY index (measuring the USD's fluctuations against a basket of major currencies on the night of December 27, Vietnam time) fell to 101.3 points. In the past 2 weeks, this index has decreased by a total of nearly 2.6%. The attractiveness of international gold has therefore increased.

Domestically, gold is also the most popular investment channel as the USD/VND exchange rate is forecast to even decrease in 2024.

Although it is forecast to continue to increase in 2024, world gold prices may not increase too strongly because they have increased quite rapidly throughout December 2023.

That would put the world gold price up more than 13% for the entire year of 2023. This is a pretty impressive year-on-year increase.

Investors reflected expectations of a US interest rate cut in 2024 in the recent gold price rally. This also means that when the US officially cuts interest rates, gold will likely have less incentive to increase sharply.

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