Domestic gold price today December 29, 2023
Early morning of December 29 , the price of SJC 9999 gold today in Hanoi decreased by 1.5 million VND/tael in both buying and selling compared to the closing price yesterday.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:29 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:49 a.m. as follows:
| Buy | Sell | |
| SJC Hanoi | 73,000,000 VND/tael | 76,020,000 VND/tael |
| SJC HCMC | 73,000,000 VND/tael | 76,000,000 VND/tael |
| SJC Danang | 73,000,000 VND/tael | 76,020,000 VND/tael |
| DOJI Hanoi | 72,500,000 VND/tael | 76,500,000 VND/tael |
| DOJI HCMC | 72,500,000 VND/tael | 76,500,000 VND/tael |
SJC and DOJI gold price list updated early morning December 29
At the end of the session on December 28, the price of 9999 gold bars at SJC Ho Chi Minh City was 74.5 million VND/tael (buy) and 77.5 million VND/tael (sell). SJC Hanoi listed at 74.5 million VND/tael (buy) and 77.52 million VND/tael (sell).
DOJI Hanoi listed at 72 million VND/tael (buy) and 77.5 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 72.5 million VND/tael and sold at 77.5 million VND/tael.
The central exchange rate on December 29, 2023 announced by the State Bank was 23,866 VND/USD, down 38 VND compared to the previous session. The USD price at commercial banks this morning (December 29) was listed at 24,040 VND/USD (buy) and 24,410 VND/USD (sell).
International gold price today December 29, 2023
At 9:00 a.m. today (December 29, Vietnam time), the world spot gold price stood at around 2,070.76 USD/ounce, up 2.76 USD/ounce compared to last night. The price of gold futures for February 2024 on the Comex New York floor was at 2,079.6 USD/ounce.
On the night of December 28 (Vietnam time), the spot gold price today 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 28 was about 13.8% higher (251 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 15.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on December 28.
Gold prices in the world market continued to rise in the context of the rapidly decreasing USD. Domestic SJC gold bars continued to fluctuate strongly after the shock of increasing and decreasing by 4-5 million VND/tael in the previous session.
After falling from a peak of around VND80 million/tael (business selling price) on the morning of December 28, at times down to nearly VND75 million/tael, the price of SJC gold bars increased rapidly again and by the end of the afternoon of December 28 was at VND77.5 million/tael.
Thus, from the difference with the world price of nearly 18 million VND/tael, SJC gold bars are now nearly 16 million VND/tael higher.
The difference with the world price has decreased, but the buying and selling difference has widened to 3-5.5 million VND/tael depending on the business.
Gold Price Forecast
Demand for SJC gold bars remains quite high, while supply of this item is limited as prices have fallen sharply. This could be the reason why the price of SJC gold bars has increased again, reaching VND77.5 million/tael.
Besides, world gold prices also continued to increase in the context of the USD falling quite rapidly.
The DXY index - which measures the USD's performance against a basket of major currencies - fell below 101 points on the night of December 28 (Vietnam time). Over the past two weeks, the index has fallen by a total of nearly 2.7%. This is the lowest level in the past five months. In early October, the DXY index was above 107 points.
Gold prices also fell due to falling US bond yields. The yield on the 10-year US bond fell to 3.828%/year, the lowest since July.
Unabated geopolitical instability in many regions, including Ukraine, the Middle East, the Red Sea... along with strong net buying power of central banks of countries are factors that will push world gold prices up sharply throughout 2023.
Gold demand in India and China during peak season is also a driving force for this precious metal.
Many forecasts suggest that in 2024, demand for gold will remain high as uncertainty continues to prevail. The decline in the greenback has also pushed gold prices up gradually. However, the recent sharp increase in prices may create profit-taking pressure. This means that gold will find it difficult to break out too strongly in the new year.
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