Gold price today December 3, 2023, Gold price is like 'possessed', surpassing the all-time high, SJC gold price increases shockingly

Gold price today December 3, 2023, the record closing price of gold in November seems not to be enough for investors as solid momentum has pushed prices to an all-time high before the weekend. However, the market is not only optimistic. SJC gold increased shockingly.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/3 and EXCHANGE RATE TODAY 12/3

1. PNJ - Updated: December 2, 2023 21:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	61,600 ▲300K	62,800 ▲300K
HCMC - SJC	72,700 ▲300K	73,900 ▲300K
Hanoi - PNJ	61,600 ▲300K	62,800 ▲300K
Hanoi - SJC	72,700 ▲300K	73,900 ▲300K
Da Nang - PNJ	61,600 ▲300K	62,800 ▲300K
Da Nang - SJC	72,700 ▲300K	73,900 ▲300K
Western Region - PNJ	61,600 ▲300K	62,800 ▲300K
Western Region - SJC	72,700 ▲300K	74,000 ▲500K
Jewelry gold price - PNJ rings (24K)	61,600 ▲300K	62,750 ▲300K
Jewelry Gold Price - 24K Jewelry	61,500 ▲250K	62,300 ▲250K
Jewelry Gold Price - 18K Jewelry	45,480 ▲190K	46,880 ▲190K
Jewelry Gold Price - 14K Jewelry	35,200 ▲150K	36,600 ▲150K
Jewelry Gold Price - 10K Jewelry	24,670 ▲110K	26,070 ▲110K

Domestic gold prices increased dramatically last week.

Opening the first trading session of the week on November 27, in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 71.4 - 72.32 million VND/tael, an increase of 100 thousand VND/tael in the buying price and keeping the same price in the selling price compared to the closing price at the end of last week.

After two sessions of strong fluctuations in the middle of the week, the domestic gold price continued to increase dramatically in the morning session of November 29. In the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 73.2 - 74.42 million VND/tael, an increase of 700 thousand VND in buying and 900 thousand VND in selling compared to the closing session of November 28.

After a series of strong increases, domestic gold prices remained unchanged on the morning of December 1 and traded around 73.6 million VND/tael.

At the close of trading this week (December 2), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 72.7 - 74.0 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on November 27 (at 71.4 - 72.32 million VND/tael (buy - sell), the SJC gold price of Saigon Jewelry Company in Hanoi market increased by 1,300,000 million VND/tael in the buying direction and increased by 1,680,000 thousand VND/tael in the selling direction.

Commenting on domestic gold prices last week, a representative of Bao Tin Minh Chau Jewelry Company said that the purchasing power of gold at the end of the year is usually quite large, with different needs such as storage, gifts, wedding gifts, investment...

People's financial resources tend to increase at the end of the year, which will stimulate an increase in gold purchases. Meanwhile, bank interest rates are further reduced and other investment channels such as stocks and real estate are still quite quiet, causing the demand for investment in gold as a safe haven to increase. It is forecasted that from now until Tet, gold prices will continue to increase.

Gold price today December 3, 2023, Gold price increases like 'possessed', don't be optimistic, SJC gold price increases shockingly, forecasting trend until Lunar New Year. (Source: Shutterstock)

World gold prices continuously set new highs in this week's "exciting" trading sessions, supported mainly by the weakening USD and expectations that the US Federal Reserve (Fed) will temporarily suspend its monetary tightening policy.

In the last trading session of this week (December 1), the spot gold price increased by 1.6% to 2,069.10 USD/ounce. Overall, the gold price increased by 3.4% last week. At the beginning of this session, the gold price reached 2,075.09 USD/ounce and surpassed the all-time high of 2,072.49 set in 2020.

Gold futures prices in the US also increased to a record high of 2,089.7 USD/ounce in the session on December 1.

According to the World & Vietnam Newspaper, the world gold price closed the trading week (December 1) on the Kitco floor at 2,072.0 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of December 2:

Saigon Jewelry Company listed the price of SJC gold at 72.7 - 74.0 million VND/tael.

Doji Group currently lists SJC gold price at: 72.3 - 74.0 million VND/tael.

PNJ system listed at: 72.7 - 73.9 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 72.9 - 73.95 million VND/tael; Rong Thang Long gold brand is traded at 62.03 - 63.13 million VND/tael; jewelry gold price is traded at 61.7 - 62.9 million VND/tael.

Converted according to the USD price at Vietcombank on November 25, 1 USD = 24,450 VND, the world gold price is equivalent to 61.04 million VND/tael, 12.96 million VND/tael lower than the selling price of SJC gold.

Gold prices start December at all-time high

A record closing price in November was not enough for gold investors as solid momentum pushed prices to an all-time high before the weekend.

Gold is seeing renewed buying momentum as markets continue to price in a Fed rate cut as early as March 2024. The precious metal’s rally comes even as the central bank maintains its tightening stance. Fed Chairman Jerome Powell said on December 1 that he is still not confident that monetary policy is restrictive enough to bring inflation down to 2%.

However, markets are paying little attention to what Powell is saying, as the CME FedWatch Tool shows markets are now pricing in a more than 50% chance of the Fed cutting rates in the first quarter of 2024.

“Precious metals remain supported by Fed easing bets while technicals continue to support the upside, providing the bulls with a platform to push prices higher,” said Lukman Otunuga , Chief Market Analyst at Forexlive.com .

This could be the start of a bigger move for gold with “bright days ahead,” said Naeem Aslam , chief investment officer at Zaye Capital Markets.

“We believe the Fed has reached the peak of its rate-hiking cycle, regardless of what some Fed members continue to say. We believe there is a realistic chance that the Fed will cut rates by the end of the first quarter of next year. However, the threat remains persistent inflation. If we do not see CPI moving to 3% or even lower, the Fed could keep rates at current levels until the end of the first half of the year,” he said.

While the Fed's aggressive monetary policy still poses a risk to gold, some analysts say the slowing economy means the agency's next move will eventually be a rate cut.

Cracks continue to appear in the U.S. commercial real estate market as the sector continues to be impacted by aggressive Fed rate hikes and high hiring rates as workers continue to work from home, said Robert Minter , director of ETF investment strategy at abrdn.

Minter added that the last three times the Fed paused its tightening cycle, gold rallied 57%, 235% and 69%, respectively. Gold has so far gained 5.4% since the Fed switched to a neutral stance, he said.

Nicky Shiels , head of metals strategy at MKS PAMP, also noted that gold could become a safe haven even if economic data remains fairly stable.

“Gold is internalizing so people don’t feel it,” she said. “The experts talk about ‘disruptions to our economic health and social fabric,’ but less so, people just feel worse than before and that’s being expressed through sheltering in place.”

Meanwhile, analysts note that gold prices continue to move higher even as most retail investors stay away from the market. Analysts say that the precious metal will really move when this sentiment begins to change.

Despite the optimism, some analysts recommend investors be cautious with gold at these levels and not chase the market.

Barbara Lambrecht , commodities analyst at Commerzbank, said gold prices could be limited ahead of the non-farm payrolls report on December 8.

“This is because current expectations of a 50 basis point Fed rate cut by mid-2024 are more likely to disappoint. Accordingly, we also expect a correction in the gold market.”

Some economists say investors should also pay attention to the University of Michigan's consumer sentiment survey because inflation expectations have risen in recent months.

Phillip Streible also asserted that the market was a bit ahead of itself because a rate hike in March seemed unlikely. He noted that the Fed was unlikely to cut rates until inflation got closer to its 2% target.

Source