Gold price today December 7, 2023 reversed, SJC gold fell from the peak

Domestic gold price today December 7, 2023

Early afternoon of December 7, the price of SJC 9999 gold today decreased by 200 thousand VND/tael in both buying and selling compared to early morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:59' and the price of 9999 gold was listed by DOJI Jewelry Group at 13:46' as follows:

	Buy	Sell
SJC Hanoi	72,900,000 VND/tael	74,120,000 VND/tael
SJC HCMC	72,900,000 VND/tael	74,100,000 VND/tael
SJC Danang	72,900,000 VND/tael	74,120,000 VND/tael
DOJI Hanoi	73,000,000 VND/tael	74,300,000 VND/tael
DOJI HCMC	73,100,000 VND/tael	74,300,000 VND/tael

SJC and DOJI gold price list updated early afternoon December 7

Early morning of December 7 , SJC gold price 9999 today increased by 100 thousand VND/tael in both buying and selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:52 a.m. as follows:

	Buy	Sell
SJC Hanoi	73,100,000 VND/tael	74,320,000 VND/tael
SJC HCMC	73,100,000 VND/tael	74,300,000 VND/tael
SJC Danang	73,100,000 VND/tael	74,320,000 VND/tael
DOJI Hanoi	73,000,000 VND/tael	74,300,000 VND/tael
DOJI HCMC	73,100,000 VND/tael	74,300,000 VND/tael

SJC and DOJI gold price list updated early morning December 7

At the end of the trading session on December 6, the domestic 9999 gold price was listed by SJC and DOJI Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 73,000,000 VND/tael - 74,220,000 VND/tael
DOJI Hanoi: 72,900,000 VND/tael - 74,200,000 VND/tael
SJC HCMC: 73,000,000 VND/tael - 74,200,000 VND/tael
DOJI HCMC: 73,000,000 VND/tael - 74,200,000 VND/tael

The central exchange rate on December 7, 2023 announced by the State Bank is 23,959 VND/USD, an increase of 8 VND compared to yesterday. The USD price at commercial banks this morning (December 7) was listed at 24,070 VND/USD (buy) and 24,440 VND/USD (sell).

International gold price today December 7, 2023

At 9:01 a.m. today (December 7, Vietnam time) , the world spot gold price stood at around 2,027.3 USD/ounce, up 5.3 USD/ounce compared to last night. The price of gold futures for February 2024 on the Comex New York floor was at 2,045.4 USD/ounce.

gold price 7 12.jpg — Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of December 6 (Vietnam time), the spot gold price today on the world market stood at around 2,022 USD/ounce. Gold for February 2024 delivery on the Comex New York floor was at 2,042 USD/ounce.

The world gold price on the night of December 6 was about 10.9% higher (198 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 60.1 million VND/tael, including taxes and fees, about 14.1 million VND/tael lower than the domestic gold price as of the end of the afternoon session on December 6.

*World gold prices fell sharply after reaching a historic peak of 2,150 USD/ounce. (Photo: KC)*

World gold prices have decreased for two consecutive sessions and compared to the peak of 2,150 USD/ounce, this commodity has "evaporated" about 130 USD/ounce.

Gold fell mainly due to investors around the world rushing to take profits after the price increased too quickly. Gold also fell due to the USD's increase in recent sessions. The DXY index (measuring the USD's fluctuations against a basket of 6 major currencies) increased by more than 1% this week.

The US dollar has risen again as many US Federal Reserve (Fed) officials are cautious about lowering interest rates in the context of a resilient US economy. Fed Chairman Jerome Powell has continuously emphasized the task of bringing inflation back to the target of 2%.

However, the DXY index did not increase strongly. The USD outlook remains quite gloomy because the possibility of the Fed cutting interest rates in 2024 is almost certain.

Barclays predicts the Fed will cut interest rates by about 100 basis points in 2024, from the current 5.25-5.5% to 4.25-4.5%/year.

Gold Price Forecast

The US is expected to cut interest rates as the economy shows signs of weakness and inflation has fallen significantly over the past year. Most experts predict that US GDP growth will slow significantly in 2024, possibly increasing by only 0.4% in the first quarter of 2024, lower than the average estimate of 2.5% in 2023.

Job growth will also slow. Inflation is expected to return closer to the US central bank's 2% target.

With such a trend, many experts predict that the USD will decrease in value. A weak USD will cause the price of gold to increase.

Peter Schiff, chief market strategist at Euro Pacific Asset Management, said gold has fallen from its historic highs set two days ago and has been overshadowed by Bitcoin, but the real bull run in gold is just beginning.

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