Gold price will never return to 2,000 USD, but will triple, the price increase can last until 2025?

Gold price today December 6, 2024: World gold prices may find it difficult to make a big breakthrough without new fluctuations from the global financial and geopolitical markets. Meanwhile, domestic gold prices are temporarily stable after a period of erratic increases and decreases, but the difference between buying and selling prices remains high. Can the price increase continue until 2025?

1. PNJ - Updated: December 5, 2024 21:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	83,200 ▲100K	84,350 ▲50K
HCMC - SJC	83,000	85,500
Hanoi - PNJ	83,200 ▲100K	84,350 ▲50K
Hanoi - SJC	83,000	85,500
Da Nang - PNJ	83,200 ▲100K	84,350 ▲50K
Da Nang - SJC	83,000	85,500
Western Region - PNJ	83,200 ▲100K	84,350 ▲50K
Western Region - SJC	83,000	85,500
Jewelry gold price - PNJ	83,200 ▲100K	84,350 ▲50K
Jewelry gold price - SJC	83,000	85,500
Jewelry gold price - Southeast	PNJ	83,200 ▲100K
Jewelry gold price - SJC	83,000	85,500
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	83,200 ▲100K
Jewelry gold price - Jewelry gold 999.9	83,200 ▲200K	84,000 ▲200K
Jewelry gold price - Jewelry gold 999	83,120 ▲200K	83,920 ▲200K
Jewelry gold price - Jewelry gold 99	82,260 ▲200K	83,260 ▲200K
Jewelry gold price - 916 gold (22K)	76,540 ▲180K	77,040 ▲180K
Jewelry gold price - 750 gold (18K)	61,750 ▲150K	63,150 ▲150K
Jewelry gold price - 680 gold (16.3K)	55,870 ▲140K	57,270 ▲140K
Jewelry gold price - 650 gold (15.6K)	53,350 ▲130K	54,750 ▲130K
Jewelry gold price - 610 gold (14.6K)	49,990 ▲120K	51,390 ▲120K
Jewelry gold price - 585 gold (14K)	47,890 ▲120K	49,290 ▲120K
Jewelry gold price - 416 gold (10K)	33,690 ▲80K	35,090 ▲80K
Jewelry gold price - 375 gold (9K)	30,250 ▲70K	31,650 ▲70K
Jewelry gold price - 333 gold (8K)	26,470 ▲70K	27,870 ▲70K

Update gold price today 12/6/2024

World gold prices will not fall to $2,000/ounce again after this year's performance.

Entering December, despite fluctuations, the world gold market is still quite quiet compared to November. Gold trading is no longer active when strong supporting factors from interest rates and geopolitics are no longer as hot as before. World gold prices are also under pressure when the greenback continues to be strong. However, analysts say that although gold prices are currently unlikely to increase sharply, they are also unlikely to decrease sharply in a short time.

According to the World & Vietnam Newspaper , at 9:20 p.m. on December 5 (Hanoi time), the world gold price listed on the Kitco electronic floor was at 2,647.10 - 2,648.10 USD/ounce , down 2.6 USD/ounce compared to the previous trading session.

Gold prices went through a period of consolidation from 2011 to 2024, when prices traded between $1,500 and $2,000. But that was after a major breakout from 2001 to 2011, when gold prices rose from under $300 to around $1,900.

Euro Pacific Asset Management strategist Peter Schiff said he doesn't think gold will ever return to $2,000 again. "The $2,000 an ounce price is in the past and the market is moving much higher without any resistance," he said on the sidelines of the New Orleans Investment Conference. Therefore, gold prices are likely to go much higher than they are now, possibly doubling or tripling.

Analyzing previous gold price rallies and consolidations, Schiff pointed out that gold has surpassed previous levels - currently up more than 28% year to date. "At some point, gold prices will rise high enough that greed begins to replace fear in the market and then investor interest in gold increases again," added strategist Peter Schiff.

Higher interest rates from major central banks continue to weigh on gold. Fed Chairman Jerome Powell said the U.S. economy is stronger than expected, suggesting the Fed could slow the pace of rate cuts. Markets now see a 74% chance of a 25 basis point rate cut in December, according to CME Group's FedWatch tool.

In addition, the easing of geopolitical tensions and positive news from the US economy may reduce the attractiveness of gold. The market also expects major central banks to slow down the pace of interest rate hikes, helping gold maintain a stable price. Meanwhile, the world gold price may continue to be under pressure from the strength of the USD.

Gold prices are forecast to remain within a narrow range in the coming time, with little room for a major breakthrough if there are no new fluctuations in the global financial and geopolitical markets. However, the persistent geopolitical instability and buying power from central banks will help gold maintain its position as a safe investment channel. The safe haven demand from large investment funds will also continue to support this precious metal.

Domestic gold prices are more stable after many erratic increases and decreases.

On the afternoon of December 5, gold prices were more stable, moving sideways in the domestic market.

The price of SJC gold bars at major trading systems remains at 83.00 - 85.50 million VND/tael (buy - sell). The difference between buying and selling is 2.5 million VND/tael. Although it has decreased compared to the previous trading session, this difference is still very high. This price difference is a factor that investors need to consider when participating in the gold market. It directly affects the ability to make a profit, especially in the short term.

The price of 9999 round plain gold rings at Saigon Jewelry Company SJC is currently listed at 83 - 84.3 million VND/tael; Doji is listed at 83.3 - 84.3 million VND/tael; PNJ Group is listed at 83.20 - 84.35 million VND/tael; Phu Quy Group is listed at 83.20 - 84.40 million VND/tael; Bao Tin Minh Chau is listed at 83.28 - 84.38 million VND/tael.

Gold price today December 6, 2024: Gold price will never return to $2,000, but will triple, the market may increase slowly but there is no stopping point? (Source: Kitco)

Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of the trading session on December 5:

Saigon Jewelry Company SJC: SJC gold bars 83.00 - 85.50 million VND/tael; SJC gold rings 83 - 84.3 million VND/tael.

Doji Group: SJC gold bars 83.00 - 85.50 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.3 - 84.3 million VND/tael.

PNJ system: SJC gold bars 83.00 - 85.50 million VND/tael; PNJ 999.9 plain gold rings at 83.20 - 84.35 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 83.00 - 85.50 million VND/tael; Phu Quy 999.9 round gold rings: 83.20 - 84.40 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 83.00 - 85.50 million VND/tael; plain gold rings are traded at 83.28 - 84.38 million VND/tael.

Could the big gold price rally last until 2025?

Experts say gold still has the potential to increase thanks to central bank buying. Gold prices are receiving solid support thanks to strong buying. Central banks bought a net 60 tonnes of gold in October. According to the latest data from the World Gold Council (WGC), the Reserve Bank of India (RBI) led the buying. India bought an additional 27 tonnes of gold in October, bringing its total purchases year-to-date to 77 tonnes. India's net purchases were five times higher than its activities in 2023.

Emerging market central banks continue to dominate the market. Türkiye and Poland have added 72 tonnes and 69 tonnes to their gold reserves since the start of the year, respectively. These three central banks alone account for 60% of global net purchases this year.

Meanwhile, Lina Thomas, a commodity strategist at Goldman Sachs Research, said that falling interest rates and steady central bank demand could sustain gold's rally until 2025.

"Since 2022, gold prices have risen 40% even as US interest rates have risen. That's very strange. Normally, higher interest rates make gold less attractive - because gold doesn't pay any interest, unlike bonds," Thomas wrote in an updated analysis just published.

But the strategist said that relationship changed dramatically in early 2022, after the US and other Western countries responded to the Russia-Ukraine conflict by freezing and seizing the assets of the Russian central bank. "That was a wake-up call for central banks around the world. They started diversifying their reserves away from the US dollar and into an asset that no one could freeze - gold," Thomas said.

Central bank buying has thus supported gold prices even as investors seek higher returns from other assets. “We don’t see a slowdown in central bank demand. And with the Fed cutting rates, investors are also coming back,” added commodity strategist Lina Thomas.

On November 18, commodity analysts at Goldman Sachs reiterated their stance that gold prices will reach $3,000 an ounce by the end of 2025. Although Donald Trump’s election victory in the US and the Republican Party’s victory in Congress have caused some sell-offs and profit-taking in the gold market, the investment bank noted that the factors that drove gold prices to record highs have not disappeared.

Although central bank gold purchases slowed in the third quarter, analysts expect demand to remain steady in the near future as countries continue to diversify their official reserves away from the US dollar.

In addition, the "America First" policies proposed by the President-elect could also support gold prices until 2025. Unprecedented escalation of trade tensions could also revive speculative positions in gold," Goldman Sachs said.

Source: https://baoquocte.vn/gia-vang-hom-nay-6122024-gia-vang-khong-bao-gio-ve-2000-usd-ma-se-len-gap-3-da-tang-gia-co-the-keo-den-nam-2025-296256.html