Gold price "shakes" slightly, there is a reason to consolidate the increase, investors sell massively

Gold prices today, December 14, 2023, on the world market rebounded slightly, but still traded below the threshold of 2,000 USD/ounce. According to experts, strong buying power from central banks will also strengthen the upward momentum of gold.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/14 AND EXCHANGE RATE TODAY 12/14

1. PNJ - Updated: December 14, 2023 00:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	59,900	61,100
HCMC - SJC	72,700	73,700
Hanoi - PNJ	59,900	61,100
Hanoi - SJC	72,700	73,700
Da Nang - PNJ	59,900	61,100
Da Nang - SJC	72,700	73,700
Western Region - PNJ	59,900	61,100
Western Region - SJC	72,700	73,800
Jewelry gold price - PNJ rings (24K)	59,900	61,000
Jewelry Gold Price - 24K Jewelry	59,800	60,600
Jewelry Gold Price - 18K Jewelry	44,200	45,600
Jewelry Gold Price - 14K Jewelry	34,200	35,600
Jewelry Gold Price - 10K Jewelry	23,960	25,360

Domestic gold prices reversed and increased unevenly, with the highest increase of VND250,000/tael in the trading session on December 13.

Specifically, at 2:00 p.m. on December 13, Ho Chi Minh City Jewelry Company listed the price of SJC gold at 72.7 - 73.72 million VND/tael (buy-sell), an increase of 100,000 VND/tael in both directions compared to the closing price yesterday.

Phu Quy Jewelry Group listed the buying price of SJC gold at 72.9 million VND/tael, an increase of 250,000 VND/tael; the selling price was 73.8 million VND/tael, an increase of 200,000 VND/tael compared to yesterday.

Meanwhile, SJC gold of DOJI Gold and Gemstone Group was traded in Hanoi and Ho Chi Minh City at 72.6 - 73.7 million VND/tael, an increase of 200,000 VND/tael in both buying and selling directions.

In contrast to the increase in SJC gold, PNJ Ho Chi Minh City's gold rings decreased slightly by 100,000 VND/tael, trading at 59.9 - 61.1 million VND/tael (buy-sell).

World gold prices rebounded slightly, but were still trading below the threshold of 2,000 USD/ounce. According to TG&VN at 8:00 p.m. on December 13, the world gold price on Kitco was at 1,980.9 - 1,981.9 USD/ounce, up 1.4 USD compared to the previous session.

The US Consumer Price Index (CPI) for November was announced to increase by 3.1%, higher than the target of 2%. This made the gold market afraid that the US Federal Reserve (Fed) would maintain high interest rates, so the price of precious metals decreased.

The focus is on the two-day monetary policy meeting of the Federal Open Market Committee (FOMC) of the Fed and the statement of Fed Chairman Jerome Powell at the press conference. The market consensus is that the FOMC will keep interest rates unchanged.

However, investors also expect the FOMC statement and Powell's press conference to remain hawkish, saying the fight against inflation is not over. Many market watchers expect the Fed to cut US interest rates by mid-2024.

According to the CME FedWatch tool, the market predicts about an 80% chance that the Fed will cut interest rates in May.

Another factor causing gold to fall is that investors continue to sell gold. The world's largest gold investment fund, SPDR, sold 2.89 tons, leaving its gold holdings at 875.65 tons.

Gold price today December 14, 2023: Gold price 'fluctuates' slightly, there is a reason to consolidate the increase, investors sell massively. (Source: Getty)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of December 13:

Saigon Jewelry Company listed the price of SJC gold at 72.80 - 73.82 million VND/tael.

Doji Group currently lists the price of SJC gold at: 72.80 - 73.80 million VND/tael.

Phu Quy Group listed at: 72.90 - 73.80 million VND/tael.

PNJ Group listed at: 72.70 - 73.70 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 72.93 - 73.80 million VND/tael; Rong Thang Long gold brand is traded at 60.38 - 61.48 million VND/tael; jewelry gold price is traded at 60.10 - 61.30 million VND/tael.

The "gold fever" has not cooled down yet.

Gold prices hit a new high on December 4, boosted by comments from Fed Chairman Jerome Powell on December 1 that the US central bank could cut interest rates as early as 2024.

Mr Powell's comments that US monetary policy had "entered a narrow range" boosted investor confidence, while experts said the spike in prices could be due to a combination of factors.

Falling Treasury yields, a weaker US dollar and continued central bank buying helped push gold prices higher on December 4, said Goh Jun Yong, an investment analyst at DBS Investment Office.

He also pointed to the ongoing war in Gaza as a contributing factor. “The Israel-Hamas conflict certainly adds a geopolitical risk dimension to the equation; as a safe-haven asset, gold typically performs well in times of conflict and uncertainty.”

However, OCBC head of wealth advisory Aaron Chwee said that tensions in the Middle East affected prices “to a much lesser extent”, compared to other variables.

Instead, the expert said, the price increase was due to strong demand from Asian central banks, such as those of India and China. The world's two largest gold buyers, China and India, account for more than half of total global demand.

Experts say the global "gold rush" is showing no signs of cooling down anytime soon.

Gold prices are forecast to hit new highs in 2024 and remain above $2,000 due to growing market expectations that the Fed's tightening cycle is over, geopolitical uncertainty, a potentially weakening US dollar and lower global interest rates.

In addition, strong buying by central banks will also strengthen gold's upward momentum.

“Most gold price increases tend to occur during recessions, stagflation and crises because when confidence is low, people turn to physical gold as a safe haven,” Gregor Gregersen, CEO and founder of bullion dealer Silver Bullion, asserts.

We view physical gold and silver as long-term holdings that will perform particularly well during times of crisis and stagflation."

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