DNVN - On December 14, 2024, domestic gold prices decreased significantly, with the largest decrease of up to 1 million VND/tael for SJC gold. In the international market, gold prices fell deeply below 2,670 USD/ounce as investors awaited the results of the Fed meeting.
Domestic gold prices fell sharply
Domestic gold prices have seen a sharp decline, with gold bars falling to nearly VND86 million/tael and gold rings of some brands falling to around VND85 million/tael. The specific prices are listed as follows:
Gold bars are currently sold at VND86.3 million/tael, while the buying price of most brands is VND83.8 million/tael. In particular, DOJI and Phu Quy SJC gold bars have buying and selling prices higher by VND100,000.
Regarding gold rings, the price of SJC 9999 is trading at 83.8 million VND/tael for buying and 85.2 million VND/tael for selling, down 700,000 VND in both directions compared to the previous day.
In Hanoi and Ho Chi Minh City markets, DOJI adjusted the buying and selling prices down by 1 million VND, currently listed at 83.8 million VND/tael for buying and 84.9 million VND/tael for selling.
PNJ gold rings are currently priced at 84 million VND/tael for purchase and 85.2 million VND/tael for sale, down 800,000 VND and 700,000 VND respectively.
The price of Bao Tin Minh Chau plain round rings is listed at 83.83 million VND/tael for buying and 85.58 million VND/tael for selling, with a decrease of 580,000 VND in both directions.
Phu Quy SJC is currently buying gold rings at 83.9 million VND/tael and selling at 85.3 million VND/tael, down 800,000 VND each way.
Gold price on world market
According to Kitco, the world gold price recorded at 5:00 a.m. (Vietnam time) was 2,649.01 USD/ounce, down 1.23% compared to yesterday. If converted according to the USD exchange rate on the free market (25,638 VND/USD), the world gold price is equivalent to about 81.8 million VND/tael (excluding taxes and fees), 4.5 million VND/tael lower than the price of SJC gold bars.
The spot gold price in the international market continued to decrease, losing 32.9 USD to 2,649.8 USD/ounce. Gold futures also decreased 42.1 USD, closing at 2,667.1 USD/ounce.
Despite a sharp fall on Friday, the precious metal still recorded a gain of nearly 1% for the week. Experts said that this adjustment was mainly due to profit-taking pressure on Thursday. Gold prices are expected to fluctuate little in the final days of the year. The highlight is that the Fed meeting may create unexpected changes, although the market is almost certain to cut interest rates by another 25 basis points next week.
Ole Hansen, commodity strategist at Saxo Bank, said that gold prices will remain stable until the end of the year before rising again in 2025.
Daniel Pavilonis, senior market strategist at RJO Futures, said the drop was just a short-term correction. He still believes gold will continue to move higher in the near future.
Gold prices have broken multiple records this year, supported by loose monetary policy, safe-haven demand and strong buying from central banks.
Investors are now focusing on the Fed's policy meeting on December 17 and 18. According to CME's FedWatch Tool, the probability of the Fed cutting interest rates for the third time this year by 0.25 percentage points is assessed at 97%.
Fed Chairman Jerome Powell's remarks after the meeting will be of particular interest to analysts in order to predict the outlook for 2025, in the context that inflation has not yet reached the 2% target.
Whether gold reaches $3,000 an ounce or falls to $2,500 an ounce depends entirely on the Fed's ability to control inflation in time, said Nicky Shiels, metals strategist at MKS PAMP SA.
Analyst Carsten Menke of Julius Baer predicts that the US economy will grow more strongly next year. This may leave the Fed with less room to continue cutting interest rates, thereby reducing the appeal of gold.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-14-12-2024-vang-nhan-lao-doc-chenh-lech-mua-ban-tang-cao/20241214081237258
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