Gold price on December 15, 2024: Gold rings fell below the 85 million VND/tael mark

DNVN - At the end of the trading day on December 14, the price of gold bars remained at 86.3 million VND/tael, while the price of gold rings continued to decrease, falling below the threshold of 85 million VND/tael.

Currently, gold brands are listing specific prices as follows: Gold bars from brands are sold at 86.3 million VND/tael.

In terms of buying, most gold prices are listed at 83.8 million VND/tael, only Phu Quy SJC recorded buying and selling prices 300,000 VND and 200,000 VND lower than the general level.

The price of SJC 9999 gold rings is currently listed at 83.3 million VND/tael for buying and 84.7 million VND/tael for selling, down 500,000 VND in both directions compared to the previous morning.

DOJI in Hanoi and Ho Chi Minh City adjusted the buying and selling prices down by VND300,000, down to VND83.5 million/tael and VND84.6 million/tael, respectively.

PNJ listed the price of gold rings at 83.5 million VND/tael for buying and 84.7 million VND/tael for selling, recording a decrease of 500,000 VND in both directions.

Bao Tin Minh Chau has reduced the price of plain round rings by VND150,000 each way, currently at VND83.68 million/tael for buying and VND85.43 million/tael for selling.

Phu Quy SJC lowered the price of gold rings to 83.4 million VND/tael for buying and 84.8 million VND/tael for selling, down 500,000 VND in both buying and selling.

World gold price

According to Kitco, at 5:00 a.m. on December 15, Vietnam time, the world spot gold price reached 2,649.77 USD/ounce, up slightly by 0.03% compared to yesterday. Converted to the USD exchange rate on the free market of 25,660 VND/USD, the international gold price is about 81.9 million VND/tael, excluding taxes and fees. Thus, the price of SJC gold bars is still 4.4 million VND/tael higher than the world gold price.

Over the past week, the world gold price has fluctuated strongly within a large range, but by the end of the week, the price was almost unchanged compared to the closing price of the previous week. Experts said that the developments of the past week reflect the significant potential of this precious metal.

Gold prices have hit a five-week high, boosted by news that the People’s Bank of China increased its gold reserves by 5 tonnes. While the addition was smaller than previous ones, it still showed the country’s strong interest in gold. This momentum has helped push gold prices to an all-time high recently.

Some analysts expect that the US central bank's increase in gold reserves could push prices to $3,000 an ounce by 2025. Wells Fargo also predicts that this factor will play an important role in influencing gold prices in the new year.

Experts say the impetus for countries to increase their gold reserves has not disappeared, due to concerns about geopolitical instability and the risk of a global trade war. This trend is expected to continue to boost demand for gold.

This information is considered a positive signal for gold investors, especially when other market sectors are not very optimistic. Next week, the US Federal Reserve (Fed) is expected to hold its final monetary policy meeting of 2024. The Fed is likely to cut interest rates by 25 basis points, but the prospect of monetary easing in 2025 remains uncertain.

Recent reports suggest that inflation remains a major challenge, forcing the Fed to potentially shorten its easing cycle. Wells Fargo predicts just one rate cut in 2025, while Bank of America expects two.

Higher interest rates could continue to support the U.S. dollar, putting pressure on gold. However, despite similar conditions over the past year, gold prices have risen nearly 30%. While gold may not break out in the short term, the long-term outlook remains promising, said Kitco News analyst Neils Christensen.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-15-12-2024-vang-nhan-giam-xuong-duoi-moc-85-trieu-dong-luong/20241215093124241