Gold price on December 16, 2024: How will gold fluctuate in the new week?

DNVN - On December 16, 2024, the price of gold both in the world and in the country continued to be stable. Experts predict that the price of gold may move sideways in the near future.

Domestic gold price is stable

After a period of strong fluctuations, domestic gold prices have maintained stability. The price of gold bars is currently listed at VND86.3 million/tael, while gold rings fluctuate around VND85 million/tael. Specifically, the listed prices from brands are as follows:

- Gold bars: The selling price was recorded at VND86.3 million/tael, while the common buying price was VND83.8 million/tael. Particularly for the Phu Quy SJC brand, the buying and selling prices were VND300,000 and VND200,000 lower than the common price, respectively.

- SJC 9999 gold ring: Listed at 83.3 million VND/tael for buying and 84.7 million VND/tael for selling.

- DOJI brand in Hanoi and Ho Chi Minh City: The price remains the same as the previous morning, with the buying price at 83.5 million VND/tael and the selling price at 84.6 million VND/tael.

- PNJ brand gold rings: Anchored at 83.5 million VND/tael for buying and 84.7 million VND/tael for selling.

- Bao Tin Minh Chau: The price of plain round rings is traded at 83.68 million VND/tael for buying and 85.43 million VND/tael for selling.

- Phu Quy SJC: The current buying price of gold rings is 83.4 million VND/tael, while the selling price is recorded at 84.8 million VND/tael.

World gold price developments

Data from Kitco recorded the world gold price at 5:00 a.m. this morning (Vietnam time) at 2,649.77 USD/ounce, unchanged from yesterday. If converted according to the free USD exchange rate (25,650 VND/USD), the world gold price is equivalent to about 81.9 million VND/tael (excluding taxes and fees). Thus, the difference between SJC gold price and international gold price is at 4.4 million VND/tael.

According to Kitco, the world gold price experienced many mixed fluctuations last week. At the beginning of the week, the spot gold price increased by 1% and maintained an upward trend, reaching a peak of 2,726 USD/ounce in the middle of the week.

The news that the People's Bank of China (PBoC) resumed buying gold after a 6-month hiatus and the expectation that the Fed would cut interest rates at its meeting on December 17-18 contributed to a sharp increase in gold prices. However, profit-taking pressure from investors caused prices to fall in the last two sessions of the week. At the end of the week, the world gold price fell below the $2,650/ounce mark when the US producer price index (PPI) showed that inflation was still ongoing.

At the end of the week, spot gold closed at $2,648/ounce, down slightly $3 from the previous week. In just the last two sessions of the week, the precious metal fell about $70, losing all the gains from the earlier sessions of the week.

Kitco’s gold survey found that most Wall Street experts remain neutral on the outlook for gold prices, while retail investors remain bullish.

A Wall Street survey of 14 experts showed that only 4 people (29%) expected gold prices to increase, another 4 people (29%) predicted a decrease, and the remaining 6 people (43%) believed prices would remain unchanged.

Of the 144 retail investors who participated in the online survey, 87 (60%) believe gold prices will rise, 24 (17%) expect a fall, and 33 (23%) expect prices to remain flat.

The focus of next week will be the Fed's interest rate decision, due Wednesday afternoon. According to the FedWatch tool, the market is currently pricing in a 98% chance that the Fed will cut rates by another quarter point.

Along with this decision, investors are also waiting for information from the press conference of Fed Chairman Jerome Powell to understand the upcoming policy direction. After the Fed meeting, the Bank of England will also announce its interest rate decision on Thursday. The November retail sales report in the US and the personal consumption expenditure (PCE) index will be important economic data for investors to follow.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-16-12-2024-vang-se-bien-dong-ra-sao-trong-tuan-moi/20241216091930351