Gold ring price "surging", world keeps increasing, still has a lot of room to "cause a storm"

Gold prices today, December 16, 2023, on the world market continued to increase after the US announced that retail sales in November were much higher than expected. Experts emphasized that although gold prices have recently peaked, there is still much room in the market to increase further.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/16 and EXCHANGE RATE TODAY 12/16

1. PNJ - Updated: December 17, 2023 05:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	60,800	61,900
HCMC - SJC	73,400	74,400
Hanoi - PNJ	60,800	61,900
Hanoi - SJC	73,400	74,400
Da Nang - PNJ	60,800	61,900
Da Nang - SJC	73,400	74,400
Western Region - PNJ	60,800	61,900
Western Region - SJC	73,150	74,350
Jewelry gold price - PNJ rings (24K)	60,800	61,800
Jewelry Gold Price - 24K Jewelry	60,700	61,500
Jewelry Gold Price - 18K Jewelry	44,880	46,280
Jewelry Gold Price - 14K Jewelry	34,730	36,130
Jewelry Gold Price - 10K Jewelry	24,330	25,730

Domestic gold prices have rebounded, with ring gold showing signs of a sharp increase. Specifically, at the end of this afternoon (December 15), the price of 9999 ring gold of 1-5 chi of Saigon Jewelry Company Limited (SJC) was listed in Ho Chi Minh City at 60.95-62 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both buying and selling compared to the closing price yesterday.

Yesterday, the price of SJC 9999 gold rings increased by 750 thousand VND/tael in both directions compared to the previous session's close. Over the past 2 sessions, the price of SJC gold rings increased by 1.05 million VND/tael in both buying and selling directions.

Similarly, the price of gold rings of Phu Nhuan Jewelry Joint Stock Company (PNJ) also increased rapidly. The price of gold rings of PNJ in Ho Chi Minh City at the end of this afternoon was bought at 60.95 million VND/tael and sold at 62.05 million VND/tael, an increase of 350 thousand VND/tael in both buying and selling compared to the end of yesterday's session.

World gold prices continued to rise after the US announced that retail sales in November were much higher than market expectations.

Gold prices rose sharply after the US Federal Reserve (Fed) signaled an end to its monetary policy tightening cycle. The market assessed the Fed's latest statement after its last monetary policy meeting of 2023 on December 13 (US time) as dovish, contrary to previous tough statements.

Most Fed officials see rate cuts coming in 2024, 2025, and 2026, with the funds rate forecast at 4.6% by the end of 2024, down from 5.1% in September; and 3.6% in 2025, down from the previous forecast of 3.9%.

According to TG&VN at 8:00 p.m. on December 15, the world gold price on the Kitco exchange was at 2,041.9 - 2,042.9 USD/ounce, up 5.7 USD compared to the previous session.

Gold price today December 16, 2023: Gold ring price 'surged', the world kept increasing, there is still a lot of room to 'cause a storm'. (Source: Forbes)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of December 15:

Saigon Jewelry Company listed the price of SJC gold at 73.50 - 74.52 million VND/tael.

Doji Group currently lists the price of SJC gold at: 73.20 - 74.30 million VND/tael.

Phu Quy Group listed at: 73.30 - 74.30 million VND/tael.

PNJ Group listed at: 73.30 - 74.30 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 73.5 - 74.45 million VND/tael; Rong Thang Long gold brand is traded at 61.47 - 62.52 million VND/tael; jewelry gold price is traded at 61.10 - 62.30 million VND/tael.

Gold price depends on the "health" of the economy

In an interview with Kitco News , George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that although gold prices have recently peaked, there is still plenty of room in the market to push prices higher.

“As the precious metal gains momentum, there is no telling how high it can go. There is a very good chance we will hit all-time highs next year. However, I do not expect gold to see a breakout anytime soon. While the Fed is looking to cut interest rates next year, the question remains when that will trigger?”

In State Street's official forecast, Milling-Stanley's team sees a 50% chance of gold trading between $1,950 and $2,200 an ounce next year.

At the same time, the company sees a 30% chance of the price trading between $2,200 and $2,400 an ounce.

Mr. Milling-Stanley said that the "health" of the economy will determine how high the price of gold will rise.

While the precious metal's upside potential is expected to attract new strategic investors, Milling-Stanley sees gold's long-term support showing sustained momentum through 2024.

“Over the past five years, it has been reasonable to take profits when gold was above $2,000 an ounce,” he said. “And I think that’s part of the reason why prices could sometimes fall to this level next year.

Central banks have been very consistent for 14 years now, buying 10% to 20% of their annual demand. That's a huge support whenever gold shows signs of weakness. I think that trend will continue for many years. In a world of economic uncertainty and geopolitical uncertainty, any significant gold sales will be bought up relatively quickly."

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