Gold price today December 13, 2024: World gold prices fell sharply due to concerns about rising inflationary pressures. Domestic gold prices continued to fall sharply, SJC gold bars lost millions of VND/tael, and gold rings also fell rapidly. Short-term speculation is likely to result in large losses due to price differences.
| 1. PNJ - Updated: 12/13/2024 23:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 84,000 ▼800K | 85,200 ▼700K |
| HCMC - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Hanoi - PNJ | 84,000 ▼800K | 85,200 ▼700K |
| Hanoi - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Da Nang - PNJ | 84,000 ▼800K | 85,200 ▼700K |
| Da Nang - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Western Region - PNJ | 84,000 ▼800K | 85,200 ▼700K |
| Western Region - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Jewelry gold price - PNJ | 84,000 ▼800K | 85,200 ▼700K |
| Jewelry gold price - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Jewelry gold price - Southeast | PNJ | 84,000 ▼800K |
| Jewelry gold price - SJC | 83,800 ▼800K | 86,300 ▼800K |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 84,000 ▼800K |
| Jewelry gold price - Jewelry gold 999.9 | 83,900 ▼800K | 84,700 ▼800K |
| Jewelry gold price - Jewelry gold 999 | 83,820 ▼800K | 84,620 ▼800K |
| Jewelry gold price - Jewelry gold 99 | 82,950 ▼800K | 83,950 ▼800K |
| Jewelry gold price - 916 gold (22K) | 77,190 ▼730K | 77,690 ▼730K |
| Jewelry gold price - 750 gold (18K) | 62,280 ▼600K | 63,680 ▼600K |
| Jewelry gold price - 680 gold (16.3K) | 56,350 ▼540K | 57,750 ▼540K |
| Jewelry gold price - 650 gold (15.6K) | 53,810 ▼520K | 55,210 ▼520K |
| Jewelry gold price - 610 gold (14.6K) | 50,420 ▼490K | 51,820 ▼490K |
| Jewelry gold price - 585 gold (14K) | 48,300 ▼470K | 49,700 ▼470K |
| Jewelry gold price - 416 gold (10K) | 33,990 ▼330K | 35,390 ▼330K |
| Jewelry gold price - 375 gold (9K) | 30,510 ▼300K | 31,910 ▼300K |
| Jewelry gold price - 333 gold (8K) | 26,700 ▼270K | 28,100 ▼270K |
Update gold price today December 14, 2024
World gold prices 'fall', on a sharp downward trend.
In the world market, gold prices fell sharply due to concerns about rising inflationary pressures, right after the US released its November producer price index (PPI) report. This sudden fluctuation highlighted the complexity between economic indicators, market sentiment and commodity prices. The faster-than-expected increase in prices caused some investors to decide to sell gold to take profits, creating downward pressure on prices.
Recorded by World & Vietnam Newspaper at 6:10 p.m. on December 13 (Hanoi time) , gold price traded on the Kitco electronic floor at 2,665.80 - 2,666.80 USD/ounce , down 16.40 USD/ounce compared to the previous trading session.
Gold prices are correcting, at least in the short term, due to cautious sentiment ahead of next week’s Federal Reserve meeting. The latest economic data is seen as a green light for the Fed to cut interest rates by another 0.2 basis points next week. The market now expects a near-certainty (98%) rate cut in December, which could provide a fresh boost to gold prices.
Technically, experts say that the price of gold futures for February delivery still has the upper hand. If it breaks through the resistance level of 2,826.30 USD/ounce, the price of gold can continue to rise. Conversely, if it falls, the important support level will be 2,650 USD/ounce.
However, according to the latest report from the World Gold Council (WGC), although global interest rates are expected to continue to fall in 2025, providing a boost to gold, the outlook for the new year is somewhat ambiguous.
The gold market faces two distinct scenarios next year as uncertainty dominates investor sentiment, the WGC noted in its 2025 Outlook report, released on December 12. However, the report’s base case predicts relatively neutral price action if current market conditions persist.
Gold's uncertain outlook comes as prices have climbed back above $2,700 an ounce, with the metal on track to end the year up nearly 30%, marking its best run in decades.
Sentiment around the precious metal has changed slightly since last year. Looking ahead to 2024, investors are quite optimistic that gold will do well as the market prices in aggressive rate cuts from the Fed.
Despite the persistent hawkish stance, gold hit consecutive record highs throughout the year as central bank demand dominated the market. At the same time, Asian consumer demand served as a key pillar of support in the first half of the year. As Asian demand cooled in the summer, Western investors unexpectedly entered the market, providing fresh support at record highs as the Fed began its long-awaited easing cycle.
Market forecasts, analysts at the WGC said, their model suggests the gold market will be much more complex as investors assess the health of the global economy. "The market consensus on key macro variables such as GDP, yields and inflation - in real terms - suggests that gold will see positive but much more modest growth in 2025. The upside could come from stronger-than-expected central bank demand or a rapid deterioration in financial conditions associated with cash flows. Conversely, a reversal in monetary policy, leading to higher interest rates, could prove challenging," the WGC analysts wrote in the report.
The WGC stressed that the major risk for gold remains the uncertain economic policies of President-elect Donald Trump, including the proposal to impose tariffs to support domestic production, threatening to push the global economy into a trade war.
Domestic gold prices plummeted, losing millions of dong.
The current large spread between the buying and selling prices makes it very difficult for speculators to make short-term profits on precious metals. If you buy gold and then sell it immediately, the possibility of losing money due to the spread is very high.
Domestic SJC gold bar prices fell to 83.9 - 86.4 million VND/tael , down 700 thousand VND/tael in both directions compared to yesterday's opening session. The difference between buying and selling prices remained at 2.5 million VND/tael.
Following the world market, the price of 9999 round smooth gold rings also dropped very quickly. At DOJI Group, the price of gold rings is currently at 83.8 - 84.9 million VND/tael (buy/sell), down 1 million VND/tael compared to yesterday. Similarly, at Bao Tin Minh Chau, the price of gold rings was also adjusted down to 84.08 - 85.83 million VND/tael, down 700 thousand VND/tael and 450 thousand VND/tael respectively.
Converted according to Vietcombank's USD exchange rate, world gold is equivalent to 82.4 million VND/tael (excluding taxes and fees).
 |
| Gold price today December 14, 2024: Gold price 'falls', profit-taking tug-of-war, is it time to switch investment to Bitcoin? (Source: Kitco) |
Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of the trading session on December 13:
Saigon Jewelry Company SJC: SJC gold bars 83.9 - 86.4 million VND/tael; SJC gold rings 83.8 - 85.2 million VND/tael.
Doji Group: SJC gold bars 83.9 - 86.4 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.8 - 84.9 million VND/tael.
PNJ system: SJC gold bars 83.9 - 86.4 million VND/tael; PNJ 999.9 plain gold rings at 84 - 85.2 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 83.9 - 86.4 million VND/tael; plain gold rings are traded at 84.08 - 85.83 million VND/tael.
Bitcoin is still just a 'speculative vehicle'
Comparing investment opportunities with Bitcoin, the emerging electronic gold in the technology era, "legendary investor" Ray Dalio, also the founder of Bridgewater Associates, still affirms - "I still prefer gold".
Even if Bitcoin trades above $100,000 and a crypto-friendly U.S. administration takes office in the new year, he would still choose gold, the expert said. “I have a small percentage of my portfolio in crypto, but I prefer gold,” Dalio said in a recent interview.
Investor Dalio added that his exposure to both cryptocurrencies and precious metals is driven by the need to hold alternative forms of money. Bitcoin and gold have both had stellar years, with the cryptocurrency up 130% in 2024, while gold is up nearly 32% year-to-date.
The reason given by investor Dalio is that, although Bitcoin outperforms gold by 400%, he chooses gold as the top alternative currency because he believes that cryptocurrencies still face their own challenges and will not function as a reserve.
“The reason I’m concerned about cryptocurrencies is first and foremost privacy,” Dalio said. “The government knows exactly what you have, where it is, and it’s also an efficient way to tax it.”
Despite Bitcoin's "huge success," the number one cryptocurrency has not yet "proven itself," Dalio said. He also doesn't believe Bitcoin is a tried-and-true hedge against inflation.
“The reliability of crypto in terms of, like, saying ‘is it correlated to inflation? Is it correlated to things like that?… No, not really,” he said. “It’s still primarily a speculative vehicle.”
Unlike gold, Bitcoin is unlikely to become a major reserve currency anytime soon, veteran investor Ray Dalio has said. “It’s not likely to become a reserve currency, it wouldn’t work,” Dalio said. “Gold is still the third-largest reserve currency: the dollar, the euro, gold, and then the Japanese yen. So I like gold better.”
Source: https://baoquocte.vn/gia-vang-hom-nay-14122024-gia-vang-roi-cuoc-giang-co-chot-loi-da-den-luc-chuyen-huong-dau-tu-sang-bitcoin-297249.html
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