| 1. PNJ – Updated: December 15, 2024 21:00 – Source website time – ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC – PNJ | 83,500 | 84,700 |
| HCMC – SJC | 83,800 | 86,300 |
| Hanoi – PNJ | 83,500 | 84,700 |
| Hanoi – SJC | 83,800 | 86,300 |
| Da Nang – PNJ | 83,500 | 84,700 |
| Da Nang – SJC | 83,800 | 86,300 |
| Western Region – PNJ | 83,500 | 84,700 |
| Western Region – SJC | 83,800 | 86,300 |
| Jewelry gold price – PNJ | 83,500 | 84,700 |
| Jewelry gold price – SJC | 83,800 | 86,300 |
| Gold jewelry price – Southeast | PNJ | 83,500 |
| Jewelry gold price – SJC | 83,800 | 86,300 |
| Jewelry gold price – Jewelry gold price | PNJ 999.9 Plain Ring | 83,500 |
| Jewelry gold price – Jewelry gold 999.9 | 83,400 | 84,200 |
| Jewelry gold price – 999 jewelry gold | 83,320 | 84,120 |
| Jewelry gold price – 99 jewelry gold | 82,460 | 83,460 |
| Jewelry Gold Price – 916 Gold (22K) | 76,730 | 77,230 |
| Jewelry Gold Price – 750 Gold (18K) | 61,900 | 63,300 |
| Jewelry gold price – 680 gold (16.3K) | 56,010 | 57,410 |
| Jewelry Gold Price – 650 Gold (15.6K) | 53,480 | 54,880 |
| Jewelry Gold Price – 610 Gold (14.6K) | 50,110 | 51,510 |
| Jewelry Gold Price – 585 Gold (14K) | 48,010 | 49,410 |
| Jewelry Gold Price – 416 Gold (10K) | 33,780 | 35,180 |
| Jewelry gold price – 375 gold (9K) | 30,330 | 31,730 |
| Jewelry Gold Price – 333 Gold (8K) | 26,540 | 27,940 |
Update gold price today December 16, 2024
Domestic gold prices fluctuated strongly last week when the first four sessions of the week increased, reaching up to a million per day, then plummeted in the last two sessions of the week.
At the end of the session on December 15, Saigon Jewelry Company listed the price of gold rings at 83.3 - 84.7 million VND/tael for buying and selling. With a similar decrease, Doji Group listed the price of gold rings at 85.3 - 84.6 million VND/tael for buying and selling.
Meanwhile, SJC gold price is kept listed by businesses and banks at 86.3 million VND/tael.
In general, last week (from December 9 to 15), SJC gold price increased by VND900,000 for buying and VND1.1 million for selling, from VND82.7 - 85.2 million/tael (buy - sell) of the previous week (from December 2 to 8). Meanwhile, the price of gold rings recorded an increase of VND700,000 for buying and VND1.35 million/tael for selling, from VND82.98 - 84.08 million/tael (buy - sell).
World gold price at goldprice.org is at 2,648.95 USD/ounce - recorded at the end of the session on December 15.
World gold prices started strongly last week, with spot gold rising nearly $100 an ounce from its weekly low at one point, but hot inflation data and the strength of the US dollar pushed the precious metal down.
After testing resistance at $2,700 earlier this week, global gold prices plunged amid reports that persistent inflation in the US is affecting the Federal Reserve's monetary easing cycle.
The gold market began to sell off after the US Department of Labor released the Producer Price Index (PPI). The consumer price index in November increased by 0.3% compared to the previous month - an increase that economists predicted. According to economists, high inflation and consumer prices will prevent the US central bank from raising interest rates.
The Fed could signal a much more cautious outlook for interest rate cuts next year as inflation rises and markets react to a range of uncertainties surrounding President-elect Donald Trump's administration.
Traders now predict a 98.1% chance that the Fed will cut another 25 basis points at its December 17-18 meeting. Gold prices are always sensitive to US interest rate adjustments.
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| Gold price today December 16, 2024: Gold price 'has a bright chance' of increasing, the more it decreases, the more you should buy? Will USD hinder the precious metal? (Source: Shutterstock) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of December 15:
Saigon Jewelry Company SJC: SJC gold bars 83.8 - 86.3 million VND/tael; SJC gold rings 83.3 - 84.7 million VND/tael.
Doji Group: SJC gold bars 83.8 - 86.3 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.5 - 84.6 million VND/tael.
PNJ system: SJC gold bars 83.8 - 86.3 million VND/tael; PNJ 999.9 plain gold rings at 83.5 - 84.7 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 83.5 - 86.1 million VND/tael; Phu Quy 999.9 round gold rings: 83.4 - 84.8 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 83.8 - 86.3 million VND/tael; plain round gold ring price is 83.68 - 85.43 million VND/tael.
Gold will start to rise again in the first months of 2025
Last week, 14 analysts participated in the Kitco News gold survey, with Wall Street sentiment currently split between bullish and bearish on prices, with many opting to stay on the sidelines. Four experts, or 28.5 percent, expected gold prices to rise. Another four experts, or 28.5 percent, predicted prices would fall. Six experts, or 43 percent, said the precious metal would remain range-bound or take a wait-and-see approach.
Meanwhile, 144 votes were cast in Kitco News ’ online poll. Main Street remains largely bullish on the yellow metal. Eighty-seven retail traders, or 60 percent, look for gold prices to rise next week, while another 24, or 17 percent, expect the yellow metal to trade lower. The remaining 33 investors, or 23 percent, see the precious metal trading sideways.
Sean Lusk, co-director of commercial hedging at Walsh Trading, was surprised by the continued strength in equities as the year came to a close. He believes the gold sell-off was due to the disappointing Producer Price Index (PPI) report.
As for gold's performance for the rest of the year, he sees the strength of the US dollar and seasonal weakness combining to limit the yellow metal's upside.
Mr. Lusk believes that the price drops will attract investors to buy and gold will start to rise again in the early months of 2025.
Meanwhile, Mr. Trinh Ha, a strategy expert at Exness Investment Bank, said that the gold buying power of Central Banks accounts for 20% of the total gold demand of the entire market in 2023. However, by the third quarter of 2024, this rate will only be 8%, typically the Central Bank of China will stop buying until November before returning to buy.
According to Exness Investment Bank experts, the reason for buying is due to the psychology of avoiding dependence on the USD, but in the coming time, this motivation will weaken, the amount of buying will be 8-10% of the total real gold demand.
ETF (investment fund) money flows into gold when there is political instability, but when the instability gradually decreases, combined with the world economy, especially the US, landing safely, money flows do not look for risky assets like gold.
Mr. Trinh Ha emphasized: “In the long term, how Donald Trump’s policies affect the US economy is a matter of concern for investors. If inflation increases sharply, the Fed raises interest rates, and there is a risk of economic recession, investors will turn to gold.”
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