SJC gold price increased rapidly, 'stunning' the market, far surpassing world prices, precious metal in 2024 is still supported

Gold price today December 26, 2023, SJC gold price increased sharply, surpassing the all-time high. Geopolitical and economic instability led to significant fluctuations in gold prices, highlighting the importance of precious metals in a diversified investment portfolio. In 2024, gold continued to be supported.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/26 AND EXCHANGE RATE TODAY 12/26

1. PNJ - Updated: December 25, 2023 11:00 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,000 ▲100K	63,150 ▲200K
HCMC - SJC	77,500 ▲1750K	78,500 ▲1550K
Hanoi - PNJ	62,000 ▲100K	63,150 ▲200K
Hanoi - SJC	77,500 ▲1750K	78,500 ▲1550K
Da Nang - PNJ	62,000 ▲100K	63,150 ▲200K
Da Nang - SJC	77,500 ▲1750K	78,500 ▲1550K
Western Region - PNJ	62,000 ▲100K	63,150 ▲200K
Western Region - SJC	77,400 ▲1900K	78,500 ▲1600K
Jewelry gold price - PNJ rings (24K)	62,000 ▲100K	63,100 ▲200K
Jewelry Gold Price - 24K Jewelry	61,900 ▲50K	62,700 ▲50K
Jewelry Gold Price - 18K Jewelry	45,780 ▲40K	47,180 ▲40K
Jewelry Gold Price - 14K Jewelry	35,430 ▲30K	36,830 ▲30K
Jewelry Gold Price - 10K Jewelry	24,830 ▲20K	26,230 ▲20K

Domestic gold price on December 26 increased shockingly.

Domestic gold prices continued to increase vertically on the afternoon of December 25, surpassing the 78 million VND/tael mark in the selling direction.

Specifically, at 3:46 p.m., in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 77 - 78.2 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to 9:40 a.m. this morning. Compared to the closing price of last weekend, the gold price increased by 1.3 million VND/tael in buying and 1.2 million VND/tael in selling.

Similarly, Phu Quy Jewelry Group listed the price of SJC gold at 77.1 - 78.2 million VND/tael (buy - sell), an increase of nearly 950 thousand VND/tael for buying and an increase of 1 million VND/tael for selling compared to 9:40 am the same day; an increase of 1.3 million VND/tael for buying and an increase of 1.25 million VND/tael for selling compared to the closing price at the end of last week.

Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 77.2 - 78.22 million VND/tael (buy - sell); an increase of 1 million VND/tael for both buying and selling compared to 9:40 a.m. on December 25; an increase of 1.5 million VND/tael for buying and an increase of 1.3 million VND/tael for selling compared to the closing price last weekend.

In the context of the "skyrocketing" increase in gold prices last week, experts predict that gold prices may continue to increase in the short term, but this increase will be difficult to maintain in the medium and long term.

Gold price today December 26, 2023: SJC gold price increased rapidly, 'stunning' the market, far surpassing world prices, precious metal 2024 is still supported. (Source: Getty)

World gold price in the early morning of December 25, spot gold price anchored at 2,053.2 USD/ounce, gold futures anchored at 2,064.5 USD/ounce when the market closed for Christmas holiday.

Summary of SJC gold prices at major domestic trading brands at the closing time of December 25:

Saigon Jewelry Company listed the price of SJC gold at 77.4 - 78.4 million VND/tael.

Doji Group currently lists the price of SJC gold at: 77.3 - 78.5 million VND/tael.

PNJ system listed at: 77.3 - 78.3 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 77.4 - 78.3 million VND/tael; Rong Thang Long gold brand is traded at 62.63 - 63.58 million VND/tael; jewelry gold price is traded at 62.25 - 63.35 million VND/tael.

According to World & Vietnam Newspaper , at 7:57 p.m. on December 25 (Vietnam time), the world gold price on Kitco floor was at 2,054.5 USD/ounce.

Converted according to the USD price at Vietcombank on December 25, 1 USD = 24,400 VND, the world gold price is equivalent to 60.40 million VND/tael, 18 million VND/tael lower than the selling price of SJC gold.

Gold price trend forecast 2024

The banking crisis, marked by the largest asset collapse in a year and the Israel-Hamas conflict, created a climate of uncertainty and fear, leading to increased demand for gold. Investors turned to gold as a protective asset, reinforcing its status as a safe haven in times of economic and geopolitical uncertainty. This period of uncertainty led to significant fluctuations in the price of gold, highlighting its importance in a diversified portfolio.

Looking ahead to 2024, the US economy is expected to continue expanding, supported by strong consumer spending and sustained private investment. Signals of a potential interest rate cut by the Federal Reserve suggest a shift towards more accommodative monetary policy amid subdued inflation. This evolving monetary environment is poised to influence the gold market as investors recalibrate their strategies to respond to the changing economic landscape.

In addition, geopolitical risks, including tensions in the Middle East and China’s economic adjustments, along with concerns about domestic financial sustainability, could influence gold market trends. The possibility of a rate cut by the US Federal Reserve (Fed) and expected adjustments to long-term interest rates will particularly affect investor sentiment towards gold.

The Fed's expected easing of monetary policy could impact gold's appeal as an investment option and inflation hedge, especially in a changing monetary environment.

In times of global economic downturn, gold’s historical performance as a safe-haven asset often sees demand for it increase. Investors often look for effective risk hedges in their portfolios, and gold is often chosen for its stability and growth potential in volatile markets.

Gold’s unique position as both a consumer and an investment asset means its performance is diverse. In recessionary conditions, economic growth is weak, inflation is low and interest rates are likely to be cut. Historically, these conditions have favored gold, which has shown resilience and performed well in previous recessions.

Amid an economic slowdown, heightened geopolitical risks and key elections in key economies, combined with steady central bank purchases, have provided further support for gold prices.

Interest rate policy, especially that of the Federal Reserve, along with economic indicators such as composite PMI, manufacturing PMI, real income, household savings and unemployment rates, all influence the performance of the gold market. In scenarios where persistently high interest rates lead to economic recession, gold’s hedge role becomes more evident.

The Strategic Value of Gold in a Portfolio

Despite historical patterns showing different performance under different economic scenarios, the 2024 landscape, marked by geopolitical risks and strong central bank demand, could change gold’s usual trajectory. Gold retains strategic value in portfolios, especially in times of economic uncertainty, providing stability and diversification.

The policy decisions of each central bank, influenced by their respective economic conditions, will have a significant impact on global financial stability and investor sentiment towards gold. The diverse interest rate trajectories and monetary policy stances of these central banks will be crucial in shaping gold prices in 2024.

The geopolitical landscape in 2024 is expected to remain volatile and uncertain. Global conflicts and ongoing geopolitical tensions, particularly in regions such as the Middle East, will have a significant impact on the gold market. Events such as the Israel-Hamas conflict typically drive investors towards safer assets, reinforcing gold’s status as a haven in times of geopolitical uncertainty.

Gold supply and demand dynamics in 2024 are expected to be influenced by steady gold mining production and demand across a range of sectors, including jewelry, investment, technology and central banks. These factors will be key in determining gold price movements.

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