SJC gold price is erratic, the upward trend may continue with stronger intensity

Gold prices today, December 28, 2023, in the world and domestic markets remain high. Economic experts say that the upward trend of world gold may continue with greater intensity than in recent months.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/28 and EXCHANGE RATE TODAY 12/28

1. PNJ - Updated: December 27, 2023 22:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,750 ▲200K	63,850 ▲200K
HCMC - SJC	77,800 ▲400K	79,600 ▲400K
Hanoi - PNJ	62,750 ▲200K	63,850 ▲200K
Hanoi - SJC	77,800 ▲400K	79,600 ▲400K
Da Nang - PNJ	62,750 ▲200K	63,850 ▲200K
Da Nang - SJC	77,800 ▲400K	79,600 ▲400K
Western Region - PNJ	62,750 ▲200K	63,850 ▲200K
Western Region - SJC	78,000 ▲500K	79,700 ▲400K
Jewelry gold price - PNJ rings (24K)	62,750 ▲200K	63,800 ▲200K
Jewelry Gold Price - 24K Jewelry	62,700 ▲200K	63,500 ▲200K
Jewelry Gold Price - 18K Jewelry	46,380 ▲150K	47,780 ▲150K
Jewelry Gold Price - 14K Jewelry	35,900 ▲120K	37,300 ▲120K
Jewelry Gold Price - 10K Jewelry	25,170 ▲90K	26,570 ▲90K

Domestic gold prices fell again as many people proactively sold to take profits at the price of 80 million VND.

During the trading session on December 27, SJC gold price fluctuated erratically, increasing sharply in the morning and decreasing again in the afternoon.

Specifically, the price of SJC gold listed by Saigon Jewelry Company (SJC) is 77.8 million VND/tael for buying and 79.5 million VND/tael for selling, down 500,000 VND/tael compared to the morning.

Phu Nhuan Jewelry Company (PNJ) bought SJC gold at 77.8 million VND/tael and sold at 79.6 million VND/tael.

The difference in buying and selling prices has also been widened by businesses to 1.8 million VND/tael, a very high level in the shocking increase in recent days.

The price of SJC gold has fluctuated strongly in recent days, at times reaching 80.3 million VND/tael and then falling back down. According to experts and some businesses, SJC gold mainly fluctuates strongly in price, demand and purchasing power have increased but not too dramatically.

Partly because of the constant fluctuations in gold prices, businesses are forced to widen the buying and selling price range to hedge against risks.

World gold prices were quite quiet on the first trading day after the Christmas holiday. However, the precious metal remained in an upward trend in the context of the US Federal Reserve (Fed) signaling three interest rate cuts from 2024.

According to TG&VN at 7:30 p.m. on December 27, the world gold price on the Kitco exchange was at 2,068 USD/ounce, unchanged from the previous trading session.

Gold price today December 28, 2023: SJC gold price fluctuates erratically, the upward trend may continue with stronger intensity. (Source: Getty)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on December 26:

Saigon Jewelry Company listed the price of SJC gold at 77.80 - 79.52 million VND/tael.

Doji Group currently lists SJC gold price at: 77.80 - 79.50 million VND/tael.

Phu Quy Group listed at: 77.70 - 79.30 million VND/tael.

PNJ Group listed at: 77.80 - 79.60 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 77.75 - 79.30 million VND/tael; Rong Thang Long gold brand is traded at 62.70 - 63.80 million VND/tael; jewelry gold price is traded at 62.98 - 64.03 million VND/tael.

The rally is not over yet?

Commenting on the current rise in gold prices and the possibility of investing in gold, Les Echos daily said that this commodity allows to hedge against the chaos of the stock market and the price of this precious metal is benefiting from geopolitical tensions in the Middle East. However, the trajectory of gold seems to be more unpredictable than before.

Recent tensions in the Middle East have pushed the price of the precious metal above $2,000 an ounce. On December 4, the price of gold rose to an all-time high of $2,152.3 an ounce.

Considered a safe haven, gold is appreciated in times of crisis and provides protection against stock market turmoil. Gold’s growth also depends on many other factors (changes in exchange rates, inflation…).

However, in the current context, the trajectory of gold no longer seems as predictable as before.

Marion Balestier, fund manager at OFI Asset Management, said the backdrop for raw materials over the past 18 months has been quite unfavorable due to a fairly aggressive monetary tightening cycle. To combat inflation, the Fed has taken the lead and raised interest rates much more aggressively than central banks in the eurozone and elsewhere, leading to a strong dollar.

“Rising interest rates and a strong US dollar have pushed investors away from gold. In recent weeks, the backdrop has become more vibrant. The latest macroeconomic data shows that inflation and growth in the US are slowing. Therefore, everything suggests that we are witnessing the end of the rate hike cycle,” said fund manager Marion Balestier.

According to economist John Plassard, the upward trend of gold could continue with greater intensity than in recent months.

"We can estimate that gold will not fall further, even if the parties reach a ceasefire for the conflict in the Middle East. In 2024, the highest price of gold can reach is $ 2,300 / ounce," the expert said.

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