Domestic gold price "alone market", temporarily leaving historical peak; will the world continue to set new peaks?

Gold price today December 27: In just over a week, the price of SJC gold bars has continuously set new high records, from 74 million VND/tael to more than 80 million VND/tael, then temporarily anchored at the current high level - 79 million VND/tael. World gold prices are still on an upward trend and are forecast to set a new peak in 2024 when the USD goes down.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/27 AND EXCHANGE RATE TODAY 12/27

1. PNJ - Updated: December 26, 2023 21:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,550 ▲550K	63,650 ▲500K
HCMC - SJC	77,400 ▼100K	79,200 ▲700K
Hanoi - PNJ	62,550 ▲550K	63,650 ▲500K
Hanoi - SJC	77,400 ▼100K	79,200 ▲700K
Da Nang - PNJ	62,550 ▲550K	63,650 ▲500K
Da Nang - SJC	77,400 ▼100K	79,200 ▲700K
Western Region - PNJ	62,550 ▲550K	63,650 ▲500K
Western Region - SJC	77,500 ▲100K	79,300 ▲800K
Jewelry gold price - PNJ rings (24K)	62,550 ▲550K	63,600 ▲500K
Jewelry Gold Price - 24K Jewelry	62,500 ▲600K	63,300 ▲600K
Jewelry Gold Price - 18K Jewelry	46,230 ▲450K	47,630 ▲450K
Jewelry Gold Price - 14K Jewelry	35,780 ▲350K	37,180 ▲350K
Jewelry Gold Price - 10K Jewelry	25,080 ▲250K	26,480 ▲250K

Domestic gold prices continued to fluctuate strongly on December 26.

The price of SJC gold bars temporarily stopped its strong increase, continuously setting a new historical peak - 80 million VND, the highest ever. Closing the session with an upward reversal, the price of SJC gold bars decreased in the buying direction but continued to increase by about 400,000 - 700,000 VND/tael in the selling direction.

Saigon Jewelry Company is listing the buying price at 77.2 - 79.02 million VND/tael, down 400,000 VND/tael for buying and up 400,000 VND/tael for selling.

The sharp increase in gold bar prices shows that the demand for precious metals is not low. However, it cannot be ignored that during times of "price fever" and continuous price increases like this, businesses often increase gold prices and increase the difference between buying and selling prices, as well as the difference with the world.

World gold prices continued to rise ahead of the 2024 New Year holiday, thanks to the weakening of the US dollar and US government bond yields, closing before the holiday at $2,060.13/ounce, up $6.9 from the previous trading session. Gold futures for February 2024 delivery on the Comex New York floor traded at $2,064/ounce.

The fluctuation of world gold prices is affected by many factors, including factors from global gold demand, currency fluctuations, interest rates and government regulations related to gold trading... In addition, macro events also affect gold prices, such as the world economic situation and the strength of the USD...

Converting gold prices to the current USD exchange rate, the world gold price (including tax and processing fees) differs from the SJC gold price by about 16.2 million VND/tael.

Gold price today December 27, 2023: Domestic gold price 'alone in the market', temporarily leaving the historical peak, market demand is still very large? (Source: Reuters)

Gold prices in the world market are still on an upward trend and are forecast to reach a new peak in 2024 when the USD is on a downward trend. This is the factor that has caused domestic gold demand to remain very high.

Along with the limited supply of SJC gold bars, the gap between supply and demand has pushed the domestic gold price up 18.5 million VND/tael higher than the converted world gold price. Observers believe that the price of SJC gold bars quickly rose to 80 million VND/tael, the possibility of 100 million VND/tael is no longer as far-fetched as before.

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 77.20 - 79.02 million VND/tael.

Doji Group currently lists the price of SJC gold at: 77.20 - 79.20 million VND/tael.

Phu Quy Group listed at: 77.10 - 79.10 million VND/tael.

PNJ Group listed at: 77.30 - 79.50 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 77.40 - 79.10 million VND/tael; Rong Thang Long gold brand is traded at 63.28 - 64.33 million VND/tael; jewelry gold price is traded at 63.00 - 64.10 million VND/tael.

Gold price

In a newly released forecast, Bank of America expects gold prices to rise to $2,400/ounce by 2024, based on the downtrend of the USD and increasing instability in the world.

It can be seen that domestic gold prices are increasing faster than the world gold price. Demand for gold tends to continue to increase as the gold market prepares to end 2023 with a sharp increase in prices.

The Fed has signaled that it could cut interest rates three times in 2024. The Fed's rate cut means the USD weakens, thereby supporting gold prices.

The Fed’s recognition of continued subdued inflation pressures has increased expectations for rate cuts, sending bond yields and the dollar tumbling, leading to a rise in gold prices, said David Meger, director of metals trading at commodities trading firm High Ridge. “We believe the current uptrend in gold is a sustainable one,” he said.

According to MarketWatch, gold prices are also being supported by central banks' demand for gold and increased physical gold demand in Asia at the end of the year.

Experts predict that gold prices may continue to rise in the short term. Colin Cieszynski, strategist at SIA Wealth Management, said that gold prices are expected to continue to rise in the near future, and investors should view the current price movements as a positive signal.

Gold prices will continue to be supported by the weakening US dollar, said Blue Line Futures strategist Phillip Streible . The recent technical breakout could push gold prices to $2,100 an ounce.

Gold prices continued to rise in the new week, after receiving weaker-than-expected US personal consumption spending data late last week, which confirmed the dovish rate expectations that the market had priced in, said IG market strategist Yeap Jun Rong .

“As long as the current trend in economic data holds, gold prices could be headed for another breakout of the consolidation range above $2,080,” Mr. Yeap added.

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