Domestic gold price on December 24, 2024: SJC gold rings and gold bars decreased simultaneously

DNVN - The "cooling down" of gold prices on the international market has led to a decrease in the prices of domestic SJC gold rings and gold bars on the morning of December 24.

At 9:05 a.m., DOJI Gold and Gemstone Group listed the price of SJC gold bars at 82.3 - 84.3 million VND/tael (buy - sell), down 200,000 VND/tael in both trading directions compared to yesterday.

At the same time, Saigon Jewelry Company (SJC) announced a similar price for SJC gold bars, also recording a decrease of VND200,000/tael in both buying and selling.

Not only gold bars, gold ring prices also decreased when gold businesses adjusted. According to the listing of DOJI Gold and Gemstone Group, gold ring prices reached 83.3 - 84.3 million VND/tael (buy - sell), with a decrease of 400 thousand VND/tael for buying and 100 thousand VND/tael for selling.

At Saigon Jewelry Company (SJC), the listed price of gold rings is at 82.3 - 84.1 million VND/tael (buy - sell), with a decrease of 200,000 VND/tael for buying and 300,000 VND/tael for selling.

In the international market, the trading session on December 23 recorded a decrease in world gold prices due to the stronger USD and high US bond yields.

Additionally, investors are cautiously awaiting a clearer message from the Fed on monetary policy in 2025.

Accordingly, spot gold price decreased 0.4% to 2,611.17 USD/ounce, while gold futures in the US decreased 0.6% to 2,628.20 USD/ounce.

The dollar index rose 0.4% against a basket of currencies, holding near a two-year high, reducing the appeal of gold to investors holding other currencies. At the same time, the yield on 10-year US government bonds also rose.

Peter Grant, strategist at Zaner Metals, said the market is still evaluating the outcome of last week’s FOMC meeting. He said the pace of rate hikes could slow in 2025, with the Fed likely pausing in January or even March.

Even though the Fed cut interest rates by 25 basis points last week, expectations of fewer cuts in 2025 sent gold prices to their lowest since mid-November.

Gold is often seen as an attractive investment in a low-interest-rate environment. However, investors are now adjusting their expectations for next year.

Gold prices have surged 27% this year, hitting a record high, the most impressive growth since 2010. The main reasons are strong central bank buying, geopolitical tensions and loose monetary policies from major banks.

Michael Langford, investment director at Scorpion Minerals, said the inauguration of Donald Trump as US President could have a strong impact on gold prices. He said Trump’s executive orders could create volatility in the market, benefiting gold prices.

On January 20, President-elect Donald Trump will officially take office. In times of economic uncertainty, gold is often considered a safe haven with strong gains.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-trong-nuoc-ngay-24-12-2024-vang-nhan-vang-mieng-sjc-dong-loat-giam/20241224094724034