Domestic gold price goes against the world trend, BRICS cherishes a plan "backed by gold"

Gold price today December 24, 2024, Domestic gold price increased while the world price decreased slightly due to the increasingly strong USD. Market outlook 2025. BRICS cherishes a gold-backed digital currency that could reshape global trade.

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Update gold price today 12/24/2024

Domestic gold prices on the morning of December 23 fluctuated.

Specifically, DOJI Gold and Gemstone Group announced the selling price of SJC gold bars at 82.3 - 84.3 million VND/tael (buy - sell), down 100,000 VND/tael in both buying and selling compared to the previous session.

Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 82.3 - 84.3 million VND/tael (buy - sell), an increase of 500 thousand VND/tael in both buying and selling compared to the previous session.

Similarly, the price of gold rings was also adjusted up by gold businesses. DOJI Gold and Gemstone Group listed the price of gold rings at 83.3 - 84.3 million VND/tael (buy - sell), an increase of 400 thousand VND/tael in the buying direction and a decrease of 100 thousand VND/tael in the selling direction compared to the previous closing price.

Saigon Jewelry Company (SJC) announced the price of gold rings at 82.3 - 84.1 million VND/tael (buy - sell), an increase of 500 thousand VND/tael in both buying and selling compared to the closing price yesterday.

Gold price today December 24, 2024: Domestic and world gold prices are in opposite directions, trading is 'thin', BRICS cherishes a plan 'backed by gold'. (Source: Reuters)

Summary of gold prices at major domestic trading brands at closing times on the afternoon of December 23:

Saigon Jewelry Company SJC: SJC gold bars 82.5 - 84.5 million VND/tael; SJC gold rings 82.5 - 84.3 million VND/tael.

DOJI Group: SJC gold bars 82.5 - 84.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.5 - 84.5 million VND/tael.

PNJ system: SJC gold bars 82.5 - 84.5 million VND/tael; PNJ 999.9 plain gold rings: 83.8 - 84.5 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars 82.5 - 84.5 million VND/tael; Phu Quy 999.9 round gold rings: 83.1 - 84.5 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau is listed at 82.5 - 84.5 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 82.7 - 84.5 million VND/tael.

Thus, compared to the morning session of December 23, at the end of the afternoon session of the same day, in the domestic market, the price of gold bars and gold rings tended to increase.

According to the World & Vietnam Newspaper , information on Kitco News , as of 6:10 p.m. Vietnam time on December 23, the world gold price was listed at 2,615.8 USD/ounce, down 7.6 USD/ounce compared to the previous trading session.

Converted according to USD price at Vietcombank on December 23, 1 USD = 25,530 VND, world gold price is equivalent to 80.46 million VND/tael.

World gold price slightly decreased

Gold prices fell on Monday on a stronger dollar, thin trading ahead of the Christmas holiday season and as investors looked for more clues on the US Federal Reserve's monetary policy for next year after its latest meeting said easing would be gradual.

Spot gold fell 0.2% to $2,616.06 an ounce, as of 11:58 GMT. US gold futures fell 0.6% to $2,630.00 an ounce.

The dollar index (.DXY) rose 0.5% against rivals and hovered around a two-year high. A stronger greenback reduces the appeal of gold to holders of other currencies.

“It was a quiet day with lower liquidity and limited data releases during the holiday season. We maintain a positive outlook for gold in 2025, targeting a rise to $2,800/oz by mid-2025,” said UBS analyst Giovanni Staunovo .

The Fed cut interest rates by 25 basis points on December 18, although the US central bank plans fewer rate cuts in 2025. The move sent gold prices to their lowest since November 18 last week.

US consumer spending rose in November, supporting the Fed's hawkish stance, a view also shared by San Francisco Fed President Mary Daly.

Higher interest rates reduce the appeal of non-yielding bullion.

“We are currently in a lull over the Christmas week with gold prices trending sideways,” said Michael Langford , chief investment officer at Scorpion Minerals. “The Fed’s policy is very clear with expectations of interest rate hikes in the second half of the year.

The next big impact is the upcoming presidency of Donald Trump and the initial executive orders he may issue. This is likely to add to market volatility and drive gold prices higher."

Gold, often considered a safe-haven asset, performs well during times of economic uncertainty.

Gold prices have risen about 27% this year to a record high, helped by loose US monetary policy, safe-haven demand and buying by central banks around the world.

BRICS Interested in Gold-Backed Digital Currency

A BRICS gold-backed digital currency could reshape global trade by reducing transaction costs and reducing exchange rate volatility, challenging the dominance of the US dollar.

BRICS countries have expressed interest in the possibility of developing a gold-backed digital currency as part of efforts to reduce dependence on the greenback in international trade. The topic was analyzed by Alexej Jordanov of Goldrepublic in an article titled “Gold-Backed Digital Currency Could Be a Turning Point for BRICS,” published by the Official Monetary and Financial Institutions Forum (OMFIF) last Friday.

Mr Jordanov discussed how geopolitical changes, including Russia’s exclusion from the SWIFT payments network, have contributed to the bloc exploring alternative payment systems. The proposed common currency, if pursued, could be pegged to gold and a basket of BRICS currencies.

US President-elect Donald Trump has said he could impose 100% tariffs on BRICS countries if they launch a currency that challenges the dominance of the US dollar. It remains to be seen whether this stance will lead to any concrete action after Trump takes office. Jordanov explains:

For the BRICS group, a gold-backed digital currency could generate great respect. Lower transaction costs and less volatile exchange rates are among the tangible benefits.

BRICS countries account for 40% of the world’s population and generate more than 30% of the world’s GDP, surpassing the G7. Despite this economic power, the US dollar continues to dominate global trade, while BRICS currencies play a smaller role.

Intra-BRICS trade, which has grown by 56% since 2017, will account for 37% of total trade within the bloc by 2022. Mr Jordanov said that if a gold-backed currency were implemented, it could reduce transaction fees and exchange rate risks.

“This would enable real-time payments, reduce delays and foster trust among participants. Such a system could even attract countries outside the bloc to seek alternatives to greenback-dominated networks, potentially increasing the BRICS bloc’s share of global trade beyond its current 18%,” he noted.

Jordanov pointed out that BRICS countries together hold 5,700 tonnes of gold, accounting for 16% of global reserves, compared to the G7's 17,500 tonnes (49%).

While acknowledging the potential benefits, he also highlighted many challenges, adding that “some of the potential benefits of a gold-backed digital currency are palpable, but implementation will not be straightforward. Effective coordination among BRICS countries is needed, along with investments in technological infrastructure. Geopolitical obstacles, including potential sanctions and tariffs, complicate matters. However, with strategic gold reserves and economic clout, the BRICS group is likely to continue to push forward with ideas to reshape global finance and offer an alternative to the current dollar-centric order.”

Source: https://baoquocte.vn/gia-vang-hom-nay-24122024-gia-vang-trong-nuoc-nguoc-chieu-the-gioi-brics-ap-u-ke-hoc-duoc-bao-chung-bang-vang-298420.html