Gold price today December 13, 2024: The return of the Chinese central bank to the gold market continues to inject new energy into the precious metals sector, pushing the recovered gold price to 2,700 USD/ounce. Domestically, the price of SJC gold bars increased sharply by about 2 million VND/tael in the past 2 days, gold rings "made waves".
| 1. PNJ - Updated: 12/12/2024 21:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 84,800 ▲200K | 85,900 ▲100K |
| HCMC - SJC | 84,600 | 87,100 |
| Hanoi - PNJ | 84,800 ▲200K | 85,900 ▲100K |
| Hanoi - SJC | 84,600 | 87,100 |
| Da Nang - PNJ | 84,800 ▲200K | 85,900 ▲100K |
| Da Nang - SJC | 84,600 | 87,100 |
| Western Region - PNJ | 84,800 ▲200K | 85,900 ▲100K |
| Western Region - SJC | 84,600 | 87,100 |
| Jewelry gold price - PNJ | 84,800 ▲200K | 85,900 ▲100K |
| Jewelry gold price - SJC | 84,600 | 87,100 |
| Jewelry gold price - Southeast | PNJ | 84,800 ▲200K |
| Jewelry gold price - SJC | 84,600 | 87,100 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 84,800 ▲200K |
| Jewelry gold price - Jewelry gold 999.9 | 84,700 ▲200K | 85,500 ▲200K |
| Jewelry gold price - Jewelry gold 999 | 84,620 ▲200K | 85,420 ▲200K |
| Jewelry gold price - Jewelry gold 99 | 83,750 ▲200K | 84,750 ▲200K |
| Jewelry gold price - 916 gold (22K) | 77,920 ▲180K | 78,420 ▲180K |
| Jewelry gold price - 750 gold (18K) | 62,880 ▲150K | 64,280 ▲150K |
| Jewelry gold price - 680 gold (16.3K) | 56,890 ▲140K | 58,290 ▲140K |
| Jewelry gold price - 650 gold (15.6K) | 54,330 ▲130K | 55,730 ▲130K |
| Jewelry gold price - 610 gold (14.6K) | 50,910 ▲130K | 52,310 ▲130K |
| Jewelry gold price - 585 gold (14K) | 48,770 ▲120K | 50,170 ▲120K |
| Jewelry gold price - 416 gold (10K) | 34,320 ▲80K | 35,720 ▲80K |
| Jewelry gold price - 375 gold (9K) | 30,810 ▲70K | 32,210 ▲70K |
| Jewelry gold price - 333 gold (8K) | 26,970 ▲70K | 28,370 ▲70K |
Update gold price today December 13, 2024
World gold price increased again, surpassing the threshold of 2,700 USD/ounce.
The world gold price at one point reached $2,724/ounce, reaching a high of about 9 weeks before cooling down again. The latest rally in gold prices began earlier this week (December 9) when traders reacted to news last weekend that the People's Bank of China bought 5 tons of gold in November, marking the first purchase in 6 months.
Recorded by World & Vietnam Newspaper at 20:40 on December 12 (Hanoi time) , gold price traded on the Kitco electronic floor at 2,705.10 - 2,706.10 USD/ounce , down 12.40 USD/ounce compared to the previous trading session.
Some analysts note that bullish investors still have a lot of work to do to repair the damage from last month’s sharp sell-off and subsequent volatility. In a recent interview, Christopher Vecchio, head of futures and foreign exchange at Tastylive.com, said that gold for February delivery needs to rise above $2,725 to maintain its short-term upside.
“Bulls will be hoping that this rally continues and pushes gold back above $2,700 relatively quickly,” said David Morrison, senior market analyst at Trade Nation. If so, it would be an impressive recovery from lows reached less than a month ago. But bulls would also like to see gold hold at $2,600 as support for any pullback.
Ricardo Evangelista, Senior Analyst at ActivTrades, noted that gold continues to benefit from geopolitical uncertainty as well as expectations that the Federal Reserve will cut interest rates after its monetary policy meeting next week.
However, Evangelista also highlighted a significant challenge for gold this week as investors focus on inflation, which remains high. The dollar has rallied after better-than-expected non-farm payrolls data late last week, creating a challenge for gold due to the inverse correlation between the two assets.
Analysts expect the US CPI to rise, which could add to the dollar recovery narrative and put pressure on gold. Conversely, lower-than-expected inflation figures could support gold prices.
Meanwhile, higher-than-expected inflation won’t deter the Fed from cutting rates next week; however, it could change expectations of how low rates could be in 2025, said Naeem Aslam, chief investment officer at Zaye Capital Markets.
In the short term, analysts believe that gold prices are benefiting from the newly released US CPI data showing an increase of about 2.7%, in line with market expectations. As a result, the Fed may cut interest rates at its next policy meeting, which will support gold prices to continue to rise.
Domestic gold prices fluctuate strongly but do not completely follow world developments.
The price of SJC gold bars and gold rings fluctuated in opposite directions compared to the world, some places sharply reduced the selling price of 99.99 gold rings.
At the end of the trading session on December 12, the price of SJC gold bars was listed by Saigon Jewelry Company (SJC) and large trading enterprises such as PNJ and DOJI at 84.6 - 87.1 million VND/tael. The price of SJC gold bars has been adjusted down slightly compared to the opening session, but if calculated over the past 2 days, the price of gold bars has still increased sharply by nearly 2 million VND/tael.
The price of 9999 plain round gold rings and jewelry gold also "made waves". Saigon Jewelry Company traded plain gold rings at 84.5 - 85.9 million VND/tael; PNJ and DOJI traded at 84.4 - 85.9 million VND/tael; Bao Tin Minh Chau traded at 84.46 - 86.16 VND/tael.
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| Gold price today December 13, 2024: Gold price is 'energized' again, China's price push, the future is still bright in 2025? |
Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of the trading session on December 12:
Saigon Jewelry Company SJC: SJC gold bars 84.6 - 87.1 million VND/tael; SJC gold rings 84.5 - 85.9 million VND/tael.
Doji Group: SJC gold bars 84.6 - 87.1 million VND/tael; 9999 round rings (Hung Thinh Vuong) 84.8 - 85.9 million VND/tael.
PNJ system: SJC gold bars 84.6 - 87.1 million VND/tael; PNJ 999.9 plain gold rings at 84.4 - 85.9 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 82.7 - 85.2 million VND/tael; plain gold rings are traded at 84.46 - 86.16 million VND/tael.
Will gold prices still be supported in 2025?
Gold is considered a safe haven in times of economic and political turmoil. Precious metals also tend to increase in price when interest rates are low. Gold is unlikely to fall much, but it may not increase much either. The main driving force for gold now is probably the US-China economic war when Donald Trump was elected US President and the efforts of most countries to loosen monetary policy to revive the economy.
Meanwhile, while the inflation picture remains unclear and jewelry demand may weaken in some regions, the overall outlook for gold prices next year remains positive, according to analysts at Heraeus Precious Metals. In their 2025 forecast, the analysts noted that monetary policy has entered a rate-cutting cycle and the strong outlook for a U.S. recession could mean even more rate cuts.
“Central banks are cutting rates because inflation has fallen and this is expected to support economic growth,” he said. “However, if the US Treasury yield curve is any guide and has been reliable in the past, the US is heading for a recession by 2025. That means more rate cuts, potentially a weaker US dollar, which should support gold as real interest rates fall.”
With Donald Trump back in the White House, geopolitical tensions could ease if there is a resolution in Ukraine, but trade tensions could intensify. Along with investment flows, central bank gold purchases are likely to remain strong in 2025, providing a solid base of demand even as price-sensitive jewelry demand eases.
Heraeus experts expect the trend that pushed gold prices to record highs in 2024 to continue in 2025. “Central banks are likely to continue buying gold, although perhaps not at the very high levels seen in the past few years,” the analysts wrote.
Meanwhile, “ETF investors returned to gold in the second half of 2024 after selling their holdings for more than two years. Jewelry demand has eased as prices have risen but remains strong in India, and if Chinese government stimulus helps boost the economy, the two largest jewelry-buying countries could provide a solid base for demand in 2025.”
Geopolitical risks remain, and with Trump back in the White House, there could be more uncertainty around trade and tariffs,” they said. The inflation picture is even darker, as recent downward price pressures could lead to new reflationary policies next year. “Inflation has eased and many central banks are in the midst of a rate-cutting cycle,” they said.
However, President-elect Trump’s proposals include unfunded tax cuts, deregulation and trade tariffs, all of which could fuel inflation. The US government continues to run significant budget deficits, US debt is growing and interest payments have skyrocketed. “While recent rate cuts have alleviated some of that pressure in the short term, there is no sign that government spending will be cut,” analysts said.
Meanwhile, jewellery demand is also expected to be strong next year, with India likely to reclaim the number one spot from China in gold jewellery demand by 2025. The Indian market is expected to have the fastest growth rate among major economies next year, despite high prices.
Heraeus analysts forecast that spot gold prices will trade between $2,450 and $2,950 an ounce by 2025.
Source: https://baoquocte.vn/gia-vang-hom-nay-13122024-gia-vang-day-song-trung-quoc-truyen-nang-luong-day-thuyen-tuong-lai-van-tuoi-sang-vao-nam-2025-297144.html
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