Gold prices today, December 11, 2024, on the international market continued to increase, SJC and domestic round rings jumped by nearly 1 million VND/tael. Instability in the Middle East, the transition of power in Syria and demand from "sharks" pushed gold prices up.
At the end of the trading session on December 10 (Vietnam time), the domestic price of SJC 9999 gold bars was listed by Saigon Jewelry Company Limited (SJC) and Doji Jewelry Group in Hanoi and Ho Chi Minh City at VND83.6-85.6 million/tael (buy - sell), an increase of VND900,000 for buying and VND400,000 for selling compared to the previous session.
The price of gold rings also increased sharply. On the afternoon of December 10, the listed price of SJC gold rings of 1-5 chi was VND83.5-84.8 million/tael (buy - sell), an increase of VND800,000/tael in buying and VND600,000 in selling compared to the previous session. Doji listed the price of 9999 round gold rings at VND83.9-84.9 million/tael (buy - sell), an increase of VND400,000 in both buying and selling.
The world gold price in the session of December 10 in the US market (the evening of December 10, Vietnam time) continued to increase after jumping about 40 USD in the previous session.
Specifically, at 8:00 p.m. on December 10 (Vietnam time), the spot gold price today on the world market recovered slightly to $2,678/ounce. Gold for February 2025 delivery on the Comex New York floor was at $2,703/ounce.
The world gold price on the night of December 10 was about 29.8% higher (615 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 83 million VND/tael, including taxes and fees, about 2.6 million VND/tael lower than the domestic gold price as of the end of the afternoon session on December 10.
Gold prices on the international market continue to increase sharply as the situation in the Middle East remains unstable after the Bashar al-Assad regime collapsed abruptly last weekend, rebel forces are taking over power, while related countries are increasing military activities to ensure their own benefits.
Israel has carried out hundreds of airstrikes in Syria and moved closer to the Syrian capital Damascus to “ensure the safety of Israeli citizens”, especially the Golan Heights, which was formerly part of Syria but has belonged to Israel for decades.
Not only Israel, the US and Türkiye also carried out airstrikes in many places in Syria. The US is concerned that the Islamic State (IS) group may re-emerge in Syria, while Türkiye is targeting the Kurdish forces to prevent the group from causing trouble in the south of Turkey.
Kurdish forces are supported by the US to fight against IS.
There have been proposals for sanctions against Türkiye if it attacks the US-backed SDF (Kurdish) forces.
It can be seen that the situation in the Middle East is very chaotic and this is a supporting factor for gold.
Gold was also supported when China unexpectedly returned to buying gold in November after a 6-month hiatus.
Gold is also boosted by expectations of increased demand during the upcoming peak gold consumption season in Asia.
Gold Price Forecast
On the other hand, gold is under pressure from a stronger US dollar. The US greenback is on an upward trend, albeit at a very high level, amid Beijing’s monetary easing policy.
Gold is also expected to stabilize soon as the conflict in Ukraine has begun to show positive signs. Meanwhile, in the Middle East, the situation will calm down when the rebel forces take over the government in Syria.
The fall of Bashar al-Assad's regime could also fracture Iran's political and military "Axis of Resistance."
Russia has also failed to maintain influence in Syria.
The situation in the Middle East is likely to change dramatically. The main tension in the region, between Russia and Iran on one side and Israel and the West on the other, may decrease, especially after Donald Trump returns to the White House.
Source: https://vietnamnet.vn/gia-vang-hom-nay-11-12-2024-sjc-nhan-tang-gan-trieu-dong-song-moi-toi-dau-2350964.html
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