LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/17 AND EXCHANGE RATE TODAY 12/17
| 1. PNJ - Updated: December 16, 2023 22:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 60,800 ▼150K | 61,900 ▼150K |
| HCMC - SJC | 73,400 ▼100K | 74,400 ▼100K |
| Hanoi - PNJ | 60,800 ▼150K | 61,900 ▼150K |
| Hanoi - SJC | 73,400 ▼100K | 74,400 ▼100K |
| Da Nang - PNJ | 60,800 ▼150K | 61,900 ▼150K |
| Da Nang - SJC | 73,400 ▼100K | 74,400 ▼100K |
| Western Region - PNJ | 60,800 ▼150K | 61,900 ▼150K |
| Western Region - SJC | 73,150 ▼150K | 74,350 ▼150K |
| Jewelry gold price - PNJ rings (24K) | 60,800 ▼150K | 61,800 ▼200K |
| Jewelry Gold Price - 24K Jewelry | 60,700 ▼200K | 61,500 ▼200K |
| Jewelry Gold Price - 18K Jewelry | 44,880 ▼150K | 46,280 ▼150K |
| Jewelry Gold Price - 14K Jewelry | 34,730 ▼120K | 36,130 ▼120K |
| Jewelry Gold Price - 10K Jewelry | 24,330 ▼90K | 25,730 ▼90K |
Domestic gold prices last week recorded a slight increase. The market is more stable.
Opening the first trading session of the week on December 11, gold and silver trading companies traded SJC gold at around 74 million VND/tael. Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed SJC gold at 72.8 - 74.1 million VND/tael (buy - sell), keeping the same price for buying and selling compared to the closing price at the end of last week.
After 3 fluctuating mid-week sessions, the domestic gold price remained stable in the morning session of December 15. In the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 73.2 - 74.3 million VND/tael (buy - sell), keeping the same price for both buying and selling compared to the closing price on December 14.
At the close of this week's trading session (December 16), in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 73.2 - 74.4 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on December 11 (at 72.8 - 74.1 million VND/tael (buy - sell), the price of SJC gold of DOJI Gold and Gemstone Group in Hanoi market increased by 400 thousand VND/tael in the buying direction and increased by 300 thousand VND/tael in the selling direction.
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| Gold price today December 17, 2023, Gold price increases, unlimited potential in 2024, what will happen when the headwind disappears? SJC gold goes up. (Source: Watcher Guru) |
World gold prices fell in the trading session on December 15, but ended this week with a 0.8% increase, as the US Federal Reserve (Fed) leaned towards the possibility of monetary easing and predicted interest rates to decrease next year.
This session, gold futures prices decreased 0.4% to 2,035.70 USD/ounce.
According to the World & Vietnam Newspaper, the world gold price closed the trading week (December 15) on the Kitco floor at 2,020.9 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of December 16:
Saigon Jewelry Company listed the price of SJC gold at 73.35 - 74.35 million VND/tael.
Doji Group currently lists the price of SJC gold at: 73.2 - 74.4 million VND/tael.
PNJ system listed at: 73.4 - 74.4 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 73.4 - 74.28 million VND/tael; Rong Thang Long gold brand is traded at 61.37 - 62.42 million VND/tael; jewelry gold price is traded at 61.0 - 62.2 million VND/tael.
Converted according to the USD price at Vietcombank on December 16, 1 USD = 24,410 VND, the world gold price is equivalent to 59.43 million VND/tael, 14.97 million VND/tael lower than the selling price of SJC gold.
Gold prices may “heat up” as Fed cools rate cut expectations
While there is a lot of potential in the market, analysts note that the precious metal still has some work to do as it recovers from recent peaks after hitting an all-time high.
Analysts have noted that gold's fortunes have improved heading into the final trading week of 2023.
After falling below $2,000 an ounce earlier this week, gold saw solid gains on the afternoon of December 15 as the market continued to react to the Federal Reserve's signal of interest rate easing in 2024.
February gold futures last traded at $2,048 an ounce, up 1.6% from last Friday. At the same time, gold prices are down about 5% from recent all-time highs.
Although gold has established a healthy long-term uptrend, some analysts still warn that gold prices are unlikely to break out next week as financial markets will witness weak trading conditions as the market is currently focused on the holiday season.
“With the holidays approaching, there’s no need to rush to buy,” said Darin Newsom , senior market analyst at Barchart.com. “I don’t expect to see any new upside momentum in gold until the new year. The buying momentum seems a little exhausted.”
At the same time, some analysts warn that markets are still pricing in too many rate cuts next year. In updated economic projections on Wednesday, the Fed signaled that it is likely to cut rates three times next year.
However, markets are pricing in rates below 4% by this time in 2024, according to the CME FedWatch Tool. The market saw the first rate cut in March, which some analysts said was premature.
Analysts say gold will remain sensitive to potential interest rate adjustments in the market.
“We believe the reaction this week has been a bit overdone, as investors have really taken things out of context, as many believe there could be six rate cuts by 2024,” said Naeem Aslam , chief investment officer at Zaye Capital Markets. “That said, gold is poised to move higher in 2024. I believe we could actually see gold hit $2,500 by 2024 if market expectations are correct.”
But Aslam cautioned traders to be a little cautious. “A dovish Fed does not necessarily mean gold prices will surge, as this is not the first time the Fed has cut rates after a rate hike cycle.”
Phillip Streible , chief market strategist at Blue Line Futures, said he expects gold prices to continue to stabilize around $2,000 an ounce as markets try to figure out the timing of the Fed's first rate cut.
“We are starting to hear some Fed members saying it is too early to cut rates. Investors and traders will have to pay attention to what Fed members are saying,” he said.
Commodity analysts at TD Securities said they do not expect to see much upside momentum next week.
While the market is expected to continue absorbing the Federal Reserve's updated economic forecasts, there are a number of reports that investors and traders will have to keep an eye on in the coming week.
Gold has limitless potential in 2024
The broad consensus among most analysts is that the Fed will continue to push gold prices. However, with the Fed Funds rate at its highest level, the only direction is down. The question now is when and how fast that decline will occur.
In updated economic projections on Wednesday, the Fed signaled that it sees the possibility of three rate cuts by 2024. This is the first clear signal that the committee is ready to shift course, which should be positive for gold.
In 2023, the precious metal has been able to withstand the Fed's most aggressive rate hike in more than 40 years. Despite rising yields, gold has held key support above $1,800/ounce. The question is, what happens to gold when the headwinds begin to dissipate?
We saw a glimpse of gold’s potential when prices surged to $2,152 an ounce early last week. Technically, that was the peak as some momentum traders pushed the market into illiquidity; however, many analysts believe this will not be the highest level for gold.
Bank of America expects gold prices to rise to $2,400 an ounce by 2024. Saxo Bank sees gold hitting $2,300 an ounce. Wells Fargo says it is looking at $2,100 an ounce.
Meanwhile, George Milling-Stanley 's team sees a 50% chance of gold trading between $1,950 and $2,200 an ounce next year; while there is a 30% chance of prices trading between $2,200 and $2,400 an ounce.
“Once gold regains momentum, there is no telling how high it can go. There is a very good chance we will hit an all-time high next year,” he said.
The World Gold Council did not give a price target in its 2024 outlook but said it expects to see a solid uptrend in the new year.
But even with all this optimism, investors still need to be patient. Bank of America doesn’t expect gold prices to start moving until the second half of this year. While the precious metal is waiting for the Fed to adjust, analysts said in a webinar on its 2024 outlook that it will actually fall before it moves in earnest.
While gold is expected to find solid support above $1,900 an ounce, it may not be ready to break above $2,050 as the Fed and market expectations remain far apart. The Fed has signaled three rate cuts next year, while markets are predicting the Fed Funds rate will be below 4% by this time next year.
Unless the US economy hits a wall in January, the central bank is unlikely to cut rates in March, so this divergence in expectations could create some short-term headwinds and keep some investors on the sidelines.
The best advice we've heard so far is that investors should enjoy the upcoming momentum but not rush to chase the market.
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