LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/31 AND EXCHANGE RATE TODAY 12/31
| 1. PNJ - Updated: December 30, 2023 22:00 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 62,000 ▼200K | 63,100 ▼200K |
| HCMC - SJC | 70,000 ▼2500K | 73,900 ▼2100K |
| Hanoi - PNJ | 62,000 ▼200K | 63,100 ▼200K |
| Hanoi - SJC | 70,000 ▼2500K | 73,900 ▼2100K |
| Da Nang - PNJ | 62,000 ▼200K | 63,100 ▼200K |
| Da Nang - SJC | 70,000 ▼2500K | 73,900 ▼2100K |
| Western Region - PNJ | 62,000 ▼200K | 63,100 ▼200K |
| Western Region - SJC | 70,000 ▼3000K | 74,100 ▼2100K |
| Jewelry gold price - PNJ rings (24K) | 62,000 ▼200K | 63,000 ▼200K |
| Jewelry Gold Price - 24K Jewelry | 61,900 ▼200K | 62,700 ▼200K |
| Jewelry Gold Price - 18K Jewelry | 45,780 ▼150K | 47,180 ▼150K |
| Jewelry Gold Price - 14K Jewelry | 35,430 ▼120K | 36,830 ▼120K |
| Jewelry Gold Price - 10K Jewelry | 24,830 ▼90K | 26,230 ▼90K |
The domestic gold price on the morning of December 25 was adjusted up slightly by gold and gemstone companies, trading around 77 million VND/tael for selling. Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed the SJC gold price at 75.8 - 77.1 million VND/tael (buy - sell), an increase of 100 thousand VND/tael for both buying and selling compared to the closing price at the end of last week.
After 3 sessions of strong fluctuations in the middle of the week, the domestic gold price on the morning of December 28 has not cooled down, continuing to trade near the 80 million VND/tael mark. Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 78 - 79.8 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in the buying direction and an increase of 300 thousand VND/tael in the selling direction compared to the closing price yesterday.
Following the Government's move, the domestic gold price on the morning of December 29 decreased by 1.5 million VND/tael compared to the closing price on December 28. Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72.5 - 76.5 million VND/tael (buy - sell), an increase of 500 thousand VND/tael for buying and a decrease of 1 million VND/tael for selling compared to the closing price yesterday.
The domestic gold price at noon on December 29 continued to decrease by VND1.5 million/tael compared to 9:00 a.m. on the same day. Specifically, at 11:16 a.m., in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at VND70.5 - 75 million/tael (buy - sell). Compared to 9:00 a.m. on December 29, the gold price decreased by VND2 million/tael for buying and VND1.5 million/tael for selling.
Today's trading session (December 29) witnessed gold prices fluctuate continuously, notably the fluctuation amplitude at times reached 1.5 million VND, bringing the selling price to about 74 million VND/tael. The decrease in gold prices has narrowed the gap between domestic and world gold prices, which is considered to be closer to the reasonable value.
Analysts believe that this is the market's response to the Prime Minister's direction and the State Bank's actions on gold market management solutions, aiming to stabilize and develop a safe, healthy, effective and sustainable gold market. Because, according to the direction and management information of the management agency, the domestic gold bar price is the target that needs to be adjusted and the problem of unreasonable price increases is resolved, creating an unstable and opaque psychological effect for the gold market.
According to expert Truong Vi Tuan of giavang.net, the recent directives and management information shows the close and timely attention of the Government and the State Bank in the issue of gold market management. Currently, the decrease in gold prices is considered to be closer to the reasonable value.
Since early December, the increase in international gold prices has caused domestic gold prices, especially SJC gold, to reach over VND80 million/tael at times. However, there has not been a phenomenon of people rushing to buy gold when the price of gold increased as in the previous period.
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| Gold price today December 31, 2023, SJC gold price is spinning, the market is developing 'unbelievably', world gold closes the year strongly. (Source: Kitco News) |
Global gold prices are headed for their best trading year in three years, as expectations of a US interest rate cut early next year increase while geopolitical turmoil has boosted demand for safe havens.
Spot gold rose 0.2% to $2,069.80 an ounce in the early afternoon of December 29. US gold futures fell 0.2% to $2,079.10 an ounce.
Still, gold prices have risen 14% year-to-date and are on track for their biggest annual gain since 2020.
According to World & Vietnam Newspaper , at 7:30 p.m. on December 29, the world gold price on Kitco exchange was at 2,065 - 2,066 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of December 30:
Saigon Jewelry Company listed the price of SJC gold at 69.5 - 72.5 million VND/tael.
Doji Group currently lists SJC gold price at: 68.0 - 74.0 million VND/tael.
PNJ system listed at: 69.5 - 72.5 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 70.0 - 72.9 million VND/tael; Rong Thang Long gold brand is traded at 61.86 - 63.06 million VND/tael; jewelry gold price is traded at 61.50 - 62.80 million VND/tael.
Converted according to the USD price at Vietcombank on December 30, 1 USD = 24,420 VND, the world gold price is equivalent to 60.78 million VND/tael, 11.72 million VND/tael lower than the selling price of SJC gold.
Gold Price Forecast 2024
Gold to end 2023 above $2,063, technicals point to price rise in January
According to Kitco News, last September, when someone said that gold would close higher by the end of 2023 than it did in 2022, many would dismiss it as unconvinced. At the time, gold was trading in the $1,640 range, well above its post-Russian military campaign high in Ukraine, and high interest rates were adding to the headwinds for the precious metal.
However, in 2022, interest rates are set to rise even higher in 2023, but spot gold still ended the last trading day of the year at $2,063.45 with many analysts predicting further gains next year.
Gold has had a solid year.
Kevin Wadsworth of NorthStarCharts looks back at those bleak months of September 2022 to reflect on how far the precious metal has come and why he is so confident in his bullish predictions.
In another post, he shared an annual chart showing gold rising by 2024. “This would be the highest annual close ever for gold,” he wrote.
According to analysis by the World Gold Council (WGC), gold tends to perform very well in the first month of the year, returning an average of 1.79% in January since 1971, nearly three times the precious metal's long-term monthly average.
“This does not mean that gold prices will rise in January every year. There have been several years when this has not happened, most recently in 2021 and 2022. Years with negative returns in January have often coincided with periods of strengthening the US dollar,” the WGC said.
But with the greenback seeing a recent decline, coupled with interest rate cuts by the US Federal Reserve (Fed) and Treasury yields likely to fall in the new year, January is shaping up to be one of the strongest Januarys in years.
The key driver of the gold market next year will be the timing and magnitude of the Fed's rate cuts, said Ilya Spivak, head of global macro markets at financial firm Tastylive.
Bets on a Fed rate cut have strengthened after inflation continued to cool, with traders now pricing in an 88% chance the central bank will ease monetary policy at its March 2024 meeting.
Gold prices are always sensitive to US interest rate adjustments. Lower interest rates will weaken the USD, but significantly increase the attractiveness of non-yielding assets such as gold.
The dollar index edged lower on Friday and was headed for its worst year in three years. The yield on the 10-year US Treasury note also fell to near its lowest level since July 2022 at 3.8424%.
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