LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/18 and EXCHANGE RATE TODAY 12/18
| 1. PNJ - Updated: December 17, 2023 20:00 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 60,800 | 61,900 |
| HCMC - SJC | 73,400 | 74,400 |
| Hanoi - PNJ | 60,800 | 61,900 |
| Hanoi - SJC | 73,400 | 74,400 |
| Da Nang - PNJ | 60,800 | 61,900 |
| Da Nang - SJC | 73,400 | 74,400 |
| Western Region - PNJ | 60,800 | 61,900 |
| Western Region - SJC | 73,150 | 74,350 |
| Jewelry gold price - PNJ rings (24K) | 60,800 | 61,800 |
| Jewelry Gold Price - 24K Jewelry | 60,700 | 61,500 |
| Jewelry Gold Price - 18K Jewelry | 44,880 | 46,280 |
| Jewelry Gold Price - 14K Jewelry | 34,730 | 36,130 |
| Jewelry Gold Price - 10K Jewelry | 24,330 | 25,730 |
Domestic gold prices last week followed the world's upward trend - remaining at a high level. The price of SJC gold bars closed last week continuing on the path to re-establishing the old peak - set at the end of November, standing at over 74 million VND/tael, only 200,000 VND away from the record level.
The listed price of SJC gold bars at Saigon Jewelry Company is 73.35 - 74.35 million VND (buy - sell), down slightly by 150,000 VND compared to the previous session.
DOJI Group slightly raised the price of SJC gold bars to 73.2 - 74.4 million VND.
Last weekend, the price of gold rings and jewelry gold at major gold brands, although slightly decreasing by about 150,000 VND in both buying and selling, remained high. The listed price of gold rings at Saigon Jewelry Company was 60.8 - 61.85 million VND/tael. DOJI Group listed the price of gold rings at 61.25 - 62.25 million VND/tael.
The world gold price closed last week at $2,019/ounce. The international gold price skyrocketed after the US Federal Reserve (Fed) announced that it would keep interest rates unchanged for the third consecutive time, and expected interest rates to be lower than current rates by the end of next year. The USD Index was at its lowest in 3 months, still trading around 101-102 points.
The main content of the December policy meeting was that the Fed predicted a soft landing for the US economy, a tightening labor market, and expected to cut the reference interest rate by at least 75 basis points in 2024 to support businesses. This is the best year-end gift that the Fed has given to investors.
Converting the world gold price to the USD exchange rate at Vietcombank, equivalent to 59.4 million VND/tael. Thus, the domestic gold bar price is about 14.9 million VND higher than the world price, the gold ring price is 2.5-3 million VND higher.
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| Gold price today December 18, 2023: World gold price anchored high, domestic gold price about to re-establish old peak, great year-end gift from Fed? (Source: Kitco) |
Summary of SJC gold bar prices at major domestic trading brands at the closing time of last weekend's trading session (December 15):
Saigon Jewelry Company listed the price of SJC gold at 73.50 - 74.52 million VND/tael.
Doji Group currently lists the price of SJC gold at: 73.20 - 74.30 million VND/tael.
Phu Quy Group listed at: 73.30 - 74.30 million VND/tael.
PNJ Group listed at: 73.30 - 74.30 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 73.5 - 74.45 million VND/tael; Rong Thang Long gold brand is traded at 61.47 - 62.52 million VND/tael; jewelry gold price is traded at 61.10 - 62.30 million VND/tael.
Gold is back in its glory days?
After two lackluster years, gold is making an impressive comeback in 2023, with the precious metal posting double-digit gains in late November, edging closer to its all-time high of $2,060 an ounce reached in August 2020.
Gold prices surged above $2,000 in late November, with the precious metal hitting $1,247 an ounce in early trading on the 27th, and continued to hover above and around $2,000 over the past week, as the pause in the Hamas-Israel conflict – a ceasefire – sent investors flocking to safe-haven assets.
After falling to $1,820 an ounce on October 5, a number of factors have come together to create a favorable environment for gold to rebound. Geopolitical tensions flaring up over conflicts in the Middle East, coupled with continued subdued inflation in the United States, have driven gold prices up significantly.
Expectations of a rate cut will boost gold prices. Expectations have played a major role in driving the recovery in gold prices, as the metal is influenced by market expectations of future Fed policy. Meanwhile, with the US economy experiencing a sharp slowdown in inflation and in response to the Fed’s recent decisions to limit rate hikes, market participants are increasingly betting on the Fed to cut rates earlier and more significantly in 2024.
Gold’s appeal is heightened as interest rates fall for a number of reasons. First, yields on short-term government bonds, a safe haven that competes with gold, tend to fall. Lower expected returns on cash prompt investors to seek better alternatives.
Additionally, when interest rates fall due to a recession or economic downturn, stocks may have difficulty generating positive returns.
Gold ultimately acts as a hedge against economic risk and fear, providing a good choice - diversifying an investor's portfolio, as it is not correlated with bonds and stocks.
Meanwhile, in the world's largest economy, with the US presidential election looming in November 2024 and the possibility of a fierce campaign between President Joe Biden and Republican rival Donald Trump, the presence of political uncertainty could add further momentum to gold prices.
A recent study conducted by WisdomTree revealed that gold tends to perform well during times of economic stress. When economic activity declines sharply, gold typically performs positively, while stocks tend to underperform. Gold is also said to perform better when it is viewed as a competitive defensive asset.
In addition, investment demand for gold is clearly on the rise. November saw net inflows of about $1.5 billion into the world's largest physically backed gold exchange-traded fund (ETF), SPDR Gold Trust (GLD), according to data from ETFdb.com .
“We believe gold could be poised for a stronger performance in the coming months,” said John Hathaway, senior portfolio manager at Sprott Asset Management USA, Inc.
If the Fed does choose to cut rates sooner, the forecast suggests that gold could peak at an impressive $2,400 an ounce for the year, marking an 18% gain from current levels. This forecast underscores the growing likelihood of gold as an attractive investment prospect for investors in 2024.
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