LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/29 AND EXCHANGE RATE TODAY 12/29
| 1. PNJ - Updated: December 28, 2023 22:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 62,800 ▲50K | 63,900 ▲50K |
| HCMC - SJC | 74,500 ▼3300K | 77,500 ▼2100K |
| Hanoi - PNJ | 62,800 ▲50K | 63,900 ▲50K |
| Hanoi - SJC | 74,500 ▼3300K | 77,500 ▼2100K |
| Da Nang - PNJ | 62,800 ▲50K | 63,900 ▲50K |
| Da Nang - SJC | 74,500 ▼3300K | 77,500 ▼2100K |
| Western Region - PNJ | 62,800 ▲50K | 63,900 ▲50K |
| Western Region - SJC | 74,500 ▼3500K | 77,700 ▼2000K |
| Jewelry gold price - PNJ rings (24K) | 62,800 ▲50K | 63,850 ▲50K |
| Jewelry Gold Price - 24K Jewelry | 62,700 | 63,500 |
| Jewelry Gold Price - 18K Jewelry | 46,380 | 47,780 |
| Jewelry Gold Price - 14K Jewelry | 35,900 | 37,300 |
| Jewelry Gold Price - 10K Jewelry | 25,170 | 26,570 |
Domestic gold price today December 29, 2023 "roller coaster".
SJC gold price has managed to increase by 500,000 VND/tael each way to 77.5 million VND/tael at the end of the session on December 28, while previously it had evaporated unprecedentedly - down 5 million VND/tael in the buying direction and down 3.5 million VND/tael in the selling direction, down to 76 million VND/tael (selling). Currently, the difference between buying and selling gold bars has been pushed up to 3 million VND/tael.
Domestically, the price of SJC gold bars traded at Saigon Jewelry Company adjusted the buying price down 3.8 million VND/tael to 74.5 million VND/tael and the selling price down 2.3 million VND/tael to 77.52 million VND/tael compared to the previous session's close.
The price of gold rings and jewelry gold on the afternoon of December 28 was stable at an all-time high, buying at 63 million VND/tael and selling at 64.05 million VND/tael.
PNJ Gold bought at 63.05 million VND/tael and sold at 64.15 million VND/tael, an increase of 300,000 VND compared to the previous session.
The reason is said to be due to the Prime Minister and the State Bank's directive on solutions to manage the precious metal market. Accordingly, the Prime Minister requested the State Bank to manage gold bar prices according to market principles, not allowing a large difference with international gold prices. The Prime Minister noted that the economy must not be "goldenized", and must not have negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and national financial and monetary security and safety.
According to Deputy Governor of the State Bank Pham Thanh Ha, the recent increase in domestic SJC gold bar prices is mainly due to market psychology due to the rapid increase in world gold prices. The State Bank will continue to closely monitor the gold market and, if necessary, will have an intervention plan in accordance with Decree 24.
The strong fluctuations in the precious metals market have turned gold into the most popular investment channel at the moment. Therefore, many people took profits when gold reached a record high, but there were also customers who bought in with the expectation that the price of gold would continue to increase.
With the strong signs of decline and recovery, many people are wondering whether this is the time to buy at the bottom. However, experts say that people need to be careful because the gold market at this time has many risks for short-term investors because the difference between buying and selling prices is too large.
During fluctuations, the difference between the two buying and selling prices of SJC gold is often widened. This is to ensure that gold shops avoid risks because they usually buy and sell gold during the day. If they leave it overnight, the shops will bear the risk if the gold price goes down. Therefore, gold sellers will have to increase the price difference. But this means that the risk will be directed towards gold buyers.
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| Gold price today December 29, 2023: Domestic gold price will be 'in line', USD continues to decrease, gold becomes the top investment channel. (Source: Getty Images) |
World gold prices continued to move well in an upward trend in the last sessions of 2023. The world spot gold price stood around 2,087.56 USD/ounce, up 19.56 USD/ounce compared to last night.
Gold prices edged down after hitting a peak in the previous session on the prospect of the US Federal Reserve cutting interest rates early next year.
However, the decline was limited as the dollar index fell to a fresh five-month low and is on track to post a yearly decline. The yield on the 10-year US Treasury note fell to near its lowest since July, increasing the appeal of gold.
The US dollar has been falling steadily in recent sessions. The US dollar index continued to fall to 101.3 points. In the past two weeks, the index has fallen by a total of nearly 2.6%. The attractiveness of international gold has therefore increased.
Summary of SJC gold prices at major domestic trading brands at the closing time of December 28:
Saigon Jewelry Company listed the price of SJC gold at 74.50 - 77.52 million VND/
Doji Group currently lists SJC gold price at: 72.00 - 77.50 million VND/tael.
PNJ system listed at: 74.50 - 77.50 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 77.4 - 78.3 million VND/tael; Rong Thang Long gold brand is traded at 62.63 - 63.58 million VND/tael; jewelry gold price is traded at 62.25 - 63.35 million VND/tael.
According to World & Vietnam Newspaper , at 9:30 p.m. on December 28 (Vietnam time), the world gold price on Kitco floor was at 2,074.57 USD/ounce.
Converted to USD price 1 USD = 24,400 VND, world gold price is equivalent to 60.40 million VND/tael, 18 million VND/tael lower than SJC gold selling price.
Will gold prices continue to rise sharply in 2024?
Although gold prices are forecast to continue to increase in 2024, world gold prices may not increase too strongly because they have increased quite rapidly in December 2023. Thus, world gold prices have increased by more than 13% in the whole year of 2023. This is a quite impressive annual increase.
Investors have reflected expectations of a US rate cut in 2024 in the recent gold rally. This also means that when the US officially cuts interest rates, the possibility of gold prices will not have much momentum to increase sharply. According to the CME FedWatch tool, investors are betting on an 88% chance that the Fed will cut interest rates in March. A month ago, the bet was only 21%.
The lack of catalysts in thin trading could help gold stabilize. The next catalyst could come from leading indicators (ISM, PMI) and the jobs report in early 2024. "We expect gold prices to be higher over the next 12 months, with weaker economic data and lower inflation in the US forcing the Fed to cut interest rates, which should support gold," said UBS analyst Giovanni Staunovo.
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