LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/10 AND EXCHANGE RATE TODAY 12/10
| 1. PNJ - Updated: December 9, 2023 10:00 PM - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 60,700 ▼300K | 61,800 ▼300K |
| HCMC - SJC | 73,000 ▼200K | 74,100 ▼100K |
| Hanoi - PNJ | 60,700 ▼300K | 61,800 ▼300K |
| Hanoi - SJC | 73,000 ▼200K | 74,100 ▼100K |
| Da Nang - PNJ | 60,700 ▼300K | 61,800 ▼300K |
| Da Nang - SJC | 73,000 ▼200K | 74,100 ▼100K |
| Western Region - PNJ | 60,700 ▼300K | 61,800 ▼300K |
| Western Region - SJC | 72,700 ▼300K | 74,000 ▼100K |
| Jewelry gold price - PNJ rings (24K) | 60,700 ▼300K | 61,700 ▼350K |
| Jewelry gold price - 24K jewelry | 60,600 ▼300K | 61,400 ▼300K |
| Jewelry gold price - 18K jewelry | 44,800 ▼230K | 46,200 ▼230K |
| Jewelry Gold Price - 14K Jewelry | 34,670 ▼180K | 36,070 ▼180K |
| Jewelry gold price - 10K jewelry | 24,290 ▼130K | 25,690 ▼130K |
Domestic gold prices last week recorded a downward trend.
Opening the first trading session of the week on December 4, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 73 - 74.5 million VND/tael (buy - sell), an increase of 700 thousand VND/tael for buying and an increase of 500 thousand VND/tael for selling compared to the closing session last weekend.
After three volatile mid-week sessions, on the morning of December 8, domestic gold prices were adjusted down by gold and silver trading companies.
Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72.9 - 74.1 million VND/tael (buy - sell), down 100,000 VND/tael for buying and down 200,000 VND/tael for selling compared to the closing price yesterday.
At the close of trading this week (December 9), in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72.8 - 74.1 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on December 4 (at 73 - 74.5 million VND/tael (buy - sell), the SJC gold price of DOJI Gold and Gemstone Group in Hanoi market decreased by 200 thousand VND/tael in buying and decreased by 400 thousand VND/tael in selling.
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| Gold price today December 10, 2023, Gold price plummets, surprisingly low, should we stock up? SJC gold widens the gap with the world. (Source: Shutterstock) |
World gold price Gold prices fell in the December 8 session, when positive US employment data caused government bond yields and the USD to increase, thereby reducing the attractiveness of gold and the precious metal fell for the first week in a month.
For the week, gold prices fell 3.6%, marking the first weekly decline since the week ending November 10.
Gold for December 2023 delivery fell $31.90, or 1.6%, to close the weekend at $2,014.50 an ounce.
According to the World & Vietnam Newspaper, the world gold price closed the trading week (December 8) on the Kitco floor at 2,005.5 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of December 9:
Saigon Jewelry Company listed SJC gold price at 72.8 - 74.0 million VND/tael.
Doji Group currently lists SJC gold price at: 72.8 - 74.1 million VND/tael.
PNJ system listed at: 73.0 - 74.1 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 72.82 - 73.85 million VND/tael; Rong Thang Long gold brand is traded at 61.13 - 62.23 million VND/tael; jewelry gold price is traded at 60.8 - 62.0 million VND/tael.
Converted according to the USD price at Vietcombank on December 8, 1 USD = 24,390 VND, the world gold price is equivalent to 58.93 million VND/tael, 15.07 million VND/tael lower than the selling price of SJC gold.
Gold prices fall 3% after hitting all-time high
Next week will be a crucial test for the gold market, according to some analysts, as a hawkish US Federal Reserve (Fed) could put downward pressure on an already sensitive market after earlier this week's decline.
After hitting a record high of around $2,150 an ounce earlier in the week, global gold prices fell more than 3% at the end of the week, testing a key support level just above $2,010 an ounce. With a swing of $141 this week, the gold market witnessed the strongest volatility since mid-August 2020, shortly after gold set its previous record high.
Ole Hansen , head of commodity strategy at Saxo Bank, said the December 4 rally and subsequent sell-off were not helpful for gold's long-term price action.
“Technically, gold has a lot of work to do to make up for the damage it has done,” he said.
Along with the overbought momentum, analyst Hansen said the gold market has gone too far in pricing in a rate cut in 2024, which could keep prices below $2,050 an ounce in the near term.
A cold shower was poured on the possibility of a Fed rate cut in March next year after employment data released on December 8 showed the US economy created 199,000 jobs last month, exceeding expectations. At the same time, the unemployment rate fell to 3.7%, down from 3.9% in October.
“At the very least, we will see market volatility and the chances of a positive surprise for gold will be limited,” said Mr. Hansen.
Meanwhile, Craig Erlam , senior market analyst at OANDA, said he also expects gold prices to be volatile in the coming period.
“It has been a really good week for the precious metal and with US inflation and the Fed rate decision coming up next week, volatility is likely to be muted,” he said.
Phillip Streible , chief market strategist at Blue Line Futures, said he expects to see some downward pressure on gold. He added that after the December 8 jobs report, Fed Chairman Jerome Powell is unlikely to change his hawkish stance, even if the central bank is expected to keep interest rates unchanged.
It's not just Powell's hawkishness that could threaten the gold market. Along with the monetary policy decision, the Fed will release updated economic projections, including its interest rate forecast.
In its most recent update in September, the US central bank signaled that it saw only two potential rate cuts in 2024. However, markets are pricing in more than 100 basis points of easing next year. According to the CME FedWatch Tool, markets see a nearly 60% chance that the first cut will come in March.
Along with the Fed meeting, analysts say November Consumer Price Index data could also add to market volatility. Some analysts say that if core inflation remains above 3%, it will force the Fed to maintain its tightening bias.
While the Fed is in the spotlight next week, the Bank of England (BoK) and the European Central Bank (ECB) will announce their monetary policy decisions, with markets expecting no change in interest rates. However, investors remain anxious to see if there will be a change in the tightening trend.
While gold prices may struggle next week, some analysts note that the market is still in good shape.
In a recent interview with Kitco News , Joseph Cavatoni, North America market strategist at the World Gold Council, said he did not view the failed rally on December 4 as particularly damaging. He said the rally shows the potential of the precious metal when it sees the right market conditions.
Streible said that while prices could fall, the current level is an attractive entry point.
“This is where you start to dip your toes in the market,” he said. “The downside for gold is limited. While Fed Chairman Powell is not going to cut rates in March, the slowing economy means that interest rates will eventually be lower, and that is what will push gold higher.”
Hansen said he is watching to see if gold can hold support at $2,010, adding that a break of that level could trigger some much-needed stops in the market and create fresh selling momentum. If the $2,010 level is broken, investors should watch the 200-day moving average at $1,959 an ounce, he said.
Streible said he is looking for support to test $1,980 an ounce.
Source
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