SJC gold price increased again, up to 74.4 million VND/tael

Domestic gold price today December 15, 2023

On the afternoon of December 15, the price of SJC 9999 gold increased by 100,000 VND/tael in both buying and selling directions compared to early this morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 15:24 and the price of 9999 gold was listed by DOJI Jewelry Group at 13:24 as follows:

SJC and DOJI gold price list updated on the afternoon of December 15

Early morning of December 15, SJC 9999 gold price today remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:35 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:34 a.m. as follows:

SJC and DOJI gold price list updated early morning December 15

At the end of the session on December 14, the price of 9999 gold bars at SJC Ho Chi Minh City was 73.3 million VND/tael (buy) and 74.3 million VND/tael (sell). SJC Hanoi listed at 73.3 million VND/tael (buy) and 74.32 million VND/tael (sell).

DOJI Hanoi listed at 73.2 million VND/tael (buy) and 74.3 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 73.3 million VND/tael and sold at 74.3 million VND/tael.

The central exchange rate on December 15, 2023 announced by the State Bank is 23,882 VND/USD, down 63 VND compared to yesterday. The USD price at commercial banks this morning (December 15) was listed at 24,050 VND/USD (buy) and 24,420 VND/USD (sell).

International gold price today December 15, 2023

At 8:44 today (December 15, Vietnam time),The world spot gold price stood at around 2,032.6 USD/ounce, down 5.3 USD/ounce compared to last night. The price of gold futures for February 2024 on the Comex New York floor was at 2,046.9 USD/ounce.

Gold price on Kitco floor traded at 9:00 p.m. on December 14 (Vietnam time) at 2,037.93 USD/ounce.

Gold prices increased sharply in early trading on December 14 (US time) after the US announced that retail sales in November were much higher than market expectations.

Retail sales rose 0.3% in November, while core sales, which exclude auto sales, also rose 0.2%, according to the latest data from the US Commerce Department.

David Meger, director of metals trading at High Ridge, said that the easing of inflationary pressure on the US Federal Reserve (Fed) increased expectations of interest rate cuts and the falling US dollar but pushed gold prices up.

The market assessed the Fed's latest statement after its last monetary policy meeting of 2023 on December 13 (US time) as dovish, contrary to previous tough statements.

Most Fed officials see rate cuts coming in 2024, 2025, and 2026, with the funds rate forecast at 4.6% by the end of 2024, down from 5.1% in September; and 3.6% in 2025, down from the previous forecast of 3.9%.

After the Fed meeting, markets will look ahead to the policy meetings of the European Central Bank and the Bank of England, which take place next Monday. These meetings are expected to impact the trajectory of gold.

Gold Price Forecast

Traders are pricing in a nearly 60% chance of a rate cut by March 2024, according to the CME Fedwatch tool, following the Fed's statement.

David Meger, director of metals trading at High Ridge, said the current uptrend in gold will be a sustainable rally.

The Fed has moved closer to market expectations, which suggests the market is moving in the right direction, noted Forexlive.com chief currency strategist Adam Button.