Mixed developments, domestic gold continues to increase

The domestic gold price opening today's trading session was listed by DOJI Group at 68.9 million VND/tael for buying; the selling price was 69.95 million VND/tael.

The difference between buying and selling price of gold at DOJI is 1.05 million VND/tael.

Compared to the opening session yesterday, gold price at DOJI increased by 750,000 VND/tael for buying and increased by 600,000 VND/tael for selling.

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 68.9 million VND/tael; the selling price is 69.9 million VND/tael.

The difference between buying and selling price of gold at Saigon Jewelry Company SJC is 1 million VND/tael.

Compared to yesterday's opening session, the gold price at Saigon Jewelry Company SJC increased by 500,000 VND/tael for buying and increased by 900,000 VND/tael for selling.

Although gold prices have increased, the gap between buying and selling gold in the country is still very high. This could put buyers at risk of losing money in short-term investments.

World gold price as of 9:13 am today, listed on Kitco at 1,969,173.2 USD/ounce. Compared to the opening of the previous trading session, world gold price decreased by 5.1 USD/ounce.

Despite the sharp decline, demand for this commodity is increasing again and some forecasts say that gold is unlikely to fall further because it is also considered a safe asset for investors seeking shelter from storms when geopolitical tensions increase.

Carlo Alberto De Casa, market analyst at Kinesis Money, said the gold market is waiting for more dovish signals from the US central bank before recovering. He added that gold prices are consolidating after slipping into overbought territory. Gold has risen more than 7% in October as conflict in the Middle East boosted demand for safe havens.

Investors are now awaiting a series of speeches from US Federal Reserve (FED) officials this week, the most important of which is a speech by FED Chairman Jerome Powell on Wednesday and Thursday.

Fed Chairman Jerome Powell is due to speak this week. Investors see a 90% chance the Fed will keep rates unchanged at its December meeting and a near 80% chance the Fed will cut as early as June next year, according to the CME FedWatch tool.

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