(NLDO) – After many weeks of positive forecasts, analysts are worried that gold prices will continue to decrease next week. Why?
At the end of the week of November 10, today's gold price was listed by SJC Gold Company at 82 million VND/tael for buying and 85.8 million VND/tael for selling, a sharp decrease of 3.7 million VND/tael compared to the end of last week. This is a very sharp decrease in the price of gold bars in recent weeks.
This is also the SJC gold bar trading price of some businesses such as PNJ, DOJI ; while Bao Tin Minh Chau increased the buying price to 82.2 million VND/tael, Mi Hong applied the buying price up to 83.3 million VND/tael.
Similarly, the price of gold rings and jewelry gold also had a volatile week, with continuous price fluctuations. Currently, the price of 99.99 plain gold rings listed by SJC Company is VND82 million/tael for buying and VND84.8 million/tael for selling, down VND4.1 million/tael compared to the end of last week.
Gold price today is forecast to continue to decrease
The price of gold rings also varies between brands. PNJ Gold Company buys plain gold rings for 83.4 million VND/tael and sells for 85.2 million VND/tael; DOJI sells for 85.15 million VND/tael…
Domestic gold prices fluctuated strongly following the world market this week. In the international market, the price of the precious metal closed the trading week at 2,684 USD/ounce, down more than 50 USD/ounce compared to the end of last week.
During the week, the price of gold increased to over 2,700 USD/ounce when the US cut interest rates by 0.25% in the roadmap to lower interest rates to boost economic growth. However, the USD index remained strong in the international market when it remained at a high level of over 104.8 points, causing the price of gold to "turn around" and decrease again.
A notable development is that after weeks of optimistic forecasts about gold price trends, analysts have said that the precious metal will decline in the coming days, according to a survey by Kitco.
Gold price today decreased sharply compared to last weekend
Specifically, in the survey on Wall Street, 14 analysts participated in the response, of which only 21% of the opinions predicted that gold prices would increase, 64% said that gold prices would decrease and the remaining 14% predicted that gold prices would remain unchanged. This is the week with the survey with the number of experts predicting gold prices to decrease sharply compared to previous weeks.
In an online survey on Main Street, investors expressed optimism about the return of gold prices with 249 responses, with 46% saying that gold prices will increase, 36% saying that gold prices will decrease and the remaining 18% expecting gold prices to remain unchanged.
Analysts believe that gold prices may adjust down to around $2,600/ounce, after a period of hot growth, before continuing the upward trend in the end of the year and early 2025.
Currently, the world gold price converted according to the listed exchange rate is about 82.4 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-10-11-du-bao-bat-ngo-ve-gia-vang-tuan-sau-196241110082944758.htm
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