LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/6 and EXCHANGE RATE TODAY 11/6
| 1. PNJ - Updated: 11/06/2023 08:30 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 58,950 ▲50K | 59,950 |
| HCMC - SJC | 68,500 ▼400K | 69,900 ▼100K |
| Hanoi - PNJ | 58,950 ▲50K | 59,950 |
| Hanoi - SJC | 68,500 ▼400K | 69,900 ▼100K |
| Da Nang - PNJ | 58,950 ▲50K | 59,950 |
| Da Nang - SJC | 68,500 ▼400K | 69,900 ▼100K |
| Western Region - PNJ | 58,950 ▲50K | 59,950 |
| Western Region - SJC | 68,500 ▼350K | 69,900 ▼150K |
| Jewelry gold price - PNJ rings (24K) | 58,950 ▲50K | 59,950 ▲50K |
| Jewelry Gold Price - 24K Jewelry | 58,800 ▲100K | 59,600 ▲100K |
| Jewelry Gold Price - 18K Jewelry | 43,450 ▲70K | 44,850 ▲70K |
| Jewelry Gold Price - 14K Jewelry | 33,620 ▲60K | 35,020 ▲60K |
| Jewelry Gold Price - 10K Jewelry | 23,540 ▲40K | 24,940 ▲40K |
Domestic gold prices fell sharply last week. SJC gold bar prices fell by nearly VND1 million per tael, equivalent to a 1.4% decrease, to nearly VND70 million per tael. Gold investors could lose VND2 million per tael after a week of buying.
Opening this week, Saigon Jewelry Company listed the buying and selling price of SJC gold bars at 69.05 - 70.05 million VND per tael. The price of gold bars at DOJI Group also decreased to 69.05 - 70.05 million VND.
Meanwhile, last week, the price of gold rings and 9999 gold continued to increase slightly at the end of the week. The price of jewelry gold and gold rings traded at Saigon Jewelry Company was at 58.85 - 59.85 million VND/tael; traded at Doji at 58.9 - 59.85 million VND. The price of 9999 gold, the Rong Thang Long brand of Bao Tin Minh Chau, was traded at 59.18 - 60.13 million VND/tael.
Currently, the difference between buying and selling gold in the country is at a very high level. This can put buyers at risk of losing money when investing in the short term.
World gold price ended last week (November 3) at 1,993.2 USD/ounce, up 6.9 USD compared to the previous session, TG&VN recorded. in the last session on the Kitco floor.
Gold prices have been stuck testing the psychological $2,000 barrier repeatedly, never making a decisive attempt to break through it. Meanwhile, bond yields have fallen and optimism that interest rates have indeed peaked, following the decision to keep rates unchanged in the middle of the week, has eased demand for safe havens as the Middle East conflict has not escalated beyond Israel’s borders, while stocks and other risk assets have become more attractive.
So it seems that the turmoil in the Middle East has not been enough to spur the price of this “safe haven asset” to break out. Some investors may be a little disappointed that gold has not had enough momentum to achieve its absolute price target. Last week, gold prices reached a peak of $2,002/ounce before falling back, about 4% away from its 2020 all-time high.
Converted to USD exchange rate, world gold price is at 59.3 million VND/tael, about 11 million VND/tael lower than SJC gold price.
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| Gold price today November 6, 2023: Gold price is stuck, or is the $2,000 threshold just the beginning of a new uptrend, what do experts predict? (Source: Kitco) |
Summary of SJC gold prices at major domestic trading brands at the closing time of last weekend (November 3):
Saigon Jewelry Company listed the price of SJC gold at 69.65 - 70.37 million VND/tael.
Doji Group currently lists SJC gold price at: 69.60 - 70.40 million VND/tael.
Phu Quy Group currently lists the price of SJC gold at: 69.65 - 70.40 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 69.70 - 70.38 million VND/tael; Rong Thang Long gold brand is traded at 59.08 - 60.03 million VND/tael; jewelry gold price is traded at 58.65 - 59.85 million VND/tael.
Will gold prices be pushed up and increase sustainably?
The latest Kitco News weekly gold survey shows that retail investors continue to remain bullish. Of the 15 Wall Street analysts surveyed, nine (60%) predicted higher gold prices; only one (7%) predicted lower prices; the remaining five (33%) remained neutral. Meanwhile, of the 701 votes cast in online polls, 446 retail investors (64%) expect gold prices to rise; 157 (22%) predict lower prices; while 98 (14%) are neutral on the short-term outlook. |
According to analysts, the $2,000 level is a major long-term resistance point for gold, so the market will have to consolidate or pull back a bit to start pushing towards $2,100/ounce.
The current political and economic events are creating a very volatile market. But some analysts say it is not surprising that gold is losing momentum, as geopolitical events may not provide a lasting boost for the metal. The problem with safe-haven demand is that the market needs constant escalation. Once tensions ease or at least stop rising, the need for a safe haven will begin to wane.
Gold price forecast this week, experts predict positive short-term. After a major news week dominated by the Fed's interest rate decision and the US non-farm payrolls report, this week will be one of the least eventful weeks of the year for economic data. Experts believe that pressure from the US dollar, US Treasury bonds and geopolitical tensions will be able to help gold surpass $ 2,000 more firmly.
“I am bullish on gold next week,” said Colin Cieszynski, chief market strategist at SIA Wealth Management . “It looks like the rally in Treasury yields and the dollar is over for now, and their retreat will remove a headwind for gold. Meanwhile, the two conflicts continue and the economic impact of higher interest rates could combine to create enough uncertainty.” That’s where gold’s safe-haven status comes in.
Marc Chandler, CEO of Bannockburn Global Forex, has also turned neutral to bullish on the precious metal, and he believes a break above $2,000 could come this week. “My next target is closer to $2,050,” Marc Chandler predicted.
The technical picture remains bullish, said Michael Moor, founder of Moor Analytics.
This week, the World Bank (WB) also forecast that gold prices will increase by 6% by 2024, due to geopolitical instability. According to them, it is not only what is happening in the Middle East that affects gold; the precious metal price is still well supported at present because geopolitical instability in general remains high.
Specific events will capture market attention and then fade, but the chaos and volatility will not go away anytime soon. The decades-long retreat from globalization, the global de-dollarization trend, the green energy transition, and the need to develop domestic supplies of critical raw materials continue to destabilize the world and cause geopolitical uncertainty. In this environment, we can fully expect gold prices to move in an upward sloping trend line.
Weaker-than-expected economic data will ensure that the Fed is done raising interest rates, even as it continues to maintain its tightening bias. While geopolitical events will provide a short-term boost to gold, an eventual change in Fed monetary policy could be the bigger factor in driving gold prices higher on a sustained basis.
Source
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