Gold price may exceed the peak of 74.6 million VND/tael

As of this afternoon (November 29), the price of SJC gold has cooled down somewhat compared to the opening of the trading session, but is still at a high level this year. Analysts say that many factors have helped the gold price maintain this level, even surpassing the peak of the era, up to 76 million VND/tael.

Gold for sale at Manh Hai Gold Company. Illustration photo: Tran Viet/VNA

According to expert Truong Vi Tuan of giavang.net, if in the past, in early October, the price of gold increased sharply when the conflict between Israel and Hamas broke out, now the price of gold is being pushed to increase strongly by investors' doubts about the interest rate management viewpoint of the US Federal Reserve (Fed).

"The Fed is expected to keep interest rates unchanged in 2024 and may cut them further. With inflation in the US and EU gradually decreasing, the Fed's interest rate cut will benefit gold prices. Therefore, the current upward trend in gold is due to factors affecting the Fed's policy direction in the coming time," said this expert.

According to this expert, the price of gold is on a strong upward trend in the world . Observing as before, when entering a strong upward trend, gold often increases very quickly, both in the world and in the country. The domestic gold price can reach the 76 million mark, after reaching the peak of the era of 74.6 million VND/tael on the morning of November 29.

In the trading market, according to the reporter of VNA at the "gold street" Tran Nhan Tong ( Hanoi ), the number of customers coming to trade has been high since lunch break.

Mr. Nguyen Huu Thuyet, Deputy Head of Sales Department, Bao Tin Minh Chau Jewelry Company, said that the fluctuating gold price has caused the number of customers to increase by 40-50% depending on the time. Of these, the number of customers buying accounts for the majority, about 70% of total transactions.

Ms. Nguyen Thi Thu in Lang Ha ward, Dong Da shared that she took advantage of her lunch break to go buy gold. For her, although the price of gold has increased sharply at this time, she expects the price to increase even higher, as the economic situation is forecast to be "gloomy" and gold is still a traditional investment channel.

Bao Tin Minh Chau representative added that the gold purchasing power at the end of the year is usually quite large, with different needs such as storage, gifts, wedding gifts, investment...

"People's financial resources tend to increase at the end of the year, which will stimulate an increase in gold purchases. Meanwhile, bank interest rates are further reduced and other investment channels such as stocks and real estate are still quite quiet, causing the demand for investment in gold as a safe haven to increase. It is forecasted that from now until Tet, gold prices will continue to increase," said a representative of Bao Tin Minh Chau.

In the world market, the world gold price increased for the fourth consecutive session on November 28 and reached its highest level in more than 6 months, thanks to the weakening USD and speculation that the Fed has ended its interest rate hike cycle.

The short-term outlook for gold remains favorable, as the dollar is trending lower amid expectations that the Fed will not raise interest rates again and may even cut them in the spring, said senior analyst Jim Wyckoff of Kitco Metals.

At 2:00 a.m. on November 29, Vietnam time, the spot gold price increased by 1.4% to $2,041.55/ounce, the highest level since May 10. Meanwhile, the price of gold for December 2023 delivery increased by 1.4% to $2,040/ounce.

In Vietnam, updated at 4 p.m., in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 72.5 - 73.72 million VND/tael (buy - sell), down 700,000 VND/tael in both buying and selling compared to the opening of the trading session this morning.

DOJI Gold and Gemstone Group listed the price of SJC gold at 72.2 - 73.7 million VND/tael (buy - sell), down 1 million VND/tael for buying and 900,000 VND/tael for selling compared to the opening of this morning's trading session.

Bao Tin Minh Chau listed the price of SJC gold at 72.5 - 73.68 million VND/tael (buy - sell), down 700,000 VND/tael for buying and 740,000 VND/tael for selling compared to the opening of this morning's trading session.

Previously, the domestic market recorded the price of SJC gold reaching an all-time peak, at 74.6 million VND/tael in the morning trading session on November 29, 2023.

( According to https://baotintuc.vn/thi-truong-tien-te/gia-vang-co-the-vuot-muc-dinh-746-trieu-dongluong-20231129170126459.htm )

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