Gold price consolidates the $2,000 threshold, central banks rush to buy, gold demand skyrockets

Gold price today, November 1, 2023, fluctuates around the important psychological level of 2,000 USD/ounce. Experts say gold prices are consolidating and building a foundation to increase further, depending on the geopolitical situation. SJC gold price rebounded, heading towards the 71 million VND/tael area.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/11 and EXCHANGE RATE TODAY 1/11

1. PNJ - Updated: 11/01/2023 01:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,700	59,800
HCMC - SJC	70,050	70,850
Hanoi - PNJ	58,700	59,800
Hanoi - SJC	70,050	70,850
Da Nang - PNJ	58,700	59,800
Da Nang - SJC	70,050	70,850
Western Region - PNJ	58,700	59,800
Western Region - SJC	70,000	70,750
Jewelry gold price - PNJ rings (24K)	58,700	59,700
Jewelry Gold Price - 24K Jewelry	58,500	59,300
Jewelry Gold Price - 18K Jewelry	43,230	44,630
Jewelry Gold Price - 14K Jewelry	33,440	34,840
Jewelry Gold Price - 10K Jewelry	23,420	24,820

Domestic gold price closed the last trading session of October (October 31), SJC gold price rebounded due to the influence of world gold price, after 2 days of decrease, heading towards 71 million VND/tael.

The price of SJC gold bars listed by Saigon Jewelry Company is 70.1 million VND/tael for buying and 70.8 million VND/tael for selling, an increase of 150,000 VND/tael compared to the morning of the same day.

At PNJ System, SJC gold price increased by 200,000 VND/tael for buying and 250,000 VND/tael for selling, trading at 69.85 - 70.65 million VND/tael.

At Bao Tin Minh Chau store system, SJC gold price increased by 180,000 VND/tael and 170,000 VND/tael in buying and selling directions, respectively.

In line with the price of SJC gold bars, but currently the price of jewelry gold is 11.1 million VND/tael lower. The price of jewelry gold, the price of 9999 gold of all kinds, is traded around 58.7 million VND/tael for buying, 59.7 million VND/tael for selling - an increase of 50,000 VND/tael compared to the opening session.

The world gold price fluctuated around the threshold of 2,000 USD/ounce - a new high since mid-May, as investors rushed to find a "safe haven" in the context of the ongoing conflict in the Middle East. Meanwhile, investors are paying attention to the monetary policies expected to be introduced by the US Federal Reserve (Fed) at the meeting late on November 1. Although gold is considered a "hedge against inflation", higher interest rates will reduce the attractiveness of this commodity.

Gold is also being rushed to increase purchases by central banks of countries, according to the latest update report of the World Gold Council (VGC).

According to TG&VN , at 9:05 p.m. on October 31 (Vietnam time), the world gold price traded on Kitco floor was at 2,002.70 USD/ounce, up 6.2 USD compared to the previous session. The price of gold for December delivery increased 0.04% to 2,006 USD/ounce.

World gold price converted to USD exchange rate of commercial banks is 59.5 million VND/tael, excluding tax and fees, about 11.17 million VND/tael lower than domestic gold price.

Giá vàng hôm nay 6/8/2023. (Nguồn: Shutterstock)

Gold price today November 1, 2023: Gold price surpasses $2,000 mark, buying speed is urgent, gold demand increases rapidly. (Source: Shutterstock)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 31:

Saigon Jewelry Company listed the price of SJC gold at 70.10 - 70.82 million VND/tael.

Doji Group currently lists the price of SJC gold at: 70.05 - 70.80 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 69.95 - 70.75 million VND/tael.

PNJ system listed at: 70.05 - 70.85 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 70.10 - 70.75 million VND/tael; Rong Thang Long gold brand is traded at 58.89 - 59.84 million VND/tael; jewelry gold price is traded at 58.45 - 59.65 million VND/tael.

Strongest demand for gold?

“The preliminary US economic data shows that the gold market is under pressure as the US economy performed better in October, including the manufacturing and service sectors. This is the first time the US manufacturing sector has entered growth territory since April. If the Fed takes a ‘tough’ stance on monetary policy, we will see a slightly negative reaction from gold.”

Ricardo Evangelista, senior analyst at ActivTrades , said that despite rising US Treasury yields and a stronger US dollar, while the conflict in the Middle East continues to escalate, gold prices are still rising as investors continue to flock to the precious metal to seek safety for their assets.

In addition, some analysts say that even higher US bond yields are not of great interest to investors as the US debt crisis looms.

Marc Chandler, CEO of Bannockburn Global Forex, said that gold is unlikely to reach new highs in the near term. He said that gold could fall to $1,950 an ounce, or even $1,930 an ounce.

Adrian Day, chairman of Adrian Day Asset Management, said that gold is trending towards investors, although it is not increasing, it is unlikely to decrease sharply. The reason is the conflict in the Middle East and the chaos in the global bond market, making gold still the safest investment channel.

Meanwhile, according to the latest report from VGC, central bank demand continues to dominate the gold market as the pace of purchases is the strongest since last year. “Although it has not broken the record for Q3/2022, the demand for gold purchases since the beginning of the year has reached 800 tons - a new record in VGC's data series.

This strong streak of central bank purchases is expected to continue for the rest of the year, suggesting that total annual purchases will return to strength by the end of 2023,” analysts at VGC said in their Quarterly Demand Trends report for Q3/2023.

Central bank demand was the biggest driver of physical gold demand in the second quarter, which saw an overall decline. Global physical gold demand fell 6% to 1,147 tonnes from July to September compared to the third quarter of 2022, the WGC said. However, looking at the long-term trend, gold demand was up 8% compared to the five-year average.

At the same time, the gold market also continued to see solid demand from the OTC markets, which is unfortunately difficult to measure. The WGC said that its estimate for the OTC market was that physical gold demand increased by 6% year-on-year to 1,267 tonnes.

Looking ahead, the WGC said central bank gold demand will continue to drive the market. If buying continues to be strong in the fourth quarter, total annual sales could be closer to the record set in 2023, analysts said in the report. However, while central bank gold purchases have significantly changed the dynamics of the market, the rally still needs to see increased investment demand.

WGC analysts expect demand for EFTs to increase as gold prices start the fourth quarter at around $2,000, attracting renewed investor interest. In addition, fundamental support for gold remains in place, bolstered by escalating geopolitical tensions and risk aversion. Gold is doing exactly what it should do as the world faces systemic economic uncertainty due to heightened geopolitical uncertainty and volatile financial market conditions.

While investment demand and central bank buying are expected to remain strong as gold prices hold around $2,000 an ounce, the WGC said jewelry demand could be weaker for the rest of the year.

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