Gold prices leave the $2,000 mark behind, what will support the precious metal?

Gold price today November 13, 2023, experts say that gold price increases due to geopolitics rarely last long. Therefore, there needs to be a push from the Israel-Gaza situation, from which the precious metal will move.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/13 AND EXCHANGE RATE TODAY 11/13

1. PNJ - Updated: 11/12/2023 19:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,400	59,500
HCMC - SJC	69,200	70,200
Hanoi - PNJ	58,400	59,500
Hanoi - SJC	69,200	70,200
Da Nang - PNJ	58,400	59,500
Da Nang - SJC	69,200	70,200
Western Region - PNJ	58,400	59,500
Western Region - SJC	69,200	70,300
Jewelry gold price - PNJ rings (24K)	58,400	59,400
Jewelry Gold Price - 24K Jewelry	58,300	59,100
Jewelry Gold Price - 18K Jewelry	43,080	44,480
Jewelry Gold Price - 14K Jewelry	33,320	34,720
Jewelry Gold Price - 10K Jewelry	23,340	24,740

Domestic gold prices increased strongly and steadily last week.

In the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.3 - 70.32 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both buying and selling compared to the closing price yesterday.

At the close of trading this week (November 11), in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 69.3 - 70.3 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on November 6 (at 67 - 68.5 million VND/tael (buy - sell), the price of SJC gold of DOJI Gold and Gemstone Group in Hanoi market increased by 2.3 million VND/tael in the buying direction and increased by 1.8 million VND/tael in the selling direction.

World gold price closed the trading week (November 10) on Kitco floor at 1,939.7 USD/ounce.

Gold prices could continue to struggle next week as US Federal Reserve Chairman Jerome Powell has made a strong statement to prevent any potential dovish bias from creeping into the market.

On November 9, at an event hosted by the International Monetary Fund (IMF), Mr. Powell said that the US central bank was not “confident” that monetary policy was tight enough to bring inflation down to the 2% target. The official also said that the Fed would not hesitate to raise interest rates again if inflationary pressures continued to increase.

Gold price today November 13, 2023: Gold price leaves the $2,000 mark behind, what will support the precious metal? (Source: Reuters)

Summary of SJC gold prices at major domestic trading brands at the closing time of November 12:

Saigon Jewelry Company listed the price of SJC gold at 69.3 - 70.3 million VND/tael.

Doji Group currently lists SJC gold price at: 69.3 - 70.3 million VND/tael.

PNJ system listed at: 69.2 - 70.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.35 - 70.25 million VND/tael; Rong Thang Long gold brand is traded at 58.83 - 59.78 million VND/tael; jewelry gold price is traded at 58.35 - 59.55 million VND/tael.

Converted according to the USD price at Vietcombank on November 11, 1 USD = 24,470 VND, the world gold price is equivalent to 57.19 million VND/tael, 13.11 million VND/tael lower than the selling price of SJC gold.

Will gold prices go up or down?

The latest Kitco News weekly gold survey shows that retail investors remain bullish on the yellow metal this week, while market analysts have turned sharply bearish on the near-term outlook for the yellow metal.

Gold's safe-haven bid is weakening, said John Weyer, director of commercial hedging at Walsh Trading.

“There is definitely a safe haven game going on in Gaza and Israel and things seem to have stabilized there. Not necessarily in a good way, but they are stable, not escalating,” he said.

Mr. Weyer shared that he does not really believe that the Fed will raise interest rates and there is no data released next week that the expert sees as a potential market driver for gold.

“I think it needs to be a more surprising headline or whatever comes out of the Israel-Gaza situation, that will get the precious metals moving,” he stressed.

James Stanley, senior market strategist at Forex.com, also predicts that gold prices will trend lower in the coming time.

“The precious metals breakout has been showing signs of stalling last week. I do think there will come a day when the precious metals put $2,000 an ounce behind them,” he said.

Last week, 12 Wall Street analysts participated in the Kitco News Gold Survey. In stark contrast to last week’s bullish sentiment, only three experts, or 25%, expected higher gold prices this week. While two-thirds, or 67%, predicted lower prices. One expert, or 8%, was neutral on gold next week.

Meanwhile, 319 votes were cast in Kitco’s online poll. 183 retail investors, or 57%, expect gold to rise next week. Another 88, or 28%, predict lower prices, and 48, or 15%, are neutral on the precious metal’s near-term outlook.

Ole Hansen, head of commodity strategy at Saxo Bank, believes gold prices could rise next week. “After a correction lower by around $60, but without a serious challenge to key support levels, we believe the correction is running out of steam,” he said.

Chairman Powell's 'hawkish' shift is not surprising given the need to keep financial conditions relatively tight for now and that explains why gold traders have shrugged off these comments.

We still maintain that the Fed is done raising rates and cutting them. From around the middle of next year, along with record demand from central banks, the precious metal will head towards new record highs next year."

On the contrary, Adrian Day, Chairman of Adrian Day Asset Management, said that the precious metal's price rally due to the conflict has ended, so it will continue to decline.

“Geopolitical gold rallies rarely last long. While there were other factors that drove prices in October, we are now seeing a retracement of the rally – partly triggered by the Israel-Hamas conflict,” he asserted.

The turmoil in the US bond market – yesterday's 30-year auction was very bad – as well as a looming recession, will favour gold, the expert said .

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