Gold price forecast to increase "rapidly"
At the time of survey at 5:00 a.m. on November 6, 2023, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 69.00 million VND/tael for buying and 70.00 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 68.80 - 69.80 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 69.00 - 69.95 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 69.00 - 70.15 million VND/tael (buy - sell).
There will not be many events affecting economic data in the coming week. Investors and experts still maintain a very optimistic attitude and spirit towards the development prospects of gold.
Experts believe that, in the context of the market under extreme pressure from the USD, US Treasury bonds and geopolitical instability in the Middle East that shows no signs of cooling down, gold will surpass the 2,000 USD mark in the near future.
According to the latest survey by Kitco News, 9 experts (equivalent to 60%) predict gold prices will increase next week, while only 1 analyst (equivalent to 7%) predicts gold prices will decrease, the remaining 5 analysts (equivalent to 33%) predict gold will show signs of parity next week.
Japanese Yen and VCB Yen exchange rates tend to decrease simultaneously
Japanese Yen exchange rate surveyed on the morning of November 6, 2023 at banks, specifically as follows:
At Vietcombank, the buying rate is 158.43 VND/JPY and the selling rate is 167.70 VND/JPY, down 0.37 VND and 0.39 VND respectively. At Vietinbank, the Yen rate decreased 0.06 VND in both buying and selling, equivalent to 159.17 VND/JPY and 168.87 VND/JPY. At BIDV, the buying rate increased 0.02 VND in the buying rate and decreased 0.01 VND in the selling rate, reaching 160.24 VND/JPY and 168.51 VND/JPY respectively.
At Agribank, the buying and selling rates are 160.55 VND/JPY and 165.39 VND/JPY, respectively - down 0.16 VND in buying and down 0.17 VND in selling.
At Eximbank, the buying and selling rates decreased by 0.26 VND, respectively, to 160.61 VND/JPY and 165.19 VND/JPY. At Techcombank, the Japanese Yen exchange rate decreased by 0.24 VND, respectively, and by 0.15 VND, respectively, to 156.51 VND/JPY and 168.88 VND/JPY. At Sacombank, the Japanese Yen exchange rate decreased by 0.37 VND, respectively, to 160.61 VND/JPY, and by 0.34 VND, respectively, to 167.23 VND/JPY.
Thus, according to the survey, Sacombank is the bank with the highest buying rate of Japanese Yen and Eximbank is the bank with the lowest selling rate among the banks.
Will the USD continue to weaken this new week?
USD exchange rate today decreased sharply. USD exchange rate recorded below the important mark of 106 points.
The central VND/USD exchange rate announced by the State Bank is adjusted to 24,084 VND/USD, down 15 VND compared to the same hour session on November 3.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,238 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,238 VND/USD.
The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,320 and a selling price of 24,690, down 60 VND compared to the closing price on November 3. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.
The greenback’s price momentum was set by weak US labor market data and falling US bond yields due to weaker Non-Farm Payrolls (NFP), which are expected to make investors confident that the Federal Reserve (FED) will not add any more rate hikes.
Investors are betting that the Fed is nearing the end of its tightening cycle, which appears to be weakening the Greenback as the tightening effects become apparent.
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