Gold prices fluctuate, demand for hoarding and long-term investment "reigns" in Asia

Gold prices today, November 2nd, 2023, in the world market lost a key milestone, while domestic prices maintained their momentum. According to some analysts, if gold wants to maintain its current value, the price needs to decisively surpass the $2,000 mark.

LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, NOVEMBER 2ND

1. PNJ - Updated: 01/11/2023 22:30 - Time on source website - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
Ho Chi Minh City - PNJ	58,400 ▼300K	59,500 ▼300K
Ho Chi Minh City - SJC	70.150 ▲100K	70,900 ▲50K
Hanoi - PNJ	58,400 ▼300K	59,500 ▼300K
Hanoi - SJC	70.150 ▲100K	70,900 ▲50K
Da Nang - PNJ	58,400 ▼300K	59,500 ▼300K
Da Nang - SJC	70.150 ▲100K	70,900 ▲50K
Western Region - PNJ	58,400 ▼300K	59,500 ▼300K
Western Region - SJC	69,950 ▼50K	70,700 ▼50K
Prices of gold jewelry - PNJ rings (24K)	58,400 ▼300K	59,400 ▼300K
Gold jewelry prices - 24K jewelry	58,300 ▼200K	59,100 ▼200K
Gold jewelry prices - 18K jewelry	43,080 ▼150K	44,480 ▼150K
Gold jewelry prices - 14K jewelry	33,320 ▼120K	34,720 ▼120K
Gold jewelry prices - 10K jewelry	23,340 ▼80K	24,740 ▼80K

Domestic gold prices closed the trading session on November 1st at over 70,000 VND/ounce. Specifically, Saigon Jewelry Company listed SJC gold at 70.05 – 70.77 million VND/ounce. Meanwhile, Doji Group currently lists SJC gold at 70.00 – 70.75 million VND/ounce.

World gold prices reversed course and plummeted, falling below the $2,000/ounce mark. The international gold market weakened after a drop in US consumer confidence. This boosted demand for USD, causing the currency to appreciate sharply.

On the other hand, the Bank of Japan's (BoJ) decision to keep interest rates unchanged and to allow 10-year Japanese government bonds (JGBs) to rise above 1% further contributed to the USD's appreciation against the Yen. Gold prices faced additional negative factors today.

The continued rise in US stocks has attracted capital outflows into equities, negatively impacting today's global gold prices.

Furthermore, the US Federal Reserve (Fed) is reportedly prepared to keep interest rates stable at their highest level in 22 years, while leaving open the possibility of raising rates as early as December if economic growth remains stable.

Fed Chairman Jerome Powell suggested that officials want to assess more data from the world's largest economy. Currently, inflation in the US remains well above the 2% target, and economic growth is near its highest level in two years.

According to TG&VN 's report at 7:30 PM, the world gold price on the Kitco exchange was trading at 1,984.7 - 1,985.7 USD/ounce.

Gold price today, November 2, 2023: Gold prices remain volatile; to maintain their upward momentum, the market must do this. (Source: Twitter)

Summary of SJC gold prices at major domestic gold retailers at the close of trading on November 1st:

Saigon Jewelry Company listed the price of SJC gold at 70.05 - 70.77 million VND/ounce.

Doji Group currently lists the price of SJC gold at: 70.00 – 70.75 million VND/ounce.

Phu Quy Group currently lists the price of SJC gold at: 69.85 – 70.75 million VND/ounce.

PNJ's listed price is: 70.15 – 70.90 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at 70.08 – 70.73 million VND/ounce; the Thang Long Dragon gold brand is trading at 58.78 – 59.73 million VND/ounce; and the price of gold jewelry is trading at 58.35 – 59.55 million VND/ounce.

China's demand for gold continues to be strong.

According to experts, gold prices are fluctuating due to the "heat" of the conflict in the Middle East between Hamas and Israel.

In addition, some major Asian economies such as China and Singapore are buying more gold to add to their foreign exchange reserves in preparation for the Lunar New Year; people in some countries are turning to buying gold for hoarding and long-term investment.

Ricardo Evangelista, senior analyst at ActivTrades, noted that precious metals remain in a tug-of-war with the market supported by geopolitical uncertainty and weighed down by the Fed's hawkish monetary policy stance.

According to some analysts, if gold is to maintain its current luster, the price needs to decisively break above $2,000.

The World Gold Council (WGC) said that China's gold demand will remain strong for the remainder of 2023, as domestic prices for the safe-haven asset surged to record highs amid the strongest investment demand in more than two years.

In its latest gold market outlook report, the World Gold Council (WGC) stated that demand for gold bars and coins in China increased by 16% year-on-year in the third quarter of 2023 and is expected to remain strong in the final three months of the year. Economic and political uncertainties, currency fluctuations, and central bank reserve holdings are all driving the wave of gold buying.

WGC emphasized: “The fragility of the domestic economic recovery, coupled with increasing global geopolitical risks, could continue to support safe-haven demand for gold among Chinese investors.”

Gold demand has remained stable throughout the year, performing well despite the headwinds of high interest rates and a strong US dollar. Looking ahead, with rising geopolitical tensions and expectations of continued central bank buying, gold demand could unexpectedly surge.”

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