LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/2 and EXCHANGE RATE TODAY 11/2
| 1. PNJ - Updated: 11/01/2023 22:30 - Time of website supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 58,400 ▼300K | 59,500 ▼300K |
| HCMC - 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 |
| Jewelry gold price - PNJ rings (24K) | 58,400 ▼300K | 59,400 ▼300K |
| Jewelry Gold Price - 24K Jewelry | 58,300 ▼200K | 59,100 ▼200K |
| Jewelry Gold Price - 18K Jewelry | 43,080 ▼150K | 44,480 ▼150K |
| Jewelry Gold Price - 14K Jewelry | 33,320 ▼120K | 34,720 ▼120K |
| Jewelry Gold Price - 10K Jewelry | 23,340 ▼80K | 24,740 ▼80K |
The domestic gold price closed the trading session on November 1 at over 70,000 VND/tael. Specifically, Saigon Jewelry Company listed the price of SJC gold at 70.05 - 70.77 million VND/tael. Meanwhile, Doji Group currently lists the price of SJC gold at: 70.00 - 70.75 million VND/tael.
The world gold price has turned around and plummeted, losing the $2,000/ounce mark. The international gold market weakened after the consumer confidence index in the US dropped. This has boosted the demand for holding USD, helping this currency increase sharply.
On the other hand, the Bank of Japan (BoJ) kept interest rates unchanged and created conditions for the 10-year Japanese government bond (JGB) to increase by more than 1%, which also caused the USD to appreciate further against the Yen. Today's gold price faces additional unfavorable factors.
The continued rise in US stocks has attracted cash flow into stocks, negatively affecting the world's gold price today.
In addition, the US Federal Reserve (Fed) is said to be ready to keep interest rates stable at the highest level in 22 years, while leaving open the possibility of raising interest rates as soon as December if economic growth remains stable.
Fed Chairman Jerome Powell suggested officials want to assess more data on the world's largest economy, where inflation remains well above the 2% target and economic growth is near a two-year high.
According to TG&VN at 7:30 p.m., the world gold price on Kitco was trading at 1,984.7 - 1,985.7 USD/ounce.
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| Gold price today November 2, 2023: Gold price is still fluctuating, to keep its shine, the market must do this. (Source: Twitter) |
Summary of SJC gold prices at major domestic trading brands at the closing time of November 1:
Saigon Jewelry Company listed the price of SJC gold at 70.05 - 70.77 million VND/tael.
Doji Group currently lists SJC gold price at: 70.00 - 70.75 million VND/tael.
Phu Quy Group currently lists the price of SJC gold at: 69.85 - 70.75 million VND/tael.
PNJ system listed at: 70.15 - 70.90 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 70.08 - 70.73 million VND/tael; Rong Thang Long gold brand is traded at 58.78 - 59.73 million VND/tael; jewelry gold price is traded at 58.35 - 59.55 million VND/tael.
China's gold demand remains strong
According to experts, gold prices are "dancing" due to the "heat" from the conflict in the Middle East between Hamas and Israel.
In addition, some major economies in Asia such as China and Singapore bought additional gold to add to their foreign exchange reserves in preparation for the Lunar New Year; people in some countries switched to buying gold for storage and long-term investment.
Precious metals remain in a tug-of-war with markets supported by geopolitical uncertainty and weighed down by the Fed's "hawkish" monetary policy stance, noted Ricardo Evangelista, senior analyst at ActivTrades.
According to some analysts, if gold is to maintain its current luster, prices need to decisively break above $2,000.
China's gold demand will remain strong for the rest of 2023, the World Gold Council (WGC) said, as domestic prices for the safe-haven asset surge to a record amid the strongest investment demand in more than two years.
In its latest gold market outlook, the WGC said demand for gold bars and coins in China rose 16% year-on-year in the third quarter of 2023 and will remain strong in the final three months of this year. Economic and political uncertainties, currency fluctuations and central bank reserves have all fueled the gold buying spree.
“The fragility of the domestic economic recovery, coupled with rising global geopolitical risks, could continue to support safe-haven demand for gold among Chinese investors,” the WGC stressed.
Gold demand has been steady this year, performing well against the headwinds of higher interest rates and a strong US dollar. Looking ahead, with rising geopolitical tensions and expectations of continued central bank buying, demand could surprise.”
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