ANTD.VN - International efforts to find peace in the Middle East are cooling down the demand for safe havens. Gold prices are therefore also facing some profit-taking pressure in the market.
In the domestic market, this morning, gold prices turned down quite sharply after yesterday's increase. At 9:30 a.m., Saigon Jewelry Company (SJC) listed the price of SJC gold brand at 69.60 - 70.42 million VND/tael, an increase of 200 thousand VND/tael compared to the previous closing price. However, this price is equal to the opening price of yesterday's session.
DOJI Group listed the price at 69.60 - 70.35 million VND/tael, down 100,000 VND per tael for buying and 200,000 VND per tael for selling compared to yesterday's closing price;
Phu Quy SJC listed early this morning at 69.60 - 70.40 million VND/tael, down 150 thousand VND/tael for buying, down 200 thousand VND/tael for selling; Bao Tin Minh Chau also decreased to 69.62 - 70.38 million VND/tael...
Non-SJC gold also recorded a common decrease of about 100 - 150 thousand VND per tael. Accordingly, PNJ gold price decreased to 58.70 - 59.80 million VND/tael; SJC 99.99 ring 58.75 - 59.75 million VND/tael; Bao Tin Minh Chau Thang Long Gold Dragon round ring 59.08 - 60.03 million VND/tael...
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Gold price slightly adjusted today |
Domestic gold prices fell amid world gold prices adjusting after the previous strong increase.
In the trading session on November 15 (last night, early this morning Vietnam time), the spot gold price in the New York market decreased slightly by 3.5 USD per ounce, closing at 1,959.2 USD/ounce.
Gold prices were only marginally weaker as investors took some profit after last week’s gains and took advantage of Wednesday’s strong rebound. A rebound in the US dollar index and a mid-week rise in US Treasury yields were the daily negative influences from the external markets on the yellow metal.
Gold prices fell after US retail sales beat market expectations in October, while the September report also showed an upward revision.
According to the latest data from the US Department of Commerce, the country's retail sales fell 0.1% last month after an upward revision to 0.9% (from 0.7%) in September. This figure was more optimistic than the consensus forecast of economists for a 0.3% decline in October. These data have somewhat strengthened the USD after the previous session's sharp decline.
The UK also received some better news on inflation, with inflation rising 4.6% year-on-year in October, after rising 6.7% in September. October's CPI increase was the slowest in the UK for two years. Some analysts now believe the better inflation data will end the Bank of England's interest rate hike cycle.
While the prospect of monetary tightening by major economies is supportive of gold, the shine has faded recently as tensions between Israel and Hamas have been somewhat contained and international efforts to find peace have been stepped up.
World gold prices have fallen about 3% from the peak set during the conflict.
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