ANTD.VN - World gold prices increased slightly thanks to bottom-fishing buying pressure after a sharp decline last week. Domestically, SJC gold also continued to consolidate.
This morning, in the domestic market, the price of SJC gold increased quite strongly, businesses simultaneously increased by 200 - 250 thousand VND per tael.
Specifically, at 9:00 a.m., Saigon Jewelry Company (SJC) listed the price of SJC gold brand at 69.70 - 70.52 million VND/tael; DOJI Group listed the price at 69.65 - 70.50 million VND/tael; Phu Quy SJC 69.50 - 70.50 million VND/tael; Bao Tin Minh Chau 69.68 - 70.48 million VND/tael...
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Gold prices increase in both world and domestic markets |
Non-SJC gold also increased slightly. PNJ Company increased by 100 thousand VND per tael of gold, to 58.60 - 59.70 million VND/tael; SJC 99.99 rings also increased by 50 thousand VND per tael, to 58.60 - 59.60 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold round rings remained at 58.93 - 59.88 million VND/tael...
In the world, the spot gold price in the US market in the first session of the week (last night, early this morning Vietnam time) recovered slightly by more than 7 USD per ounce, closing the session at 1,945.8 USD/ounce.
Gold prices edged up as some short selling by short-term futures traders was met with bargain hunting after recent selling pressure pushed the precious metal to a four-week low.
However, risk appetite has been gradually returning to the general market recently as there has been no major military escalation in the Israel-Hamas war, reducing gold's safe-haven role.
The US will release its consumer price index report for October today, which is forecast to have risen 3.3% year-on-year, compared to a 3.7% increase in September. The core CPI is forecast to have risen 4.1%, the same as the 4.1% seen in the September report.
According to experts, if actual data shows higher-than-expected inflation, gold may fall again because that increases the possibility of a rate hike by the US Federal Reserve (Fed). However, if the data matches the forecast, gold will continue to consolidate its upward momentum.
Gold prices had fallen 3% last week and lost about $60 as safe-haven demand cooled and as hawkish comments from Fed Chairman Jerome Powell dampened expectations of a rate cut.
According to the CME FedWatch tool, the market is pricing in an 85% chance that the US central bank will keep interest rates unchanged at its December meeting and a 75% chance that they will cut interest rates in July next year.
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