Gold price movements today show that domestic gold rings were adjusted up this morning.

At 10:12 a.m. , Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 79.3-81.8 million VND/tael (buy - sell), an increase of 200,000 VND/tael in the buying direction and unchanged in the selling direction compared to the opening price this morning.

Doji Gold and Gemstone Group also raised the price of 9999 gold rings to 80.7-82.7 million VND/tael (buy - sell), an increase of 600 thousand VND/tael in both buying and selling compared to early this morning.

At the beginning of this morning's trading session , Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 79.1-81.8 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the end of yesterday's session.

Similarly, Doji Gold and Gemstone Group raised the buying price of 9999 gold rings to VND80.1 million/tael, an increase of VND200,000/tael compared to yesterday's closing price, and kept the selling price unchanged at yesterday's closing price, at VND82.1 million/tael.

Buy (VND/tael) Increase/decrease Sell (VND/tael) Increase/decrease
SJC 79,300,000 + 300,000 81,800,000 + 100,000
Doji 80,700,000 + 800,000 82,700,000 + 600,000

              SJC and Doji gold ring price list updated on the morning of November 15

At the beginning of the trading session on November 15 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 83.5 million VND/tael (selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:36 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:32 a.m. as follows:

Buy (VND/tael) Increase/decrease Sell (VND/tael) Increase/decrease
SJC HCMC 80,000,000 0 83,500,000 0
Doji Hanoi 80,000,000 0 83,500,000 0
Doji HCMC 80,000,000 0 83,500,000 0

                        SJC and Doji gold bar price list updated early morning November 15

The central exchange rate on November 15, 2024 announced by the State Bank is 24,298 VND/USD, an increase of 8 VND compared to the previous trading session. The USD price at commercial banks this morning (November 15) was commonly listed at 25,160 VND/USD (buy) and 25,512 VND/USD (sell).

At 8:36 a.m. today (November 15, Vietnam time) , the world spot gold price was at 2,569 USD/ounce, up 14 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,573.9 USD/ounce.

On the morning of November 15 , the world gold price converted to USD bank price was nearly 79.8 million VND/tael, including tax and fees, about 3.7 million VND/tael lower than the domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (November 14, Vietnam time) was trading at over $2,555/ounce, down 1.1% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at $2,558.5/ounce.

At the beginning of the trading session on November 14 (US time), the world gold price continued to decrease, in the context that the US announced that the number of unemployment benefit applications was 217,000, lower than the previous expectation of 223,000. This should have been beneficial for the gold price because it affected the possibility that the US Federal Reserve (Fed) would cut interest rates once again in December.

However, gold prices remained under pressure as the US dollar was at a seven-month high and US Treasury yields rose sharply after a report from the US Labor Department showed that consumer prices in October increased.

The DXY index, which measures the US dollar against a basket of major currencies, was above 106, up 0.35% from the previous day.

Screenshot 2024 11 05 112635.png
Gold is under pressure to decrease in price due to the strong increase of USD. Photo: HH

Zain Vawda, a market analyst at OANDA, assessed that after the consumer price data report, the market is still expecting the Fed to likely cut another 25 basis points in December.

According to Chris Weston, research director at Pepperstone Group Ltd, the long-term gold market is greatly influenced by the Fed's interest rate cutting cycle, central bank gold purchases and geopolitical and economic risks that boost safe-haven demand.

Carsten Menke, an analyst at Julius Baer Bank, said the long-term upward trend in gold is driven by the shift away from the US dollar by central banks in emerging economies.

Domestically, at the end of the session on November 14, the price of 9999 gold bars at SJC and Doji was 80 million VND/tael (buy) and 83.5 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 79-81.7 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 79.8-82.1 million VND/tael (buy - sell).

Gold Price Forecast

According to CME's FedWatch tool, traders are expecting a 79.1% chance of the Fed cutting interest rates at its December 18 meeting and 20.9% think it will keep interest rates unchanged at the current time.

Zain Vawda predicts that as the US enters a new presidential term, the Fed may pause its easing cycle if inflation spikes after the new round of tariffs. He believes that in the short term, gold prices are likely to recover slightly, but will then fall again.

Jim Wyckoff, senior market analyst at Kitco, predicts that gold will recover to $2,700/ounce in the near future; if it fails to recover, the precious metal could stand firm at $2,500/ounce.

Gold prices fluctuate between brands, should people buy or sell? Domestic gold prices fluctuated between major businesses this afternoon. While PNJ, Phu Quy,... sharply decreased by 400 thousand VND/tael, Bao Tin Minh Chau increased by 660 thousand VND/tael.