The gold market has seen some notable volatility over the past week. Gold prices surged to an all-time high, surpassing $2,800 an ounce, as investors bought into the news of the White House race between former President Donald Trump and Vice President Kamala Harris, as well as tensions in the Middle East.
According to experts, gold prices fit the “buy the rumor and sell the fact” model, and may sell off when official news is released, reducing uncertainty about the US political landscape. Meanwhile, gold still maintains important support levels, from $2,400/ounce in August to $2,600/ounce in October.
Along with election concerns, gold is also supported by a slowing US economy and labor market, with just 12,000 new jobs added in October, much lower than expected. Inflation continues to rise, with the core personal consumption expenditure index at 2.7% over the past three months, which could prompt the Fed to consider further rate cuts.
(Illustration: Niscka)
Gold price movements today
+ Domestic gold price
At 6:30 a.m. on November 3, the price of gold bars at Doji and SJC was listed at 87.5/tael for buying and 89.5 million VND/tael, down 500,000 VND/tael compared to the most recent trading session.
Meanwhile, the price of SJC 9999 gold rings is listed at 87.4 million VND/tael for buying and 88.9 million VND/tael for selling, down 300,000 VND in both directions compared to last week.
+ International gold price
The world gold price listed on Kitco was at 2,736.5 USD/ounce, down 11 USD/ounce. Gold futures last traded at 2,746 USD/ounce, down 10.9 USD compared to early this morning.
Gold Price Forecast
According to the World Gold Council (WGC) quarterly report, the total value of global gold demand exceeded the $100 billion mark for the first time in the third quarter. Global gold demand also reached an all-time high in the quarter, with 1,313 tonnes, up 5% year-on-year.
WGC believes that with the trend of interest rate reduction in Western central banks, gold prices will continue to be supported in the coming time.
Joseph Cavatoni, a strategist at WGC, said that the Fed's easing cycle has completely changed the landscape of gold prices. A stable easing cycle has encouraged investors to return to gold. The market still has many opportunities to increase prices.
Meanwhile, trading director at Heraeus Metals Germany Dominik Sperzel predicts that gold prices will hit $3,000 next year, due to concerns about the outlook in emerging economies, buying power from gold ETFs and post-election market corrections.
Source: https://vtcnews.vn/gia-vang-hom-nay-3-11-ket-tuan-tang-kich-tran-ar905337.html
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