Domestic gold prices continued to fall sharply this morning
Currently, the gold bar prices of the brands are listed specifically as follows:
SJC gold price in Hanoi and Da Nang is listed at 69.05 million VND/tael for buying and 70.07 million VND/tael for selling.
In Ho Chi Minh City, SJC gold is still being bought at the same level as in Hanoi and Da Nang but sold at 20,000 VND lower.
Thus, compared to early yesterday morning, the price of SJC gold bars has been adjusted down by 600,000 VND for buying and 300,000 VND for selling.
DOJI Gold in Hanoi has adjusted down 600,000 VND for buying and 400,000 VND for selling, down to 69 million VND/tael and 70 million VND/tael, respectively.
Domestic gold price today, November 5, decreased sharply (Illustration photo).
In Ho Chi Minh City, this brand of gold is being bought and sold at 50,000 VND higher than in Hanoi, down 550,000 VND for buying and 350,000 VND for selling.
Phu Quy SJC is buying gold bars at 69 million VND/tael and selling at 70 million VND/tael, down 650,000 VND for buying and 400,000 VND for selling.
PNJ gold bar price is listed at 69.4 million VND/tael for buying and 70.35 million VND/tael for selling, down 300,000 VND for buying and 50,000 VND for selling compared to early yesterday morning.
Meanwhile, Bao Tin Minh Chau adjusted down 700,000 VND in buying price and 430,000 VND in selling price to 69 million VND/tael and 69.95 million VND/tael, respectively.
World gold price today
According to Kitco, the world gold price recorded at 6:00 a.m. today, Vietnam time, was at 1,992.590 USD/ounce.
Converted at the current exchange rate at Vietcombank, the world gold price is about 58,223 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10,827 million VND/tael higher than the international gold price.
Gold is considered a safe haven asset during economic and social fluctuations. Gold prices rose after the US Bureau of Labor Statistics released data showing that the US job market contracted in October, specifically the number of new jobs created was only 150,000, lower than the forecast of 178,000.
The world gold price recorded at 6:00 a.m. today, Vietnam time, was at 1,992.590 USD/ounce. (Photo: Bloomberg)
At the same time, in that situation, the unemployment rate in the US increased to 3.9% in October. The synthesis of the data has assessed the current situation as completely alarming and disappointing, which is why the demand for gold from investors has increased.
Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said the Fed would not be able to maintain its hawkish stance if the labor market deteriorates. The data further reinforces the case that the Fed will stop raising interest rates, which will support gold.
In addition to the impact of the tense conflict in the Middle East, the USD index decreased by 1% and the yield on the 10-year US Treasury bond fell to its lowest level in more than a month, which are also factors and driving forces supporting the increase in gold prices.
“While peace is elusive at the moment, the situation is unlikely to escalate into regional conflict in the short term,” said Tai Wong, an independent metals trader based in New York. “Gold has been on a strong run over the past month and could see a further correction or even a modest pullback.”
Gold Price Forecast
Speaking about gold's recovery, Craig Erlam, senior market analyst at OANDA, said that the $2,000/ounce level is a major psychological barrier for gold and momentum indicators show that breaking this resistance level is not easy.
Recent geopolitical uncertainty has boosted safe-haven demand for gold, helping it gain 7% in October. However, experts say geopolitical concerns are not attracting long-term investors and gold's rally appears to be running out of steam.
However, in the long term, analysts are optimistic that the precious metal will still be supported by healthy demand from central banks, concerns about economic recession, and the trend of de-dollarization. There are growing concerns that the global economy is still on track to fall into recession despite the recovery of US consumption.
PHAM DUY
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