Gold prices today: Fluctuating, awaiting further developments.

11/01/2024 10:44 Nhat Linh Print article

ANTD.VN - Domestic SJC gold prices, as well as world gold prices, are showing a slight sideways trend while awaiting inflation data to be released later this week.

This morning, domestic gold prices fluctuated slightly. Most businesses adjusted their buying prices upwards but lowered their selling prices.

Specifically, Saigon Jewelry Company (SJC) increased the price of gold bars by 300,000 VND/ounce for buying, but decreased the price by 200,000 VND/ounce for selling, trading at 71.80 - 74.32 million VND/ounce.

DOJI Group also made a similar price adjustment, with SJC gold now listed at 71.75 - 74.25 million VND/ounce.

Meanwhile, Phu Quy Group reduced the buying price by 400,000 VND/ounce and the selling price by 250,000 VND/ounce, listing at 71.50 - 74.30 million VND/ounce; Bao Tin Minh Chau listed at 71.80 - 74.25 million VND/ounce…

Gold prices remained stable this morning.

Non-SJC gold also tended to decrease today, with a drop of about 100-150 thousand VND per tael.

Specifically, SJC 99.99 gold rings are listed at 61.95 – 63.05 million VND/ounce; PNJ gold is listed this morning at 61.90 – 62.95 million VND/ounce; Bao Tin Minh Chau's Thang Long Dragon gold is 62.78 – 63.83 million VND/ounce…

On the global market, gold prices are also "stuck" in a narrow range around $2,030 per ounce while awaiting new inflation data.

According to experts, the uncertainty surrounding exchange rates, growth, and geopolitics is making this precious metal particularly attractive in the long term.

In the Fed's newly released minutes, analysts noted a relatively negative outlook on the world's largest economy. For example, slowing labor income growth and increased credit usage could lead to a decline in consumer spending. The rate of delinquency is rising for many types of consumer loans… In addition, some small businesses have seen tighter credit conditions and increasing delinquency…

This poses risks for banks. Looking at what gold demonstrated during the banking crisis early last year, it's clear this would be a potential support for gold.

However, for the time being, traders don't seem overly anxious as the latest inflation data is about to be released.

Currently, stronger employment data and somewhat hawkish statements from Fed officials are somewhat shaking the likelihood of the Fed cutting interest rates as early as March. With inflation data released later this week, investors may gain a clearer picture of the Fed's future path.

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