Gold price today: Fluctuating, waiting for new moves

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

ANTD.VN - Domestic and international SJC gold prices are showing a slight fluctuation while waiting for inflation data to be released this weekend.

This morning, domestic gold prices fluctuated slightly. Most businesses adjusted the buying price up but decreased the selling price.

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

DOJI Group also made a similar price adjustment, accordingly, SJC gold is listed at 71.75 - 74.25 million VND/tael.

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

Gold price this morning did not fluctuate much

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

Specifically, SJC 99.99 rings are listed at 61.95 - 63.05 million VND/tael; PNJ Gold is listed this morning at 61.90 - 62.95 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold is 62.78 - 63.83 million VND/tael...

In the world market, gold prices are also "stuck" in a narrow range around 2,030 USD/ounce while waiting for new data on inflation.

According to experts, uncertainty around rates, growth and geopolitics is giving the precious metal some long-term appeal.

In the Fed’s recently released minutes, analysts found a relatively negative outlook for the world’s largest economy. For example, slowing labor income growth and increased credit use could dampen consumer spending. Delinquency rates are rising for many types of consumer loans… In addition, some small businesses have seen tighter credit conditions and increased delinquencies…

This poses risks for banks. Looking at how gold performed during the banking crisis early last year, this would clearly be a potential support for gold.

However, traders do not appear to be too enthusiastic ahead of the latest inflation data due for release.

Stronger jobs data and hawkish comments from Fed officials have dampened the case for an early rate cut in March. With inflation data due later this week, investors may get a clearer picture of the Fed’s path forward.

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