Gold price loses strong resistance, growth momentum will weaken "sooner or later"

Gold prices today, October 28, 2023, continue to rise as the conflict in the Middle East is causing investors to seek safe havens. Experts say that gold prices are currently rising against the current and the upward momentum may weaken "sooner or later".

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 28 AND EXCHANGE RATE TODAY OCTOBER 28

1. PNJ - Updated: October 28, 2023 01:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,300	59,400
HCMC - SJC	70,100	70,900
Hanoi - PNJ	58,300	59,400
Hanoi - SJC	70,100	70,900
Da Nang - PNJ	58,300	59,400
Da Nang - SJC	70,100	70,900
Western Region - PNJ	58,300	59,400
Western Region - SJC	69,500	70,650
Jewelry gold price - PNJ rings (24K)	58,300	59,350
Jewelry Gold Price - 24K Jewelry	58,200	59,000
Jewelry Gold Price - 18K Jewelry	43,000	44,400
Jewelry Gold Price - 14K Jewelry	33,270	34,670
Jewelry Gold Price - 10K Jewelry	23,290	24,690

Domestic gold prices continued to increase by 50,000 - 100,000 VND/tael, approaching the mark of 71 million VND/tael.

At the end of the trading session on the afternoon of October 27, the price of SJC gold in Hanoi was traded at 69.90 million VND/tael for buying and 70.80 million VND/tael for selling.

DOJI gold price in Hanoi is 70 million VND/tael for buying and 70.8 million VND/tael for selling (an increase of 100,000 VND/tael for both buying and selling compared to yesterday's price).

The price of Phu Quy SJC gold bars is also listed at 70.10 million VND/tael for buying (up 150,000 VND/tael) and 70.85 million VND/tael for selling (up 100,000 VND/tael).

World gold prices fell slightly after a better-than-expected US economic report. The market leaned toward monetary policy hawks, with many views supporting the US Federal Reserve (Fed) to continue raising interest rates.

According to published data, the US Gross Domestic Product (GDP) in the third quarter of 2023 is estimated to have increased by 4.9%. Inflation has been controlled. The US Department of Commerce said that orders for durable goods increased by 4.7% (equivalent to 13.2 billion USD) in September. This figure increased higher than economists' forecasts.

Better-than-expected U.S. economic data boosted the dollar, supporting Treasury yields, which significantly reduced the appeal of non-yielding assets like gold.

Meanwhile, the European Central Bank (ECB) held its regular monetary policy meeting. The ECB kept interest rates unchanged as expected.

According to TG&VN at 7:30 p.m. on October 27, the world gold price on the trading floor was at 1,982 - 1,983 USD/ounce, down 2.5 USD compared to the previous trading session.

Gold price today October 28, 2023: Gold price lost strong resistance, the uptrend will weaken 'sooner or later'. (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 27:

Saigon Jewelry Company listed the price of SJC gold at 70.00 - 70.80 million VND/tael.

Doji Group currently lists SJC gold price at: 69.90 - 70.80 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 69.95 - 70.75 million VND/tael.

PNJ system listed at: 70.10 - 70.85 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 70.02 - 70.70 million VND/tael; Rong Thang Long gold brand is traded at 58.05 - 59.25 million VND/tael; jewelry gold price is traded at 58.48 - 59.43 million VND/tael.

Gold's rally will weaken

Edward Moya, senior market analyst at OANDA, said the data paints a picture of a very strong US economy, reinforcing the narrative that the Fed may need to raise interest rates more, which is negative for gold.

However, the expert expressed surprise at the strength of the precious metal. "I'm surprised that we haven't seen a sharp decline in gold prices. I think investors are seeing that geopolitical risks are not going away anytime soon," he stressed.

Gold has rallied 9% over the past two weeks as investors sought refuge from the potential fallout from the Israel-Hamas conflict. However, the lingering prospect of higher interest rates has tempered any upside in non-interest-bearing bullion.

Gold - a safe haven asset used to hedge against political and economic uncertainty - will lose its appeal if interest rates rise, experts say.

Gold is currently on the uptrend and the rally could wane “sooner or later,” said Alex Kuptsikevich, senior market analyst at online trading platform FxPro. The precious metal is near overbought territory, making the market vulnerable to a reversal under pressure from high bond yields.

According to experts, the price of 1,985 USD/ounce is a strong resistance level, so the price of gold may adjust at this level. If it breaks through, the precious metal will approach the 2,000 USD threshold.

Looking ahead, the outlook for gold remains fairly balanced. The outlook for the dollar is seen as unpredictable and largely depends on whether the US economy enters a recession, how quickly inflation falls and what the Fed does.

Source