Gold price at peak, difficult to maintain growth, experts say there is no reason to sell off

Gold prices today, November 30, 2023, recorded the third consecutive week of increase and the USD weakened on expectations that the Fed has ended its interest rate hike. Experts say that gold prices will most likely not be able to continue to increase, as unfavorable factors in the world are not enough for this commodity to maintain momentum.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/30 AND EXCHANGE RATE TODAY 11/30

1. PNJ - Updated: November 29, 2023 21:00 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	61,300 ▲700K	62,500 ▲700K
HCMC - SJC	72,300 ▼300K	73,600
Hanoi - PNJ	61,300 ▲700K	62,500 ▲700K
Hanoi - SJC	72,300 ▼300K	73,600
Da Nang - PNJ	61,300 ▲700K	62,500 ▲700K
Da Nang - SJC	72,300 ▼300K	73,600
Western Region - PNJ	61,300 ▲700K	62,500 ▲700K
Western Region - SJC	72,200	73,600 ▲100K
Jewelry gold price - PNJ rings (24K)	61,300 ▲700K	62,450 ▲700K
Jewelry Gold Price - 24K Jewelry	61,250 ▲750K	62,050 ▲750K
Jewelry Gold Price - 18K Jewelry	45,290 ▲560K	46,690 ▲560K
Jewelry Gold Price - 14K Jewelry	35,050 ▲440K	36,450 ▲440K
Jewelry Gold Price - 10K Jewelry	24,560 ▲310K	25,960 ▲310K

Domestic gold prices on the morning of November 29 increased rapidly following world developments, surpassing the old peak set in March last year.

At 10:00 a.m., Saigon Jewelry Company (SJC) increased its buying price by VND700,000 to VND73.2 million per tael. This is the highest buying price in SJC's history, surpassing the peak period in March 2022.

On the selling side, each tael of SJC gold increased by 900,000 VND compared to yesterday, up to 74.4 million VND, equal to last year's record level.

At other gold and silver trading systems, the price of SJC gold bars set a new record. At DOJI Gold and Gemstone Group, the price of gold bars increased to 73.2 million VND for buying and 74.6 million VND for selling. Phu Nhuan Jewelry Company (PNJ) listed the price at 73.2 - 74.5 million VND.

However, by early afternoon on November 29, the price of gold bars could not maintain this record level, falling back to below 74 million. By 4 p.m., SJC had decreased by 700,000 VND in both directions compared to early morning, down to 72.5 - 73.7 million VND per tael. DOJI also decreased by 800,000 VND in both directions, down to 72.2 - 73.7 million VND.

World gold prices recorded a third consecutive week of increase while the USD weakened on expectations that the US Federal Reserve (Fed) has ended its interest rate hike.

Weak US economic data is now bolstering investor confidence in a scenario where interest rates have peaked and the Fed will soon cut rates.

In the minutes of the November monetary policy meeting, Fed officials agreed that a rate hike would only be necessary if the process of reducing inflation in the coming time slowed down... Experts agree that precious metals are being greatly supported by expectations of this "pivot" of Fed policy.

Gold was also supported by demand from central banks and increased physical demand in Asia during the year-end holiday season. India imported more gold than expected in October, hitting a 31-month high.

According to TG&VN at 7:00 p.m. on November 29, the world gold price on the Kitco electronic trading floor was at 2,038.6 - 2,039.6 USD/ounce, down slightly by 1.9 USD compared to the previous session.

Gold price today November 30, 2023: Gold price anchors at peak, difficult to maintain growth, experts say there is no reason to sell off. (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of November 28:

Saigon Jewelry Company listed the price of SJC gold at 72.5 - 73.72 million VND/tael.

Doji Group currently lists the price of SJC gold at: 72.2 - 73.7 million VND/tael.

Phu Quy listed at: 72.5 - 73.7 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 72.5 - 73.68 million VND/tael; Rong Thang Long gold brand is traded at 61.98 - 62.08 million VND/tael; jewelry gold price is traded at 61.6 - 62.8 million VND/tael.

Gold prices could hit all-time highs

If gold's technical momentum remains at its current pace, prices could hit an all-time high within the next 10 days (as of November 28), said Nicky Shiels, head of metals strategy at MKS PAMP.

“Since the bottom/floor of $1,930/ounce, gold has increased by $8/day. If it keeps up, it will reach $2,100 in 10 days. The market has proven this trend,” Ms. Nicky Shiels emphasized.

She added that the gold rally comes as geopolitical safe-haven demand begins to wane and there is no clear bullish narrative in the market. However, the weakness in the US dollar and a sharp drop in US bond yields have helped the precious metal reach a six-month high.

Analysts say the dollar is losing momentum as investors expect the Fed to start cutting interest rates in the first half of next year.

“Gold is a tool to spot the Fed rate-cutting cycle. The gold market is facing many favorable factors and there is no reason to sell off,” said Ms. Shiels.

Assessing the domestic market, economic expert Dinh The Hien said that for a long time, the price of gold in Vietnam has been quite different from the world price. The increase in the price of gold in Vietnam depends on the world price of gold. The price of precious metals will be affected to a certain extent by factors of geopolitical instability both domestically and internationally.

"Most likely, the price of gold will not be able to continue to increase, because the unfavorable factors in the world are not enough for this commodity to continue to maintain its upward momentum. In the next few weeks, the price of gold will still tend to increase but not last more than 2-3 months, the price of gold will turn around or go sideways," Mr. Hien commented.

According to Mr. Hien, for those who have held gold for a long time or professional gold investors, this is also an opportunity to make a profit, or sell gold to switch to another investment channel.

Economist Dinh The Hien emphasized: "As for normal investors, if they intend to buy gold for speculation, holding more gold to wait for high prices during the period when gold prices are rising, it is very risky, leading to losses. Although gold prices may increase in the short term, there is also a high possibility of a sudden reversal."

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