LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, NOVEMBER 30TH
| 1. PNJ - Updated: 29/11/2023 21:00 - Time on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 61,300 ▲700K | 62,500 ▲700K |
| Ho Chi Minh City - 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 |
| Prices of gold jewelry - PNJ rings (24K) | 61,300 ▲700K | 62,450 ▲700K |
| Gold jewelry prices - 24K jewelry | 61,250 ▲750K | 62,050 ▲750K |
| Gold jewelry prices - 18K jewelry | 45,290 ▲560K | 46,690 ▲560K |
| Gold jewelry prices - 14K jewelry | 35,050 ▲440K | 36,450 ▲440K |
| Gold jewelry prices - 10K jewelry | 24,560 ▲310K | 25,960 ▲310K |
Domestic gold prices rose sharply on the morning of November 29th, following global trends, surpassing the previous peak set in March last year.
As of 10:00 AM, Saigon Jewelry Company (SJC) increased its buying price by 700,000 VND to 73.2 million VND per tael. This is the highest buying price in SJC's history, surpassing even the peak period of March 2022.
On the selling side, each SJC gold bar increased by 900,000 VND compared to yesterday, reaching 74.4 million VND, matching last year's record high.
At other gold and silver trading systems, the price of SJC gold bars reached a new record high. At DOJI Gold and Gemstone Group, the price of gold bars rose to 73.2 million VND for buying and 74.6 million VND for selling. Phu Nhuan Jewelry Company (PNJ) listed prices at 73.2 - 74.5 million VND.
However, by early afternoon on November 29th, the price of gold bars failed to maintain this record high, falling back below 74 million VND. By 4 PM, SJC gold had decreased by 700,000 VND in both buying and selling prices compared to the morning, down to 72.5 - 73.7 million VND per tael. DOJI also decreased by 800,000 VND in both buying and selling prices to 72.2 - 73.7 million VND.
Global gold prices recorded their third consecutive week of gains, while the US dollar weakened amid expectations that the Federal Reserve (Fed) has ended its interest rate hike cycle.
Weak US economic data is currently reinforcing 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 raising interest rates would only be necessary if the pace of inflation reduction slowed down in the coming period... Experts agree that precious metals are receiving significant support from expectations of this Fed policy "pivot".
In addition, gold is also supported by demand from central banks and increased demand for physical gold in Asia during the year-end holiday season. In October, India imported more gold than expected, reaching its highest level in 31 months.
According to TG&VN 's report at 7 PM on November 29th, the world gold price on the Kitco electronic trading platform was at 2,038.6 - 2,039.6 USD/ounce, a slight decrease of 1.9 USD compared to the previous session.
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| Gold price today, November 30, 2023: Gold price remains at its peak, struggling to maintain upward momentum; experts say there is no reason to panic sell. (Source: Kitco) |
Summary of SJC gold prices at major domestic gold trading brands at the close of trading on November 28:
Saigon Jewelry Company listed the price of SJC gold at 72.5 - 73.72 million VND/ounce.
Doji Group currently lists the price of SJC gold at: 72.2 - 73.7 million VND/ounce.
Phu Quy listed gold at: 72.5 - 73.7 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 72.5 - 73.68 million VND/ounce; the Thang Long Dragon gold brand is trading at 61.98 - 62.08 million VND/ounce; and the price of gold jewelry is trading at 61.6 - 62.8 million VND/ounce.
Gold prices could reach an all-time high.
Nicky Shiels, head of metals strategy at MKS PAMP, said that if gold's technical momentum continues at its current pace, prices could reach an all-time high within the next 10 days (as of November 28).
Nicky Shiels emphasized: “Since hitting a low of $1,930 per ounce, gold has risen $8 a day. If it maintains this pace, the price will reach $2,100 in 10 days. The market has proven this trend.”
She further noted that the gold rally occurred as geopolitical safe-haven demand began to weaken and there was no clear bullish narrative in the market. Nevertheless, the weakening US dollar and sharply falling US bond yields helped the precious metal reach its highest level in six months.
Analysts believe the USD is losing momentum as investors expect the Fed to begin cutting interest rates in the first half of next year.
Shiels said, "Gold is a tool to detect the Fed's interest rate cut cycle. The gold market is facing many favorable factors and there is no reason to sell off."
Assessing the domestic market, economist Dinh The Hien noted that the price of gold in Vietnam has long differed significantly from the world price. The increase in the price of gold in Vietnam depends on the world price. The price of the precious metal will be significantly affected by geopolitical instability both internationally and domestically.
"Most likely, gold prices will not be able to continue rising, as unfavorable global factors are not sufficient to sustain this upward trend. In the next few weeks, gold prices will still trend upwards, but this will not last for more than 2-3 months, after which gold prices will reverse or stabilize," 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 other investment channels.
Economist Dinh The Hien emphasized: "For ordinary investors, if they intend to buy gold for short-term speculation, hoarding gold to wait for higher prices during a period of rising gold prices is very risky and can lead 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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