ANTD.VN - The recovery of world gold prices has pushed domestic gold prices up, in which SJC gold continues to consolidate firmly at the threshold of over 70 million VND/tael.
SJC gold prices today increased quite strongly, businesses simultaneously increased by 200 thousand VND per tael in both buying and selling directions.
Specifically, at 9:00 a.m., Saigon Jewelry Company (SJC) listed the price of SJC gold brand at 69.30 - 70.32 million VND/tael; DOJI Group listed the price at 69.30 - 70.30 million VND/tael; Phu Quy SJC 69.30 - 70.30 million VND/tael; Bao Tin Minh Chau 69.42 - 70.25 million VND/tael...
Non-SJC gold also increased slightly. PNJ Company increased by 100 thousand VND per tael of gold, to 58.60 - 59.60 million VND/tael; SJC 99.99 rings also increased by 50 thousand VND per tael, to 58.55 - 59.55 million VND/tael; Bao Tin Minh Chau's Thang Long Gold Dragon round ring is 58.93 - 59.88 million VND/tael...
Gold prices increase both domestic and world markets |
In the world, after a sharp decline in the previous session, the spot gold price in the US market on November 9 (last night, early this morning, Vietnam time) recovered slightly, with an increase of 8.4 USD/ounce, to 1,958.2 USD/ounce at the close of the session.
The precious metal’s uptrend was largely driven by renewed buying as prices eased after some recent technical selling pressure. Key external markets also appeared “friendly” to gold, with the US dollar index slightly weaker and crude oil prices rising modestly.
The big news of the day is Federal Reserve Chairman Jerome Powell's speech to the International Monetary Fund. The Fed chief said he and policymakers are encouraged by the slowdown in inflation, but he is not sure whether the Fed can sustain the decline.
“The Federal Open Market Committee (FOMC) is committed to maintaining a stance of monetary policy that is sufficient to bring inflation down to 2% over time. We do not have much confidence that we will achieve that,” he said, predicting that the path to bringing inflation to 2% on a sustained basis is a long one.
Stocks fell after the Fed chairman's speech, which benefited gold. However, a sharp rise in US Treasury yields limited gold's gains.
In other news, weaker Chinese economic data was a headwind for the precious metal, as China is one of the largest consumers of gold.
Specifically, China's consumer and manufacturing inflation fell into deflationary territory last month, raising expectations that the world's second-largest economy needs more government stimulus.
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