SJC gold price is stable, should we "surf"? The world predicts it will suddenly increase to 2,400 USD?

Gold price today, November 11, 2023, in the world market, went against the domestic trend, testing the support level of 1,950 USD/ounce. Experts say that the precious metal is undervalued by up to 20%.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/11 and EXCHANGE RATE TODAY 11/11

1. PNJ - Updated: 11/10/2023 23:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,600 ▲100K	59,600 ▲100K
HCMC - SJC	69,400 ▲200K	70,450 ▲250K
Hanoi - PNJ	58,600 ▲100K	59,600 ▲100K
Hanoi - SJC	69,400 ▲200K	70,450 ▲250K
Da Nang - PNJ	58,600 ▲100K	59,600 ▲100K
Da Nang - SJC	69,400 ▲200K	70,450 ▲250K
Western Region - PNJ	58,600 ▲100K	59,600 ▲100K
Western Region - SJC	69,200 ▲200K	70,250 ▲200K
Jewelry gold price - PNJ rings (24K)	58,600 ▲100K	59,500 ▲100K
Jewelry Gold Price - 24K Jewelry	58,400 ▲100K	59,200 ▲100K
Jewelry Gold Price - 18K Jewelry	43,150 ▲70K	44,550 ▲70K
Jewelry Gold Price - 14K Jewelry	33,380 ▲60K	34,780 ▲60K
Jewelry Gold Price - 10K Jewelry	23,380 ▲40K	24,780 ▲40K

Domestic gold prices continued to rise in the trading session on November 10. Saigon Jewelry Company (SJC) listed the buying price of gold bars at VND69.3 million/tael and the selling price at VND70.3 million/tael, an increase of VND200,000/tael compared to the end of yesterday.

The price of jewelry gold and 24K gold rings of all kinds is traded around 58.55 million VND/tael for buying, 59.55 million VND/tael for selling, an increase of 150,000 VND/tael.

Doji Group also listed the price of SJC gold at: 69.30 - 70.30 million VND/tael, an increase of 200,000 VND/tael compared to the end of yesterday.

Domestic gold prices fluctuate continuously, but according to analysts, it is very difficult to “surf” because it is unpredictable and businesses widen the buying and selling price range of SJC gold and gold rings by millions of VND/tael. In times of strong fluctuations, the buying and selling price range is even pushed up to 1.5 million VND/tael, pushing more risks to investors.

World gold prices reversed domestic prices, going down in the trading session on November 10. According to TG&VN at 7:30 p.m. on November 10, world gold prices on Kitco News fluctuated at 1,947.8 - 1,948.8 USD/ounce, down 10.4 USD compared to the previous trading session.

A strong US dollar index and rising US Treasury yields are negative factors for gold.

The yield on the benchmark 10-year U.S. Treasury note was at 4.533%. Federal Reserve officials said the agency has not yet set a date for a rate cut.

The stability of the Middle East has not had a major impact on the gold market. Meanwhile, in China, the economy is facing consumer inflation and production is falling into deflation.

China's consumer price index fell 0.2% year-on-year in October, while the producer price index fell 2.6% in the same period. Food prices fell 4.0% in October, led by a 30% drop in pork prices. Pork is a major consumer item in China. The latest data is bearish for gold, as China is the largest consumer of gold.

Giá vàng hôm nay 22/9, vốn chạy khỏi chứng khoán đi đâu? (Nguồn: Coinwweek)

Gold price today November 11, 2023: SJC gold price is stable, should we 'surf'? The world forecasts a sudden increase to 2,400 USD? (Source: Coinwweek)

Summary of SJC gold prices at major domestic trading brands at the closing time of November 10:

Saigon Jewelry Company listed the price of SJC gold at 69.30 - 70.32 million VND/tael.

Doji Group currently lists the price of SJC gold at: 69.30 - 70.30 million VND/tael.

Phu Quy Group listed at: 69.30 - 70.30 million VND/tael.

PNJ system listed at: 69.20 - 70.20 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.32 - 70.28 million VND/tael; Rong Thang Long gold brand is traded at 59.03 - 59.98 million VND/tael; jewelry gold price is traded at 58.55 - 59.75 million VND/tael.

Will gold price reach $2,100/ounce?

British research firm Capital Economics predicts gold prices will end next year at around $2,100 an ounce. Keiran Tompkins, commodities economist at Capital Economics, said the Israel-Hamas conflict is not expected to prevent the Fed from cutting interest rates next year.

The bullish outlook comes as safe-haven demand has pushed gold prices back to $2,000 an ounce, with the precious metal now testing key support at $1,950 an ounce as geopolitical concerns begin to ease.

Sharing the same view, in a recent interview with BNN Bloomberg , Mr. Philip Petursson, Chief Investment Strategist at IG Wealth Management said that even at $2,000/ounce, gold is still likely to continue to rise and gold prices will increase significantly next year.

“Gold has been weighed down by the strength of the US dollar for much of this year. They tend to be inversely correlated, so when the US dollar strengthens, the precious metal tends to weaken a little bit,” said Mr. Petursson.

Assuming the USD depreciates from here, and I think that's a fundamental possibility going into 2024, that's positive for gold.”

This expert informed that IG Wealth Management believes that gold is undervalued by up to 20%.

“Once we get to this level and break through, solidly break above $2,000, we think gold can move higher to potentially $2,400,” said Petursson.

IG Wealth Management expects this bullish scenario to play out even as bond yields remain at multi-decade highs and they also expect the US economy to have a soft landing and avoid a recession.

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