Gold price increases sharply, SJC gold approaches 71 million VND/tael

11/17/2023 11:00 Nhat Linh Print article

ANTD.VN - Domestic gold prices increased sharply, SJC gold approached the 71 million VND/tael mark when world gold prices moved positively after the weaker-than-expected US employment report.

In yesterday's trading session, after a sharp drop of 100-200 thousand VND/tael in the morning session, the gold price recovered in the afternoon session, regaining all the losses in the session. Accordingly, the SJC gold price closed the session around 69.80-70.62 million VND/tael.

This morning, gold prices continued to increase sharply. Saigon Jewelry Company (SJC) is listing the price of SJC gold at 69.90 - 70.72 million VND/tael, an increase of 100 thousand VND/tael compared to the previous closing price.

DOJI Group and Phu Quy listed the price at 69.90 - 70.70 million VND/tael, an increase of 150 - 250 thousand VND per tael compared to yesterday's closing price; Bao Tin Minh Chau also increased to 69.93 - 70.68 million VND/tael...

Gold price increased sharply this morning

Non-SJC gold also recorded a common increase of about 150 - 200 thousand VND per tael. Accordingly, PNJ gold price listed early this morning at 58.95 - 60.10 million VND/tael; SJC 99.99 ring 59.10 - 60.10 million VND/tael; Bao Tin Minh Chau Thang Long Gold Dragon round ring 59.33 - 60.28 million VND/tael...

Globally, gold prices also increased in the US trading session on Thursday (last night, early this morning Vietnam time), reaching a 2-week high of 1,890.8 USD/ounce, up 21.6 USD/ounce during the session.

The precious metal’s bullish trend is being fueled by more stable US inflation data this week, which sent the US dollar index tumbling, along with the latest jobs data showing surprisingly strong US labor market.

The U.S. Labor Department said Thursday that weekly jobless claims rose by 13,000 to 231,000, up from the estimate of 218,000. The number of people receiving benefits also continued to rise, suggesting that more workers are having trouble finding new jobs.

With these data, the market is pricing in the possibility of a rate cut by the US Federal Reserve (Fed) next spring. The Fed said it needs to see some weakness in the US labor market before it starts considering the possibility of a rate cut.

Gold’s short-term technical charts have also improved this week, spurring chart-based buying interest from market speculators. While risk appetite has increased, driving equity markets higher, experts say geopolitical tensions are unlikely to ease, allowing gold to continue playing its safe-haven role.

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