World gold prices continue to weaken, SJC gold surges as market sentiment improves, while ring gold prices "plunge".

Gold prices today, November 10, 2023, fell to a three-week low as demand for safe-haven assets appeared to decrease, while investors awaited policy guidance from the Fed Chairman for further clues about interest rates. Domestic gold prices also saw new developments.

LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, NOVEMBER 10TH (10/11)

1. PNJ - Updated: 09/11/2023 21:30 - Website time of source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
Ho Chi Minh City - PNJ	58,500 ▼450K	59,500 ▼450K
Ho Chi Minh City - SJC	69,200 ▼100K	70,200 ▼150K
Hanoi - PNJ	58,500 ▼450K	59,500 ▼450K
Hanoi - SJC	69,200 ▼100K	70,200 ▼150K
Da Nang - PNJ	58,500 ▼450K	59,500 ▼450K
Da Nang - SJC	69,200 ▼100K	70,200 ▼150K
Western Region - PNJ	58,500 ▼450K	59,500 ▼450K
Western Region - SJC	69,000 ▼200,000	70,050 ▼200K
Prices of gold jewelry - PNJ rings (24K)	58,500 ▼450K	59,400 ▼550K
Gold jewelry prices - 24K jewelry	58,300 ▼500K	59,100 ▼500K
Gold jewelry prices - 18K jewelry	43,080 ▼370K	44,480 ▼370K
Gold jewelry prices - 14K jewelry	33,320 ▼300K	34,720 ▼300K
Gold jewelry prices - 10K jewelry	23,340 ▼200K	24,740 ▼200K

Domestic gold prices have taken an unexpected turn. Despite the downward trend in global gold prices, SJC gold bars have moved in the opposite direction, rising for two consecutive days. In just the past two days, they have increased by approximately 700,000 VND per tael, trading at over 70 million VND per tael for the selling price.

Perhaps the official statement from Saigon Jewelry Company (SJC) refuting rumors of a temporary suspension of SJC gold bar trading has somewhat impacted investor sentiment. Accordingly, SJC affirmed that people and investors can still buy and sell SJC gold bars as currently practiced at credit institutions and businesses licensed by the State Bank of Vietnam to trade gold bars.

At the close of trading on November 9th, the buying price of SJC gold at retail outlets was fluctuating between 69.1 and 69.25 million VND per tael. On the selling side, the price of gold was fluctuating between 70.1 and 70.2 million VND per tael.

The price of SJC gold bars, as listed by Saigon Jewelry Company, is 69.1 million VND/ounce for buying and 70.2 million VND/ounce for selling, unchanged from the prices announced at the beginning of today's trading session.

At Bao Tin Minh Chau gold trading system, both buying and selling prices decreased by 80,000 VND/ounce, falling to 69.25 million VND/ounce and 70.2 million VND/ounce respectively.

Meanwhile, unlike the upward trend of SJC gold bars, the prices of gold rings and gold jewelry have fluctuated and plummeted sharply.

The price of 24K gold rings and jewelry is trading around 58.5 million VND/ounce for buying and 59.4 million VND/ounce for selling, a decrease of 250,000 VND/ounce compared to yesterday. Over the past two days, the price of gold rings has decreased by a total of approximately 550,000 VND/ounce.

World gold prices weakened again, falling to their lowest level in three weeks. According to TG&VN 's report at 9:10 PM on November 9th, the world gold price on the Kitco exchange was $ 1,949.20 , a slight decrease of $0.60 compared to the previous trading session. The December gold futures contract last traded down $5.40 to $1,952.40.

Today, a more stable USD index and rising US Treasury yields are negative factors for gold. The yield on the benchmark 10-year US Treasury bond is currently at 4.533%.

Meanwhile, technical selling is considered a notable point this week as the short-term chart of gold shifts to a more bearish trend. Precious metals traders are paying close attention to the impact of key external factors.

However, the high interest rate environment, which is unlikely to change significantly between now and the end of the year, is contributing to gold's declining attractiveness compared to other less safe-haven assets. Currently, the market largely agrees that the US Federal Reserve (Fed) will keep interest rates unchanged in December.

The world gold price, converted using the USD exchange rate on November 9th, was approximately 57.7 million VND/ounce, about 1.7 million VND/ounce lower than the price of gold rings and up to 12.5 million VND/ounce lower than the price of SJC gold bars.

Gold prices today, November 10, 2023: Gold prices continue to weaken, SJC gold surges as market sentiment eases, and gold ring prices 'plunge'. (Source: Kitco)

Summary of SJC gold prices at major domestic gold retailers at the close of trading on November 9th:

Saigon Jewelry Company listed the price of SJC gold at 69.10 - 70.12 million VND/ounce.

Doji Group currently lists the price of SJC gold at: 69.10 – 70.10 million VND/ounce.

Phu Quy Group listed gold at: 69.20 – 70.20 million VND/ounce.

PNJ's listed price is: 69.20 – 70.20 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at: 69.25 – 70.20 million VND/ounce; the Thang Long Dragon gold brand is trading at 58.83 – 59.78 million VND/ounce; and the price of gold jewelry is trading at 58.35 – 59.55 million VND/ounce.

What do experts predict about the price of gold?

Global gold prices rose above the key $2,000/ounce mark last week after escalating tensions in the Middle East boosted demand.

In recent days, investors' risk appetite is believed to have returned to the broader market, amid a temporary lack of major escalation of violence in the Israel-Hamas conflict. Nymex crude oil prices are slightly higher, but not significantly, currently trading around $75.75 per barrel.

According to senior analyst Jim Wyckoff of Kitco Metals, gold prices are currently declining because investors no longer see significant risks from geopolitical tensions in the Middle East. In other words, gold has lost its safe-haven value, so investors are starting to sell. However, in his view, the situation in this global hotspot will not stop there; it will worsen to the point of causing market turmoil – perhaps sooner or later.

Meanwhile, the latest data on the Chinese economy is not as good as expected. Consumer and manufacturing inflation in the world's second-largest economy fell into deflation last month, raising expectations that the leading economy needs further government stimulus. This is also a bearish factor for the metals market, as China is a major consumer of metals.

Following the sharp rise in gold prices, some traders have moved away from their earlier optimistic stance, as market participants assess the risks of a wider conflict in the Middle East, while less risk prevents money from flowing into safe-haven assets, analyzes IG market strategist Yeap Jun Rong .

A series of Fed officials speaking this week maintained a balanced stance on the U.S. central bank's next decision, but noted that they would focus on economic data and the impact of higher long-term bond yields.

Regarding short-term gold price forecasts, Ilya Spivak, head of global macro at Tastylive, believes that geopolitical risks are gradually resolving, and as central banks turn away from raising interest rates, this will ultimately lead to lower bond yields. Therefore, there aren't many catalysts driving gold prices this week.”

In the long term, expert Jim Wyckoff believes that only when the Fed sends a clear message about cutting interest rates will the price of gold be able to rise back to $2,000 per ounce.

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