World gold prices continue to weaken, SJC jumps up again when market sentiment is relieved, gold ring prices "go downhill"

Gold prices today, November 10, 2023, fell to a 3-week low as demand for safe assets appeared to decrease, while investors were still waiting for the Fed Chairman's policy stance to find more clues about interest rates. Domestic gold prices had a new change.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/10 AND EXCHANGE RATE TODAY 11/10

1. PNJ - Updated: 11/09/2023 21:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,500 ▼450K	59,500 ▼450K
HCMC - 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 ▼200K	70,050 ▼200K
Jewelry gold price - PNJ rings (24K)	58,500 ▼450K	59,400 ▼550K
Jewelry Gold Price - 24K Jewelry	58,300 ▼500K	59,100 ▼500K
Jewelry Gold Price - 18K Jewelry	43,080 ▼370K	44,480 ▼370K
Jewelry Gold Price - 14K Jewelry	33,320 ▼300K	34,720 ▼300K
Jewelry Gold Price - 10K Jewelry	23,340 ▼200K	24,740 ▼200K

Domestic gold prices have had unexpected developments. Despite the downward trend of world gold prices, SJC gold bar prices have gone in the opposite direction, increasing for 2 consecutive days. In just the past 2 days, they have increased by about 700,000 VND/tael, trading at 70 million VND/tael higher than the selling price.

Perhaps the fact that Saigon Jewelry Company officially denied the rumor of temporarily suspending SJC gold bar trading has somewhat affected the psychology of investors. Accordingly, SJC Company affirmed that people and investors can still buy and sell SJC gold bars as currently at credit institutions and enterprises licensed by the State Bank to buy and sell gold bars.

At the close of trading on November 9, the buying price of SJC gold at stores was fluctuating between 69.1 - 69.25 million VND/tael. On the selling side, the gold price fluctuated between 70.1 - 70.2 million VND/tael.

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

Bao Tin Minh Chau system, buying and selling prices both decreased by 80,000 VND/tael, down to 69.25 million VND/tael and 70.2 million VND/tael, respectively.

Meanwhile, not in line with the increase in SJC gold bars, the price of gold rings and jewelry gold fluctuated and plummeted.

The price of 24K gold rings and jewelry of all kinds is traded around 58.5 million VND/tael for buying, 59.4 million VND/tael for selling, down 250,000 VND/tael compared to yesterday. In the past 2 days, the price of gold rings has decreased by a total of about 550,000 VND/tael.

World gold prices weakened again, falling to a 3-week low. According to TG&VN at 9:10 p.m. on November 9, the world gold price on the Kitco exchange was at $ 1,949.20 , down slightly by $0.6 compared to the previous trading session. The last traded price of gold for December delivery fell by $5.40 to $1,952.40.

A firmer dollar index and rising US Treasury yields were negative for gold today. The benchmark 10-year US Treasury yield is currently at 4.533%.

Meanwhile, technical selling is seen as the highlight this week as gold’s short-term chart turns more bearish. Precious metals traders are keeping an eye on the impact from key external factors.

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

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

Gold price today November 10, 2023: Gold price continues to weaken, SJC jumps up again when market sentiment is relieved, gold ring price 'goes downhill'. (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of November 9:

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

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

Phu Quy Group listed at: 69.20 - 70.20 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: 69.25 - 70.20 million VND/tael; Rong Thang Long gold brand is traded at 58.83 - 59.78 million VND/tael; jewelry gold price is traded at 58.35 - 59.55 million VND/tael.

How do experts predict gold prices?

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

Risk appetite is said to have returned to the broader market in recent days, with no major escalation in violence in the Israel-Hamas war for the time being. Nymex crude oil prices are slightly higher, but not by much, currently trading around $75.75 a barrel.

According to Jim Wyckoff, senior analyst at Kitco Metals, gold prices are falling because investors no longer see the big risks from geopolitical tensions in the Middle East. In other words, gold has lost its safe-haven value, so investors are starting to sell gold. However, in his view, the situation in this world hot spot is not over yet, it will deteriorate to the point where the market is unstable - perhaps sooner rather than later.

Meanwhile, the latest data on China’s economy has been less positive than expected. Consumer and manufacturing inflation in the world’s second-largest economy fell into deflationary territory last month, raising expectations that the world’s largest economy needs more government stimulus. This is also bearish for metals markets, as China is a major consumer of metals.

Following gold's sharp rally, some traders have moved away from their earlier bullish positions, as market participants assess the risks of a broader conflict in the Middle East, while lower risk appetite prevents flows into safe-haven assets, IG market strategist Yeap Jun Rong analyzed.

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

Looking at the short-term gold price forecast, Ilya Spivak, head of global macro at Tastylive, said: “ Geopolitical risks are gradually being resolved and as central banks turn away from raising interest rates, that will eventually drive bond yields lower. So there are not many catalysts to drive gold prices this week.”

In the long term, expert Jim Wyckoff believes that when the Fed has a clear message about cutting interest rates, then the price of gold can increase back to $2,000/ounce.

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