Bright, positive forecast

Gold price today 11/2: Uptrend, positive forecast — Gold price today 11/2. Illustration photo: Phan Anh

The domestic gold price opening today's trading session was listed by DOJI Group at 70 million VND/tael for buying; the selling price was 70.75 million VND/tael.

The difference between buying and selling gold prices at DOJI is 750,000 VND/tael.

Compared to the opening of yesterday's trading session, gold price at DOJI increased by 50,000 VND/tael for buying and remained unchanged for selling.

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 70 million VND/tael; the selling price was 70.7 million VND/tael.

The difference between buying and selling price of gold at Saigon Jewelry Company SJC is 700,000 VND/tael.

Compared to yesterday's opening session, gold price at Saigon Jewelry Company SJC increased by 100,000 VND/tael for both buying and selling.

Although it has been adjusted down, the current gap between buying and selling gold in the country is very high. This can put buyers at risk of losing money when investing in the short term.

World gold price as of 10:20 today, listed on Kitco at 1,983.5 USD/ounce. Compared to the opening of the previous trading session, world gold price increased by 4.1 USD/ounce.

Gold prices tended to increase slightly after the US Federal Reserve (FED) announced to keep interest rates in the range of 5.25 - 5.5% after the last 2-day meeting.

This is the second consecutive meeting that the Fed decided to keep interest rates unchanged, after a series of 11 increases since March 2022. The central bank also said that "economic activity grew at a strong pace in the third quarter." In previous comments, the Fed said the economy was growing at a "solid pace."

Mr. Jerome Powell - Chairman of the FED also did not rule out the possibility of raising interest rates next month, and said that the idea that it is difficult to raise interest rates after two pauses is wrong. Thus, it is possible that the FED will have to continue to maintain a tight monetary policy to slow down the economy.

Gold prices are forecast to rise further in 2024 thanks to loose monetary policy and Middle East tensions. A Reuters poll showed that global gold prices will increase in 2024 compared to the average of 2023.

The reason is that central banks around the world are expected to start easing monetary policy. In addition, conflicts in the Middle East could create momentum to push gold prices above the $2,000/oz mark.

Experts forecast gold prices to average $1,986.5 an ounce in 2024, up from the expected $1,925 this year.

Previously in July, with a similar survey by Reuters, gold prices were expected to average $1,988/ounce in 2024 and $1,944.5 in 2023.

“Gold has long been a geopolitical hedge,” said Nitesh Shah, commodities strategist at WisdomTree. “This time it has taken on that role.”

"A return to record highs for gold prices is only possible in the event of a severe recession in the US economy, leading to a longer and broader recession," said expert Carsten Menke from Julius Baer.

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