Big profit after one week of buying

Gold price today 11/26: Big profit after a week of buying — Gold price today November 26. Illustration photo: Phan Anh

The domestic gold price opening today's trading session (November 26) was listed by DOJI Group at 71.2 million VND/tael for buying and 72.3 million VND/tael for selling.

The difference between buying and selling gold prices at DOJI is 1.1 million VND/tael.

Compared to the closing price of last week's trading session, gold price at DOJI increased by 1.25 million VND/tael for buying and increased by 1.55 million VND/tael for selling.

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 71.3 million VND/tael; the selling price was 72.3 million VND/tael.

The difference between buying and selling price of SJC gold is 1 million VND/tael.

Compared to the closing price of last week's trading session, the gold price at Saigon Jewelry Company SJC increased by 1.35 million VND/tael for buying and increased by 1.55 million VND/tael for selling.

Last week, domestic gold prices increased sharply, helping buyers earn a profit of up to VND550,000/tael. Specifically, if buying gold at DOJI Group in the session of November 19 at the price of VND70.3 million/tael and selling it in today's session (November 26), investors will earn a profit of VND450,000/tael.

Similarly, gold buyers at Saigon Jewelry Company SJC earned up to 550,000 VND/tael.

Currently, the difference 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 developments. Source: Kitco

The world gold price closed the trading session of the week listed on Kitco at 2,002.7 USD/ounce, up 21.6 USD/ounce compared to the closing session of the previous week. In the past two weeks alone, the gold price has increased by 64 USD/ounce.

Data from the CME FedWatch Tool shows that the interest rate futures market is betting on a 100% chance that the US Federal Reserve will keep interest rates unchanged at its December meeting. Interest rates not continuing to rise are good for gold prices.

Market expectations that the Fed will start its rate-cutting cycle earlier in 2024 have been a key driver of gold's rally this past week, said Daniel Ghali, commodity strategist at TD Securities.

Matt Simpson, an expert at financial company City Index, said that gold prices are trading below about $ 2,000 / ounce. Without a new catalyst, gold seems to lack the momentum to increase prices.

Gold price forecast for next week. Source: Kitco

Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week. Seven analysts, or 54%, see gold prices higher next week. Two analysts, or 15%, see gold prices falling. Four analysts, or 31%, are neutral on gold next week.

Meanwhile, 672 votes were cast in Kitco’s online poll. As usual, the majority of market participants remained bullish on gold. 431 investors, or 64 percent, expect gold to rise next week. Another 156, or 23 percent, predict lower prices. Meanwhile, 85 respondents, or 13 percent, are neutral on the precious metal’s near-term outlook.

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