Investors are cautious, the risk of gold prices falling

Domestic gold price today November 6, 2023

At the end of the session on November 4, the price of 9999 gold bars at SJC Ho Chi Minh City was 69.05 million VND/tael (buy) and 70.05 million VND/tael (sell). SJC Hanoi listed at 69.05 million VND/tael (buy) and 70.07 million VND/tael (sell).

DOJI Hanoi listed at 69 million VND/tael (buy) and 70 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 69 million VND/tael and sold at 70 million VND/tael.

International gold price today 11/6/2023

Gold price on Kitco closed last week's session at $1,992/ounce.

world gold.jpg — *World gold prices may fall due to reduced demand for safe havens. (Photo: Kitco)*

Investors’ concerns about the Israel-Hamas conflict are still present, but that cannot help gold prices surpass the $2,000/ounce threshold. It is precisely because gold prices cannot surpass this important threshold that market sentiment becomes cautious.

Some analysts say that gold prices are being hampered by the $2,000/ounce price level, and if gold prices consolidate in the coming time, the precious metal could jump to a new all-time high.

Commodity analysts say geopolitical factors are having a major impact on gold and as concerns subside, the safe-haven appeal of the precious metal will be reduced.

According to Christopher Vecchio of Tastylive.com, the safe-haven buying power of geopolitical crises is drying up. While geopolitical conflicts can provide a trading boost for gold, it has no lasting effect.

Vecchio expects the precious metal to stabilize in the near term. However, he added that he does not want to short gold because it is still supported by a weak US dollar and falling bond yields.

Gold Price Forecast

Fifteen Wall Street analysts participated in the Kitco News gold survey last week. Sixty percent of analysts said they expected gold prices to rise in the near term, while another 7 percent said they expected prices to fall; the remaining 33 percent said they expected prices to remain flat.

Meanwhile, 701 votes were cast in Kitco’s online poll. 446 retail investors, or 64%, expect gold prices to rise in the near term. Another 157, or 22%, predict prices will fall, while the remaining 98, or 14%, hold the view that gold prices will remain flat.

Gold price today 11/5/2023: Demand for safe haven skyrockets, gold maintains its position Gold price today 11/5 on the world market increased in the context of soaring demand for safe haven. Conflict in the Middle East could push gold prices to the highest level.

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