Domestic gold prices opened today's trading session with DOJI Group listing the buying price at 72.2 million VND/ounce and the selling price at 73.7 million VND/ounce.
The difference between the buying and selling price of gold at DOJI is 1.5 million VND/ounce.
Compared to yesterday's opening session, the price of gold at DOJI decreased by 1 million VND/ounce for the buying price and 900,000 VND/ounce for the selling price.
Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 72.5 million VND/ounce and the selling price at 73.7 million VND/ounce.
The difference between the buying and selling price of gold at Saigon Jewelry Company (SJC) is 1.2 million VND/ounce.
Compared to yesterday's opening price, the price of gold at Saigon Jewelry Company (SJC) decreased by 700,000 VND/ounce for both buying and selling.
The spread between buying and selling prices of SJC gold is being widened by businesses. This puts investors at a higher risk of losses.
As of 10:35 AM today, the world gold price , listed on Kitco, is $2,044 per ounce. Compared to the opening of the previous trading session, the world gold price has decreased by $2.1 per ounce.
Gold prices reacted slightly following the latest report on the strength of the US economy in the third quarter. Data released by the US Department of Commerce on November 29th showed that the country's GDP grew by 5.2% in the third quarter of 2023 (adjusted on an annualized basis). This figure is higher than the 4.9% from preliminary data and also higher than the 5% growth forecast from economists.
Contributing to the US GDP growth was an increase in fixed investments (excluding housing), which include construction, equipment, and intellectual property. In the third quarter of 2023, this item grew by 1.3%. In addition, US government spending also contributed to the Q3 GDP growth, with a 5.5% increase. Conversely, consumer spending was revised downward, increasing by only 3.6% in Q3 2023, lower than the preliminary estimate of 4%.
Following the GDP report, the yield on 10-year US Treasury bonds fell below 4.3% for the first time since September. The US dollar rebounded slightly but still recorded a significant decline throughout September. The current belief among many investors is that the Federal Reserve (FED) has completed its monetary tightening process and that interest rate cuts will occur in 2024. This is the main reason pushing the USD down and boosting demand for other assets such as gold...
UBS analyst Giovanni Staunovo noted that a weaker dollar and lower interest rates following slightly more dovish comments from Fed officials have helped gold rise. He suggested that the next resistance level could be the record high recorded in 2020.
Ryan McIntyre, senior portfolio manager at Sprott Asset Management, said: “Prolonged economic uncertainty and the prospect of lower interest rates will be positive signals for gold prices.”
In addition, gold will continue to benefit from safe-haven demand due to concerns related to geopolitical tensions. With those factors in mind, SocGen analysts see pushing prices above $2,000 as the start of a larger recovery that could keep gold prices at around $2,200 per ounce in 2024.
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