Increased risk for buyers

On the morning of November 27, the buying and selling price of SJC gold bars had a difference of 700,000 VND to 1 million VND per tael. Saigon Jewelry Company - SJC bought at 71.3 million VND, sold at 72.3 million VND; Eximbank bought at 71.3 million VND, sold at 72 million VND... While SJC gold bars remained unchanged, gold rings increased in price by 100,000 VND per tael, SJC bought at 60.45 million VND, sold at 61.65 million VND. The difference between the buying and selling price of gold rings increased to 1.2 million VND/tael instead of 1 - 1.1 million VND/tael.

SJC gold bar price is nearly 12 million VND/tael higher than the world price

World gold prices increased by 1 USD/ounce to 2003.4 USD/ounce. The increase in gold prices was limited when the US Federal Reserve (Fed) maintained its tightening monetary policy trend. In addition, Israel and Hamas agreed to a limited ceasefire, weakening the safe haven of precious metals.

In a recent report, commodity analysts at TD Securities noted that Chinese traders bought about 17.5 tonnes of gold over the past week. Daniel Ghali, senior commodity strategist at TD Securities, said Asian demand continues to support the precious metal, but gold remains stuck as Western investors stay away until the US enters a recession in the first half of next year, forcing the Fed to aggressively cut interest rates.

Technically, investors and traders should watch the resistance at $2,010 an ounce. If this level is broken, gold prices could extend their rally to $2,050 an ounce, the April 2023 high, before possibly setting a record high of $2,082 an ounce.

This week, some US economic data that will impact the market include new home sales, consumer confidence, preliminary Q3 GDP, CPE index, personal income and spending, weekly jobless claims, pending home sales, ISM manufacturing PMI, sideline conversation at the press conference with Fed Chairman Jerome Powell…

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