Cautious psychology, gold price unlikely to increase

Domestic gold price today November 20, 2023

Early morning of November 20, SJC's 9999 gold price today increased by 100,000 VND/tael in buying price and remained unchanged in selling price compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:33 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:50 a.m. as follows:

	Buy	Sell
SJC Hanoi	70,050,000 VND/tael	70,770,000 VND/tael
SJC HCMC	70,050,000 VND/tael	70,750,000 VND/tael
SJC Danang	70,050,000 VND/tael	70,770,000 VND/tael
DOJI Hanoi	70,000,000 VND/tael	70,750,000 VND/tael
DOJI HCMC	69,950,000 VND/tael	70,750,000 VND/tael

SJC and DOJI gold price list updated early morning November 20

At the end of the session on November 18, the price of 9999 gold bars at SJC Ho Chi Minh City was 69.95 million VND/tael (buy) and 70.75 million VND/tael (sell). SJC Hanoi listed at 69.95 million VND/tael (buy) and 70.77 million VND/tael (sell).

DOJI Hanoi listed at 69.95 million VND/tael (buy) and 70.75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 70 million VND/tael and sold at 70.8 million VND/tael.

International gold price today November 20, 2023

Gold price on Kitco closed last week's trading session at 1,980.87 USD/ounce.

Analysts predict that in the coming time, the gold market will find it difficult to increase in price due to cautious sentiment.

After the recent rally, gold is vulnerable to negative news, said Adrian Day, chairman of Adrian Day Asset Management.

He said that at some point, the US Federal Reserve (Fed) and other central banks will ease monetary policy before inflation is contained. That decision will trigger a strong recovery in the gold market. However, that is not likely to happen now.

Daniel Pavilonis, senior commodities broker at RJO Futures, said he does not expect gold to rise in the near term, as safe-haven buying due to geopolitical risks has eased.

Not only that, Pavilonis believes that recent developments do not provide a clear direction for the precious metal. According to him, there will be no news that can motivate gold this week. Gold prices will trade around current levels.

Markets will be looking ahead to key reports such as the latest policy meeting minutes, October home sales, the University of Michigan consumer sentiment report and US weekly jobless claims data.

Gold Price Forecast

Twelve Wall Street analysts participated in the Kitco News gold survey last week. Twenty-five percent said gold prices would rise in the near term, another 8 percent said they would fall, and 67 percent said they would trade sideways.

Meanwhile, 595 online surveys were sent to Main Street retail investors. Of those, 394, or 66%, expect gold to rise in the near term. Another 125, or 21%, predict prices will fall; while the remaining 76, or 13%, see prices moving sideways.

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