World price skyrocketed, domestic price exceeded 71 million VND/tael

(Photo: Reuters)

As of 8:30 a.m. on November 22, the price of gold of domestic gold brands exceeded 71 million VND/tael.

Specifically, DOJI gold price in Hanoi and Ho Chi Minh City is listed at 70.5 million VND/tael for buying and 71.2 million VND/tael for selling.

Meanwhile, the listed SJC gold price for buying and selling was 70.5-71.2 million VND/tael, an increase of 100,000 VND/tael compared to the previous day's closing price.

SJC gold ring price hits new peak, currently trading at record high, buying at 59.4 million VND/tael, selling at 60.4 million VND/tael.

PNJ Gold is buying at 58.95 million VND/tael and selling at 60.1 million VND/tael, down 150,000 VND and 200,000 VND/tael respectively compared to the previous session.

As of 8:30 a.m. on November 22 (Vietnam time), the world gold price increased by 18.5 USD compared to the previous session, trading at 1,996.1 USD/ounce. December gold futures last traded at 1,998.9 USD/ounce, down 2.7 USD.

World gold prices increased sharply in the context of falling US bond interest rates, the market increasingly believes the FED will reduce interest rates.

According to market analyst at Kinesis Money Carlo Alberto De Casa, expectations that the US Federal Reserve (FED) will complete its monetary policy tightening cycle and move towards interest rate cuts have caused the USD to decline, helping gold recover from recent lows.

The expert believes that the possibility of gold recovering is not related to physical demand. The reason for gold's strong increase in recent trading sessions is related to interest rates, yields and expectations for the FED in 2024.

This morning, the USD-Index was stable at 103.58 points; the yield on 10-year US Treasury bonds is currently at 4.406%; US stocks are flat; oil prices recovered, trading at 82.38 USD/barrel for Brent oil and 77.6 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/chinh-tri/trong-nuoc/gia-vang-ngay-22-11-the-gioi-tang-vot-trong-nuoc-vuot-71-trieu-dong-luong-183554.html