Lack of catalyst, difficult to break out

The domestic gold price opening today's trading session was listed by DOJI Group at 70.6 million VND/tael for buying and 71.5 million VND/tael for selling.

The difference between buying and selling gold prices at DOJI is 900,000 VND/tael.

Compared to the opening session yesterday, gold price at DOJI decreased by 100,000 VND/tael for both buying and selling.

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 70.65 million VND/tael; the selling price was 71.45 million VND/tael.

The difference between buying and selling gold prices at Saigon Jewelry Company SJC is 800,000 VND/tael.

Compared to yesterday's opening session, the gold price at Saigon Jewelry Company SJC decreased by 150,000 VND/tael for both buying and selling.

The difference between buying and selling SJC gold is being widened by trading units. This puts investors at higher risk of loss.

World gold price as of 9:12 am today, listed on Kitco at 1,992.2 USD/ounce. Compared to the opening of the previous trading session, world gold price decreased by 1.2 USD/ounce.

World gold prices remained unchanged amid a slight increase in the US dollar. At 9:07 a.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 103.695 points (up 0.03%).

Weak US economic data has reinforced investors' belief that interest rates have peaked and the US Federal Reserve will soon cut interest rates, possibly from the middle of next year. Meanwhile, many concerns that geopolitical tensions in some regions of the world may escalate further, this information is beneficial for gold.

UBS analyst Giovanni Staunovo said the price drop is a good buying opportunity because the Fed will cut interest rates at some point. This expert predicted that gold prices will rise to $ 2,150 / ounce by the end of 2024.

According to Quant Insight expert Huw Roberts, gold prices are lacking a catalyst to increase prices. This expert noted that the gold market is in a positive macro mode and is growing; however, there is no strong buying signal. He said that the market is in a spiraling pattern, fluctuating in a narrow range and waiting for a new catalyst to break out.

Meanwhile, Daniel Ghali - commodity strategist at TD Securities - commented that the Fed's interest rate cutting cycle starting earlier in 2024 is the main driver pushing gold prices higher.

The US Dollar Index has risen to a daily high and that is limiting some of the buying demand for gold, said senior analyst Jim Wyckoff at Kitco Metals.

According to CME's FedWatch Tool, the gold market seems certain that there will be no more rate hikes and nearly 60% see a chance of at least a 25 basis point rate cut by May next year.

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