SJC gold increased sharply by 500,000 VND/tael

Domestic gold price today 11/7/2023

On the afternoon of November 7 , today's price of 9999 SJC gold increased by 500,000 VND/tael in both buying and selling compared to early this morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:09 and the price of 9999 gold was listed by DOJI Jewelry Group at 14:38 as follows:

	Buy	Sell
SJC Hanoi	68,900,000 VND/tael	69,920,000 VND/tael
SJC HCMC	68,900,000 VND/tael	69,900,000 VND/tael
SJC Danang	68,900,000 VND/tael	69,920,000 VND/tael
DOJI Hanoi	68,850,000 VND/tael	69,850,000 VND/tael
DOJI HCMC	68,800,000 VND/tael	69,800,000 VND/tael

SJC and DOJI gold price list updated on the afternoon of November 7

Early morning of November 7 , SJC's 9999 gold price today decreased by 100 thousand VND/tael for buying and 400 thousand VND/tael for selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:14 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:52 a.m. as follows:

	Buy	Sell
SJC Hanoi	68,400,000 VND/tael	69,420,000 VND/tael
SJC HCMC	68,400,000 VND/tael	69,400,000 VND/tael
SJC Danang	68,400,000 VND/tael	69,420,000 VND/tael
DOJI Hanoi	68,250,000 VND/tael	69,450,000 VND/tael
DOJI HCMC	68,500,000 VND/tael	69,500,000 VND/tael

SJC and DOJI gold price list updated early morning 7/11

At the end of the session on November 6, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.5 million VND/tael (buy) and 69.8 million VND/tael (sell). SJC Hanoi listed at 68.5 million VND/tael (buy) and 69.82 million VND/tael (sell).

DOJI Hanoi listed at 68.5 million VND/tael (buy) and 70 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 68.5 million VND/tael and sold at 70 million VND/tael.

The central exchange rate on November 7, 2023 announced by the State Bank is 24,014 VND/USD, down 50 VND compared to yesterday. The USD price at commercial banks this morning (November 7) was traded around 24,140 VND/USD (buy) and 24,510 VND/USD (sell).

International gold price today 11/7/2023

At 9:31 a.m. today (November 7, Vietnam time), the world spot gold price stood at around 1,974 USD/ounce, down 13.6 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,981.7 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the morning of November 7 , world gold converted to USD bank price was nearly 58.33 million VND/tael, excluding tax and fees, about 11.09 million VND/tael lower than domestic gold price.

The spot gold price on Kitco floor at 9:00 p.m. on November 6 (Vietnam time) was at $1,987.6/ounce. The December gold futures price was at $1,994.4/ounce.

Gold prices fell as the US stock market recovered. (Photo: Kitco)

Gold prices fell slightly in the first trading session of the week in the US due to pressure from the recovering stock market. In addition, there were no major surprises in the conflict in the Middle East. Investors believe that gold has become a risky investment channel.

David Morrison, senior market analyst at Trade Nation, said the gold market is looking for a new catalyst, following quiet trading late last week.

After a strong rally in a short period of time, the gold market is showing signs of slowing down. Investors are cautious, so the market needs to consolidate, said Ole Hansen, commodity strategist at Saxo Bank.

Last Friday's weak non-farm payrolls report is a sign that the US Federal Reserve's interest rate hike cycle is over, according to Adam Button, currency strategist at Forexlive.

Instead of worrying about the Israel-Hamas conflict, the gold market is turning to when the Fed will cut interest rates. The catalyst for gold's multi-year rally is lower interest rates and a weak dollar, the expert said.

Gold Price Forecast

Experts say the Fed kept interest rates unchanged for the second time in a row in this tightening cycle, but Fed Chairman Jerome Powell maintained a hawkish stance, leaving open the possibility of another rate hike in the near future. This is unfavorable for gold prices.

In addition, the geopolitical situation in the Middle East is easing tensions as the United Nations is looking for ways to make the parties involved implement a ceasefire in the Gaza Strip.

On the more positive side, some other experts believe that in the coming time, there will not be many events affecting economic data. Investors and experts remain optimistic about the prospects of gold.

Source: https://vietnamnet.vn/gia-vang-hom-nay-7-11-2023-vang-sjc-tang-manh-500-000-dong-luong-2211663.html