Domestic gold prices are rising rapidly.

Gold price update at the close of trading on November 8th. Illustration photo: Phan Anh

Domestic gold prices

Domestic gold prices closed the trading session on November 8th.

Domestic gold price trends

Source: Rong Viet Online Services Joint Stock Company (VDOS).

Trends in world gold prices

Source: Kitco

Global gold prices fell amid a strengthening US dollar and decreased demand for safe-haven assets.

At 6:00 AM, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, was at 105.607 points (up 0.23%).

Investors are awaiting comments from Federal Reserve officials for more clarity on the direction of interest rates.

On November 7th, a number of Fed officials maintained their stance on the Fed's next decision, but noted that they would focus more on economic data and the impact of higher long-term bond yields.

Ilya Spivak, head of global macro operations at Tastylive, believes that geopolitical risks are gradually resolving, and with central banks turning away from raising interest rates, yields will be pushed lower. Therefore, there are not many catalysts driving gold prices this week.

Notably, oil prices in Asian markets experienced a volatile trading session today. In the previous session, oil prices even slipped to their lowest level in over three months due to concerns about weakening demand in the world's leading oil-consuming countries, the US and China. Oil is a commodity closely linked to and moves in the same direction as gold prices.

According to the World Gold Council, central banks purchased 800 tonnes of gold between January and September this year, a nine-month record high.

In its Q3 2023 Gold Demand Trends report, the World Gold Council stated that net purchases of gold bullion by central banks in the first nine months of the year increased by 14% compared to the same period last year.

Global gold demand, excluding over-the-counter (OTC) trading, was 8% higher than the five-year average in the third quarter, but down 6% from last year's all-time high.

According to data from the World Gold Council, China is the largest gold buyer this year, marking an 11-month streak of gold purchases by the country. Other notable buyers include Poland, Singapore, Türkiye, Russia, and India.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-811-vang-trong-nuoc-tang-nhanh-1264817.ldo