(TBTCO) – In the morning session of 5/15, world gold prices reversed and decreased to 44.18 USD/ounce compared to the previous session. Domestically, brands still maintain a high level.
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| Source: Rong Viet Online Services Joint Stock Company VDOS – Updated at 08:04 (December 5, 2023). |
World market
Surveyed at 5:00 a.m. today (Vietnam time), according to Kitco, spot gold price was at 2,027.7 USD/ounce, down 44.18 USD/ounce compared to yesterday’s world gold price.
Gold prices fell more than 2% after hitting an all-time high as currency futures traders increased bets the US Federal Reserve (FED) would cut interest rates next year.
Converted at the current exchange rate at Vietcombank, world gold costs about 58,555 million VND/tael (excluding taxes and fees). Thus, SJC’s gold bar price is still higher than the international gold price of 14,445 million VND/tael.
In other precious metals markets, silver prices fell 3.6% to $24.50 an ounce, posting their worst day in two months after hitting a seven-month high early in the session. Palladium prices fell 1.7% to $917.31 and platinum prices fell 2.8% to $972.67.
Domestic market
Contrary to the world market, the domestic gold price this morning kept its upward momentum. Surveyed at 6:30 a.m., on the trading floors, brands were still adjusted to increase from 200 to 700 thousand VND/tael.
The price of 200 thousand VND/tael belongs to SJC gold of Bao Tin Minh Chau brand. The increase of 700 thousand VND/tael belongs to Vietinbank Gold’s SJC gold.
Specific prices are listed by brands at the following levels:
SJC gold in Hanoi was listed at 73 – 74.33 million VND/tael, up 300 thousand VND/tael on the buying side and 310 thousand VND/tael on the selling side.
DOJI Group’s 9999 gold is at 72.9 – 74.3 million VND/tael (buying – selling), increasing 600 thousand VND/tael on the buying side and 300 thousand VND/tael on the selling side.
PNJ brand is listed at 73.2 – 74.3 million VND/tael (buying – selling), an increase of 500 thousand VND/tael on the buying side and 400 thousand VND/tael on the selling side.
Vietinbank Gold’s SJC gold was listed at 73 – 74.22 million VND/tael (buy – sell), increasing VND 700,000/tael in both buying and selling directions.
SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded by businesses at 73.05 – 74.15 million VND/tael (buying – selling), an increase of 150 thousand VND/tael on the buying side and 200 thousand VND/tael on the buying side. thousand VND/tael in the selling direction.
At Mi Hong Jewelry Company, SJC gold price is at 73 – 73.9 million VND/tael (buying – selling), increasing 100 thousand VND/tael on the buying side and 200 thousand VND/tael on the buying side. Afternoon sale.
At Bao Tin, Manh Hai is being traded at 73 – 74.5 million VND/tael (buying – selling), an increase of 100 thousand VND/tael on the buying side and 300 thousand VND/tael on the selling side.
Forecast
Gold remains supported by hopes that not only is the tightening cycle by the Fed and other central banks over but also by expectations of interest rate cuts. However, today’s drop may reflect that the odds have gone too far on an interest rate cut.
The gold market at the moment seems to reflect a change in sentiment rather than specific fundamentals. There was no specific catalyst that led to the rally to $2,150, and no specific event pushed the price sharply back to $2,000. US bond yields rose but only modestly, and the strong dollar does not explain the volatility./.
