(TBTCO) – This morning’s world gold price was recorded at 2,071.88 USD/ounce. Domestically, brands continue to remain stable at 74 million VND/tael. Experts say that the world gold price ending November above 2,000 USD/ounce is the beginning of a series of breakthroughs for this precious metal.
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| Source: Rong Viet Online Services Joint Stock Company VDOS – Updated at 06:14 (December 4, 2023) |
World market
Recorded at 5:00 a.m. today (Vietnam time), according to Kitco, the gold price was at 2,071.88 USD/ounce.
Gold experienced a “sublimated” trading week with continuous upward momentum and recorded higher than the old record in 2020. Gold marked the third consecutive week of increase, specifically increased by 3.4%.
Converted at the current exchange rate at Vietcombank, world gold costs about 59,943 million VND/tael (excluding taxes and fees). Thus, SJC’s gold bar price is still higher than the international gold price of 12,757 million VND/tael.
Gold continues to increase dramatically due to support from central banks and increased demand for gold in Asia at the end of the year. In India, in October the amount of gold imported was more than forecast, reaching the highest level in the past 31 months.
In addition, this precious metal also benefits from the continued cooling of US Treasury bond yields and the USD. Specifically, last week, the yield on 10-year US Treasury bonds decreased by more than 13 basis points, to 4.213%, the lowest in 12 weeks.
Domestic market
Along with the increase in world gold prices, on trading floors, at the time of the survey at 5:00 a.m., gold prices were still listed at a high mark by brands. As follows:
SJC gold price in Hanoi is listed at 72.7 – 74.02 million VND/tael (buy – sell).
9999 gold is listed by the DOJI brand at 72.30 – 74 million VND/tael (buy – sell).
PNJ gold is listed at 72.7 – 73.9 million VND/tael (buy – sell).
Vietinbank Gold’s SJC gold is listed at 72.3 – 73.52 million VND/tael (buy – sell).
Bao Tin Minh Chau’s JSC gold is listed at 72.9 – 73.95 million VND/tael (buy – sell).
At Mi Hong Jewelry Company, Mi Hong gold price at the time of the survey listed SJC gold price at 72.9 – 73.7 million VND/tael (buy – sell).
SJC gold price at Bao Tin Manh Hai is being traded at 72.9 – 74.2 million VND/tael (buy – sell).
Forecast:
Mr. Jim Wyckoff – senior analyst at Kitco Metals Company, said that the short-term outlook for gold is still favorable, when the USD is trending down due to predictions that the US Federal Reserve (US Federal Reserve) FED) will not raise interest rates anymore and may even lower interest rates in the spring.
Meanwhile, Mr. Bob Haberkorn – market strategist at precious metals trading company RJO Futures, said gold could trade around $2,000/ounce or slightly higher until the market receives more. information about interest rate plans from the Fed.
This week, 15 Wall Street analysts participated in Kitco News’ gold survey. Of these, 8 experts (or 53%) expect to see higher gold prices next week. There are 5 analysts (equivalent to 33%) predicting gold prices will decrease. Only 2 experts (accounting for 13%) have a neutral opinion on gold next week./.
