(TBTCO) – This morning, world gold prices decreased to 26.84 USD/ounce compared to the same time yesterday morning. Domestically, brands adjusted in opposite directions with a narrow margin, but the sales mark of 74 million VND/tael was still maintained by businesses.
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| Source: Rong Viet Online Services Joint Stock Company VDOS – Updated at 06:44 (December 9, 2023) |
World market
Surveyed at 5:00 a.m. today (Vietnam time), according to Kitco, spot gold price was at 2,002,920 USD/ounce, down 26.84 USD/ounce compared to yesterday’s world gold price.
Converted at the current exchange rate at Vietcombank, world gold costs about 57,804 million VND/tael (excluding taxes and fees). Thus, SJC’s gold bar price is still higher than the international gold price of 15,296 million VND/tael.
The drop in gold prices comes after the latest US jobs report showed an improving labor market in contrast to recent data revealed this week. The US Bureau of Labor Statistics (BLS) showed the economy created 199,000 jobs, exceeding forecasts of 180,000, while the unemployment rate fell from 3.9% to 3.7%.
Domestic market
In contrast to the shocking decline in world and domestic gold prices, at 5:00 a.m. today, prices on the trading floors of some companies only adjusted in opposite directions within a slight margin.
Specific prices are as follows:
SJC gold in Hanoi is listed at 73.1 – 74.12 million VND/tael (buy – sell), this brand has not adjusted the selling price but increased 200 thousand VND/tael on the buying side.
DOJI Group’s 9999 gold is listed at 73 – 74.1 million VND/tael (buy – sell), this brand has not adjusted the buying price but reduced 200 thousand VND/tael on the buying side.
Gold of the PNJ brand is listed at 73.2 – 74.2 million VND/tael (buy – sell), this brand does not adjust the buying price but reduces 100 thousand VND/tael on the selling side.
Vietinbank Gold’s JSC gold is listed at 73.1 – 74.12 million VND/tael (buy – sell), without adjusting the selling price but increased by 200 thousand VND/tael on the selling side.
SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded at 73.13 – 74.03 million VND/tael (buy – sell), this brand adjusted to increase to 230 thousand VND/tael on the buying side and only increased by 50 thousand/tael on the selling side.
As for Bao Tin Manh Hai, it is being traded at 73.10 – 74.32 million VND/tael (buy – sell), up 200 thousand VND/tael on the buying side but down 180 thousand VND/tael on the afternoon side. sold out.
The Mi Hong brand is listed at 73.3 – 74 million VND/tael (buy – sell), this brand is adjusted to increase by 200 thousand VND/tael on the buying side and has not adjusted on the selling side.
Forecast
According to Tai Wong, an independent metals trader in New York, gold investors are hoping for a “friendly” Fed outcome that will prevent a deeper correction, if not one. regressive.
Ole Hansen, commodity strategist at Saxo Bank, also believes that gold may face challenges in the near future when the market prematurely prices the possibility of the Fed cutting interest rates.
Daniel Pavilonis, a gold market expert, assessed that loosening monetary policy is the biggest driving force driving gold prices up. Geopolitical instability in the world may play an important role in driving gold prices up in the near future.
Everett Millman, market analyst at Gainesville Coins, said the factors driving gold price momentum have been identified, the precious metal still needs time to test these new price levels.
With mixed domestic gold prices and world gold prices anchored at 2,003.8 USD/ounce (equivalent to nearly 59 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic gold prices country and the world is still over 15 million VND/tael./.
