(Dan Tri) - Domestic gold prices cooled down in line with the international market, cutting off a series of consecutive days of price increases.
Gold prices cool down
At the end of the trading session on November 1, the price of SJC gold bars was listed by large enterprises at 87.5-89.5 million VND/tael (buy - sell). Yesterday, the price of gold bars was adjusted down by 500,000 VND each way.
The price of plain round gold rings also decreased by VND300,000 in both directions yesterday, down to VND87.4-88.9 million/tael. The record for this item was VND89.2 million/tael in the selling direction.
Domestic gold prices fell in line with the world price. In the international market, gold prices reached 2,743 USD/ounce. Thus, after the last 2 sessions, the yellow metal "evaporated" 40 USD/ounce. Converted at the exchange rate excluding taxes and fees, the gold price is equivalent to more than 84 million VND/tael. The difference between domestic and world prices fluctuates around 4-6 million VND per tael.
The gold market is considered to be correcting after two consecutive sessions of peaking. David Meger, Director of Precious Metals Trading at High Ridge Futures, said that prices may correct further because there are many events coming up next week. That is the US election on Tuesday and the US Federal Reserve meeting on Wednesday.
However, the demand for shelter ahead of the US presidential election still helped gold record its fourth consecutive month of price increase last October. The latest surveys show that the two presidential candidates, Mr. Donald Trump and Ms. Kamala Harris, are closely chasing each other in the race for the White House.
Another factor dragging the market down is that US inflation continues to cool. The US Commerce Department announced on October 31 that the personal consumption expenditures (PCE) price index increased 2.1% in September compared to the same period last year. This rate is lower than August and closer to the Fed's target of 2%, strengthening the possibility of the Fed cutting interest rates next week.
Domestic gold price drops (Photo: Thanh Dong).
USD-Index bounces back
The USD-Index - a measure of the greenback's strength against a basket of major currencies - reached 104.17 points, up 0.19% compared to yesterday's session after a sharp decline in gold.
The State Bank of Vietnam closed yesterday's session listing the central exchange rate at 24,242 VND, down 1 VND from the previous one. With a 5% margin compared to the central exchange rate, banks are allowed to buy and sell USD in the price range of 23,029-25,454 VND.
Large banks buy and sell USD at 25,064-25,454 VND (buy - sell). Joint stock banks allow USD transactions at 25,090-25,454 VND.
In the free market, the greenback is traded at 25,660-25,760 VND (buy - sell), down 10 VND for buying and 20 VND for selling.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-dong-loat-giam-dut-chuoi-ngay-lap-dinh-lien-tiep-20241101233525312.htm
Comment (0)