| 1. PNJ – Updated: 11/09/2024 22:00 – Source website time – ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC – PNJ | 83,400 | 85,200 |
| HCMC – SJC | 82,000 | 85,800 ▼200K |
| Hanoi – PNJ | 83,400 | 85,200 |
| Hanoi – SJC | 82,000 | 85,800 ▼200K |
| Da Nang – PNJ | 83,400 | 85,200 |
| Da Nang – SJC | 82,000 | 85,800 ▼200K |
| Western Region – PNJ | 83,400 | 85,200 |
| Western Region – SJC | 82,000 | 85,800 ▼200K |
| Jewelry gold price – PNJ | 83,400 | 85,200 |
| Jewelry gold price – SJC | 82,000 | 85,800 ▼200K |
| Gold jewelry price – Southeast | PNJ | 83,400 |
| Jewelry gold price – SJC | 82,000 | 85,800 ▼200K |
| Jewelry gold price – Jewelry gold price | PNJ 999.9 Plain Ring | 83,400 |
| Jewelry gold price – Jewelry gold 999.9 | 83,300 | 84,100 |
| Jewelry gold price – 999 jewelry gold | 83,220 | 84,020 |
| Jewelry gold price – 99 jewelry gold | 82,360 | 83,360 |
| Jewelry gold price – 916 gold (22K) | 76,640 | 77,140 |
| Jewelry Gold Price – 750 Gold (18K) | 61,830 | 63,230 |
| Jewelry gold price – 680 gold (16.3K) | 55,940 | 57,340 |
| Jewelry Gold Price – 650 Gold (15.6K) | 53,420 | 54,820 |
| Jewelry Gold Price – 610 Gold (14.6K) | 50,050 | 51,450 |
| Jewelry Gold Price – 585 Gold (14K) | 47,950 | 49,350 |
| Jewelry gold price – 416 gold (10K) | 33,740 | 35,140 |
| Jewelry Gold Price – 375 Gold (9K) | 30,290 | 31,690 |
| Jewelry Gold Price – 333 Gold (8K) | 26,500 | 27,900 |
Update gold price today 11/10/2024
Domestic gold prices fell sharply last week
Early morning of November 4, along with the slowing trend of world gold prices, domestic SJC gold ring and gold bar prices continued to decline sharply.
Specifically, Saigon Jewelry Company (SJC), DOJI Jewelry Group announced the price of SJC gold bars at 87-89 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling compared to the closing price yesterday.
Similarly, in the same direction as the price of SJC gold bars, the price of gold rings also continued to decrease. DOJI Gold and Gemstone Group listed the price of gold rings at 87.8 - 88.8 million VND/tael (buy - sell), down 450 thousand VND/tael in both buying and selling directions.
After 3 consecutive mid-week declines, on the afternoon of November 7, Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 81 - 85.5 million; the price of gold rings at 81 - 83.8 million VND/tael (buy - sell).
By the morning session of November 8, the domestic price of SJC gold rings and gold bars had increased again, but was still far from the beginning of the week.
Specifically, Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 82 - 86.5 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to yesterday's closing price; the price of gold rings at 82 - 84.8 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to yesterday's closing price.
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| Gold price today November 10, 2024. (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of November 9:
Saigon Jewelry Company SJC: SJC gold bars 82 - 85.8 million VND/tael; SJC gold rings 82 - 84.8 million VND/tael.
Doji Group: SJC gold bars 82 - 85.8 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.35 - 85.15 million VND/tael.
PNJ system: SJC gold bars 82 - 85.8 million VND/tael; PNJ 999.9 plain gold rings at 83.4 - 85.2 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 82.3 - 85.8 million VND/tael; Phu Quy 999.9 round gold rings: 83.4 - 85.2 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 82.3 - 85.8 million VND/tael; plain gold rings are traded at 83.32 - 85.12 million VND/tael.
According to the World and Vietnam Newspaper , at 6:25 p.m. on November 9 (Vietnam time), the world gold price at goldprice.org was at 2,684.64 USD/ounce, down 13.23 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on November 9, 1 USD = 25,470 VND, world gold price is equivalent to 82.38 million VND/tael.
World gold prices fall, Wall Street and Main Street are both pessimistic
As widely expected, the US presidential election has been a driving force in markets this week, and precious metals are no exception. Surprisingly, the speed with which the election was resolved and the sharp sell-off in gold prices have left market participants wondering where the precious metal is headed in the future.
Gold prices fell in Asia on Friday, heading for a second straight weekly decline as traders assessed the policies that Donald Trump could implement in his second term as President and the implications for US interest rates.
Spot gold fell 0.8% to $2,685.70 an ounce at 2:43 p.m. Vietnam time and was down nearly 2% this week.
Prices hit a three-week low on Nov. 6 after Trump’s victory in the U.S. presidential election, but rebounded more than 1% a day later. U.S. gold futures fell 0.5% to $2,693.20 an ounce.
The dollar index has been on a slight uptrend all week following Mr Trump’s victory. A stronger greenback makes gold more expensive for buyers using other currencies.
The latest Kitco News weekly gold survey shows overwhelmingly bearish sentiment among industry professionals, while retail traders are also in the minority for the first time in months.
“Decline,” said Darin Newsom , senior market analyst at Barchart.com. “While I think the market will see some new long-term investor hedging interest, December futures have not yet ended their short-term downtrend on the daily close. This opens the door for a fresh sell-off early next week.”
David Morrison , senior market analyst at Trade Nation, said the technical picture suggested gold prices would continue to fall. The dollar and yields returned to more reasonable levels after Mr Trump’s victory in the US election. “This helped gold find a bottom and rally slightly on November 7. But the rally ended early on November 8 and gold was once again under selling pressure,” he said.
“Down,” said Adam Button , chief currency strategist at Forexlive.com. “I think some consolidation is needed after the election, but I will be watching closely for signs of who the next US Treasury Secretary will be.”
“Bullish,” said James Stanley , senior market strategist at Forex.com. “It looked a little risky after the election but the reaction since has been positive, with bulls defending $2,650 an ounce and pushing to $2,700 an ounce. Normally with price action of that nature I would start to lean bearish but given how strong gold has been this year I’m not ready to reverse, so I’m still bullish.”
“Decline,” said Adrian Day , chairman of Adrian Day Asset Management. “A continued decline in gold prices would not be a negative, as some investors are still taking profits even as both the central bank and Chinese consumers have cut back on purchases from previous highs. However, the motivations for all the different buyers remain.”
Frank Sohlleder , an analyst at ActivTrades, also believes that gold is likely to fall further in the near term. “Despite the uptrend, gold is not yet free from the risk of a major correction,” he said.
“Down,” said Mark Leibovit of VR Metals/Resource Letter. “Trump’s potential success in the Middle East could dampen the already conflict-driven rally in gold. Yes, there are other reasons, and overall my next big target of $3,700 remains unchanged, but I don’t have a specific time frame for that at this point.”
“In short, we are about to have a pullback,” he added.
This week, 14 analysts participated in the Kitco News Gold Survey, and the sharp sell-off has left most of Wall Street bearish. Only three experts, or 21%, expect gold prices to rise next week, while nine analysts, or 64%, predict the precious metal will fall. The remaining two analysts, or 14%, expect gold to consolidate.
Meanwhile, 249 votes were cast in Kitco's online poll. 114 retail traders, or 46%, predicted gold prices would rise next week, while another 91, or 36%, expected the yellow metal to trade lower. The remaining 44 investors, or 18% of the total, expected gold to trend sideways in the near term.
Marc Chandler , managing director at Bannockburn Global Forex, sees a consolidation period ahead for gold but says any pullback is a good buying opportunity.
“Gold hit an air pocket in the middle of last week as US interest rates and the dollar spiked in the immediate aftermath of the election. The precious metal fell more than 3% and by the end of the week had recovered about half of its losses. The People’s Bank of China (PBOC) alone appears to have extended its gold buying freeze,” he said.
Daniel Pavilonis, senior commodities broker at RJO Futures, agreed that the relief after the election was resolved was a short-term catalyst for the gold sell-off, but said it could be the start of a broader risk rebalancing that could send the precious metal lower in the medium term.
“I think this is just a pause and the market is just reassessing what was supposed to happen. I think that's what we're seeing here.”
In the short term, Pavilonis said gold will fluctuate around recent lows before moving higher later in the week.
And Kitco senior analyst Jim Wyckoff expects gold prices to rise again in the near term. “Steady gains as the charts remain bullish and geopolitics remain in play,” he said.
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