Gold prices fell sharply after yesterday's meteoric rise

11/23/2023 09:22 Nhat Linh Print article

ANTD.VN - SJC gold price recorded a decrease of 200 - 450 thousand VND per tael after yesterday's strong increase.

Yesterday's trading session, domestic gold prices increased sharply with some places increasing by up to 1 million VND per tael at times before closing the session with a common increase of 600 - 800 thousand VND per tael.

By this morning (November 23), the precious metals market had cooled down somewhat. SJC gold reversed course with a decrease of around 200,000 - 400,000 VND per tael when the trading session opened.

Accordingly, Saigon Jewelry Company (SJC) is listing the price of SJC gold brand at 70.80 - 71.62 million VND/tael, down 300 thousand VND/tael for buying and down 200 thousand VND/tael for selling.

DOJI Group listed the price at 70.70 - 71.60 million VND/tael, down 300 thousand VND/tael for buying, down 400 thousand VND/tael for selling;

Phu Quy 70.55 - 71.55 million VND/tael, down 250 thousand VND/tael for buying, down 450 thousand VND/tael for selling...

Non-SJC gold recorded a lower decrease, generally around VND100,000 per tael. Accordingly, PNJ gold price was listed early this morning at VND59.60 - 60.70 million/tael; SJC 99.99 rings were VND59.70 - 60.70 million/tael.

Although Bao Tin Minh Chau's Thang Long Gold Dragon Round Ring has also been adjusted, it is maintaining a very high price, at 60.48 - 61.48 million VND/tael...

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Gold reversed down after yesterday's increase

In the world market, gold prices also had a correction session after the previous strong increase. Spot gold prices in the US market closed the last trading session before the Thanksgiving holiday with a decrease of 8.4 USD per ounce, to 1,989.3 USD/ounce.

The decline is a direct result of the strength of the US dollar. Currently, the US dollar index, which measures the greenback's strength against a basket of six major currencies, is standing at around 103.84, up about 0.3%, equivalent to the decline in gold prices.

The dollar’s recovery was helped by economic data that showed the resilience of the US economy amid global challenges. Unemployment claims unexpectedly fell to a lower level, signaling that the labor market remains strong.

However, according to experts, gold is still on the rise, due to a combination of factors. These include expectations that the US Federal Reserve may have finished raising interest rates and will start cutting them next spring. The geopolitical landscape is still filled with too much uncertainty and risk due to the wars in the Middle East and Ukraine.

Meanwhile, a report by the World Gold Council (WGC) revealed that central banks around the world continued to increase their gold purchases, leading to a new record in purchases in the first nine months of this year.

Starting tomorrow, the most important financial markets in the US and Canada will be closed for the Thanksgiving holiday. Gold prices are expected to remain flat from now until the end of the week, when the US markets reopen.

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