Gold price decreased at the beginning of the week

11/12/2023 09:50 Nhat Linh Print article

ANTD.VN - Gold prices continued their downward trend at the end of the week before reopening in the first session of the week, world gold fell below the threshold of 2,000 USD/ounce.

The gold market last week experienced strong fluctuations with world gold prices increasing and decreasing by over 100 USD and closing the week in a downward trend after strong increases at the beginning of the week.

Although domestic gold prices also fluctuate, they do so within a narrower range and with a more limited decline compared to the decline in world gold prices.

Entering the new trading week, the precious metal market is not clear, but the downward trend seems to be dominant. Businesses have adjusted the buying price up and the selling price down, narrowing the buying-selling gap compared to last week.

Giá vàng nghiêng về xu hướng giảm sáng đầu tuần

Gold prices tend to decrease at the beginning of the week

Specifically, at the beginning of trading this morning, Saigon Jewelry Company (SJC) listed the price of SJC gold brand at 72.90 - 73.92 million VND/tael, an increase of 100 thousand VND/tael in buying price but a decrease of 100 thousand VND/tael in selling price compared to the closing price of the trading session last weekend.

At DOJI, the increase and decrease were similar, bringing the price of SJC gold to 72.90 - 74.00 million VND/tael. Phu Quy increased the buying price by 50 thousand VND/tael, decreased the selling price by 50 thousand VND/tael, listed at 72.90 - 73.90 million VND/tael; Bao Tin Minh Chau also listed at 72.90 - 73.90 million VND/tael...

Meanwhile, non-SJC gold was adjusted down in both directions. In particular, PNJ gold decreased by 150 thousand VND per tael, listed this morning at 60.55 - 61.65 million VND/tael; SJC 99.99 rings decreased by 200 thousand VND per tael, to 60.50 - 61.55 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold was 61.12 - 62.22 million VND/tael, down 110 thousand VND per tael...

On the world market, opening the Asian session, gold prices also continued to decrease slightly, with spot gold falling nearly 6 USD as of 9:30 a.m. Vietnam time, losing the 2,000 USD mark and trading above 1,998 USD/ounce.

Gold prices are moving in line with most experts' predictions, as the market continues to be influenced by a better-than-expected US jobs report, which overshadows expectations of an early interest rate cut.

Experts said that the market's expectations of a rate cut were too high, causing excessive demand for gold. Therefore, when positive employment data was released right before the Fed meeting, it also disappointed investors even more.

Fifteen Wall Street analysts participated in the Kitco News Gold Survey this week, and only three, or 20%, see higher gold prices next week. Eight analysts, or 53%, see lower prices, while four, or 27%, are neutral on gold next week.

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