LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/19 and EXCHANGE RATE TODAY 11/19
| 1. PNJ - Updated: November 18, 2023 21:00 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 59,050 | 60,200 |
| HCMC - SJC | 70,000 | 70,850 |
| Hanoi - PNJ | 59,050 | 60,200 |
| Hanoi - SJC | 70,000 | 70,850 |
| Da Nang - PNJ | 59,050 | 60,200 |
| Da Nang - SJC | 70,000 | 70,850 |
| Western Region - PNJ | 59,050 | 60,200 |
| Western Region - SJC | 69,950 ▲50K | 70,750 |
| Jewelry gold price - PNJ rings (24K) | 59,050 | 60,100 |
| Jewelry Gold Price - 24K Jewelry | 59,000 | 59,800 |
| Jewelry Gold Price - 18K Jewelry | 43,600 | 45,000 |
| Jewelry Gold Price - 14K Jewelry | 33,730 | 35,130 |
| Jewelry Gold Price - 10K Jewelry | 23,630 | 25,030 |
Domestic gold prices increased last week.
Opening the first trading session of the week on November 13, Saigon Jewelry Company listed the price of SJC gold at 69.4 - 70.22 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in the buying direction and a decrease of 100 thousand VND/tael in the selling direction compared to the previous session's closing price.
After 3 fluctuating mid-week sessions, on the morning of November 17, Saigon Jewelry Company listed the price of SJC gold at 69.9 - 70.72 million VND/tael, an increase of 100 thousand VND/tael in both buying and selling prices compared to the closing price yesterday.
At the close of trading this week (November 18), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.95 - 70.75 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on November 13 (at 69.4 - 70.22 million VND/tael (buy - sell), the SJC gold price of Saigon Jewelry Company in Hanoi market increased by 550 thousand VND/tael for buying and increased by 530 thousand VND/tael for selling.
 |
| Gold price today November 19, 2023, Gold price is not ready to do this, when will it reach an all-time high? SJC gold price increases. (Source: Kitco) |
The world gold futures price on the COMEX floor of the New York market (USA) increased in the session on November 16 due to the weak USD and the decrease in US Treasury bond interest rates. Specifically, the gold price for December 2023 delivery increased by 23 USD (1.17%), closing at 1,987.30 USD/ounce.
World markets are closed on November 16 (Thursday) for the Thanksgiving holiday in the US.
According to the World & Vietnam Newspaper, the world gold price closed the trading week (November 17) on the Kitco floor at 1,982.1 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of November 18:
Saigon Jewelry Company listed the price of SJC gold at 69.95 - 70.75 million VND/tael.
Doji Group currently lists the price of SJC gold at: 69.95 - 70.73 million VND/tael.
PNJ system listed at: 70.0 - 70.85 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 69.98 - 70.68 million VND/tael; Rong Thang Long gold brand is traded at 59.33 - 60.28 million VND/tael; jewelry gold price is traded at 58.90 - 60.10 million VND/tael.
Converted according to the USD price at Vietcombank on November 18, 1 USD = 24,415 VND, the world gold price is equivalent to 58.30 million VND/tael, 12.45 million VND/tael lower than the selling price of SJC gold.
Gold price is not ready to surpass the threshold of 2,000 USD/ounce
Easing inflationary pressures and growing weakness in the US labor market have led markets to question the Federal Reserve’s plans to keep interest rates on a tight leash for the foreseeable future, providing fresh impetus for gold. However, sentiment is still not bullish enough to push prices back above $2,000 an ounce.
Although gold prices ended the week on a solid note, they have retreated from their highs on November 16. December gold futures last traded at $1,984.40 an ounce, up more than 2.4% from a three-week low hit last Friday.
While analysts remain bullish on the gold market as it enters a seasonally strong period, some still believe that a new catalyst is needed to send the precious metal's price to its ultimate target of a new all-time high.
The gold market is ripe for a move above $2,000 an ounce, said Adam Button , chief currency strategist at Forexlive.com . However, he added that the market may need to see weaker economic data to generate sustained momentum.
He noted that falling inflation, with the US consumer price index (CPI) falling to 3.2% in the 12 months to October 2023, suggests the Fed is likely to keep rates on hold, but added that the central bank does not need to cut rates.
“The Fed is going to hold rates longer than they really need to, but that just means they’re going to have to cut rates more and I think those expectations are supporting gold,” he said.
Barbara Lambrecht , commodities analyst at Commerzbank, said that while the Fed is unlikely to raise rates in December, she does not expect a rate cut anytime soon, which limits gold's upside potential.
“The recovery in the gold market is unlikely to continue. We only expect gold to surpass $2,000 for a long time by the middle of next year,” she said.
At the same time, with little economic data due for release next week, it is unlikely that investors will get a solid picture of the health of the US economy.
It's not just interest rates that drive gold
While the Fed's aggressive interest rate stance has attracted significant market attention, some analysts say investors should also pay attention to its balance sheet as global financial markets become increasingly concerned about the size of the US debt pile.
Next week, the U.S. Treasury will auction 20-year bonds and 10-year Treasury Inflation-Protected Securities, following last week's disappointing 30-year bond auction.
Analysts have pointed out that US government debt is becoming less attractive as the debt continues to rise.
“A debt crisis in the US would be extremely bullish for gold. But the US has a lot of levers it can pull to maintain a lot of debt, so it’s unlikely we’ll see a crisis anytime soon,” said analyst Button.
It's time for investors to be patient.
While gold isn't ready to break above $2,000 an ounce, that doesn't mean it's lost its luster, said Michele Schneider , director of trade education and research at MarketGauge.
Investors must be patient as the market stabilizes, she said, noting that while inflation continues to decline, the economic threat of higher consumer prices has only been delayed. The economy is following a similar pattern from the 1970s and 1980s, she said.
Inflation in the mid-1970s rose to 12% and then fell sharply to around 5% in 1977. However, after that bottom, inflation spiked to 14.5% in the mid-1980s. The Fed says this is the scenario it is trying to avoid, but Schneider says it is unlikely.
The biggest difference between now and the 1970s, she explained, is the scale of US debt, which means the Fed doesn’t have the ability to push interest rates high enough to ease long-term inflationary pressures.
Meanwhile, analyst Schneider noted that the US debt problem also means that the government is not in a position to provide any financial relief when a recession occurs.
“Nobody wants to buy U.S. debt, and the Fed will be forced to buy it. That’s what’s pushing gold to all-time highs. The gold market is just waiting for the Fed to make a mistake in monetary policy,” she said.
However, Scheinder added, gold's big move to a new all-time high may not come until 2024 or 2025.
“You buy gold when it starts to look bad and sell it when it starts to look strong. Until the crisis happens, gold will bide its time,” she said.
Source
Comment (0)