LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/26 AND EXCHANGE RATE TODAY 11/26
| 1. PNJ - Updated: November 25, 2023 20:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 60,200 ▲100K | 61,400 ▲150K |
| HCMC - SJC | 71,200 ▲200K | 72,100 ▲200K |
| Hanoi - PNJ | 60,200 ▲100K | 61,400 ▲150K |
| Hanoi - SJC | 71,200 ▲200K | 72,100 ▲200K |
| Da Nang - PNJ | 60,200 ▲100K | 61,400 ▲150K |
| Da Nang - SJC | 71,200 ▲200K | 72,100 ▲200K |
| Western Region - PNJ | 60,200 ▲100K | 61,400 ▲150K |
| Western Region - SJC | 71,550 ▲150K | 72,250 ▲250K |
| Jewelry gold price - PNJ rings (24K) | 60,200 ▲100K | 61,350 ▲150K |
| Jewelry Gold Price - 24K Jewelry | 60,100 ▲50K | 60,900 ▲50K |
| Jewelry Gold Price - 18K Jewelry | 44,430 ▲40K | 45,830 ▲40K |
| Jewelry Gold Price - 14K Jewelry | 34,380 ▲30K | 35,780 ▲30K |
| Jewelry Gold Price - 10K Jewelry | 24,080 ▲20K | 25,480 ▲20K |
Domestic gold prices increased sharply last week in the selling direction.
Opening the first trading session of the week on November 20, in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 70.05 - 70.77 million VND/tael, an increase of 100 thousand VND/tael in the buying direction and keeping the selling price unchanged compared to the previous closing session.
After 3 fluctuating mid-week sessions, on the morning of November 24, Saigon Jewelry Company listed the price of SJC gold at 70.6 - 71.5 million VND/tael, down 200,000 VND/tael for buying and down 150,000 VND/tael for selling compared to the closing price on November 23.
At the close of trading this week (November 25), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 71.30 - 72.30 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on November 20 (at 70.05 - 70.77 million VND/tael (buy - sell), the SJC gold price of Saigon Jewelry Company in Hanoi market increased by 800 thousand VND/tael in the buying direction and increased by 1,530,000 thousand VND/tael in the selling direction.
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| Gold price today November 26, 2023. (Source: Shutterstock) |
World gold price , in the Asian market, gold price moved sideways in the afternoon trading session on November 24, but still headed for the second consecutive week of increase, supported by the weakening USD as the market increasingly believes that the US Federal Reserve (Fed) has completed the roadmap for raising interest rates.
At the end of this session, in the Bengaluru market (India), the spot gold price remained stable at 1,992.73 USD/ounce, marking an increase of 0.7% this week. Meanwhile, the US gold futures price was also little changed, standing at 1,993.60 USD/ounce.
According to the World & Vietnam Newspaper, the world gold price closed the trading week (November 24) on the Kitco floor at 2,003.7 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of November 25:
Saigon Jewelry Company listed the price of SJC gold at 71.30 - 72.30 million VND/tael.
Doji Group currently lists the price of SJC gold at: 71.20 - 72.30 million VND/tael.
PNJ system listed at: 71.2 - 72.1 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 71.4 - 72.25 million VND/tael; Rong Thang Long gold brand is traded at 61.02 - 62.02 million VND/tael; jewelry gold price is traded at 60.55 - 61.75 million VND/tael.
Converted according to the USD price at Vietcombank on November 25, 1 USD = 24,420 VND, the world gold price is equivalent to 58.95 million VND/tael, 13.35 million VND/tael lower than the selling price of SJC gold.
Gold breaks resistance
Gold has managed to reclaim the $2,000 level as it ends a second straight week in positive territory. However, analysts say the upside is still limited and prices are unlikely to break the current resistance level as the Fed maintains its tightening monetary policy stance.
With Israel and Hamas agreeing to a limited ceasefire, undermining the safe-haven appeal of the precious metal, US monetary policy is expected to be the most important factor driving gold price action in the near term, analysts noted.
“Our economists only expect the first rate cut to be implemented by the middle of next year, only then will gold prices have the potential to rise permanently above $2,000 an ounce,” said Commerzbank commodities analyst Barbara Lambrecht .
However, while gold is likely to be stuck below $2,000 an ounce, many analysts do not expect to see much downside risk as seasonal factors begin to take hold.
In a recent note, Nicky Shiels , head of metals strategy at MKS PAMP, said that over the past five years, gold has seen an average gain of 2.7% from Thanksgiving to December 31.
The biggest risk to gold would be rising bond yields, which would strengthen the US dollar, said Ole Hansen , head of commodity strategy at Saxo Bank.
“Gold looks well supported and only a stronger US dollar can change that. Whether it is ready to make a decisive push higher remains in doubt unless it closes above $2,010 an ounce,” he said.
With renewed focus on U.S. monetary policy, the gold market will be sensitive to GDP and inflation data. While the world’s No. 1 economy is expected to grow at a robust pace in the third quarter, there are growing concerns about a slowdown in activity in the fourth quarter. At the same time, slower-than-expected growth will continue to weigh on inflation.
Markets will also be paying attention to a series of central bank speakers on November 28, while Fed Chairman Jerome Powell will participate in a discussion titled “Forming the Path to Economic Mobility” at Spelman College in Atlanta later in the week.
In recent comments, Mr. Powell has been quite blunt that interest rates will remain in a limited range because inflation remains unchecked.
However, energy prices and next week's OPEC+ meeting could be potential factors for inflation.
It is expected that OPEC+ will announce new production cuts, but if these expectations are lower than expected, oil prices will continue the current downward trend.
Lower oil prices could provide some short-term support for gold, said Daniel Ghali , senior commodity strategist at TD Securities. He explained that lower energy prices would give the Fed some room to ease its current tightening bias.
However, Ghali said he does not see gold breaking out of a new base anytime soon. He noted that Asian and emerging market demand continues to support the precious metal, but added that gold remains stuck as Western investors continue to stay away.
“We expect Western investors to continue to ignore the gold market until the US enters a recession in the first half of next year, forcing the Fed to cut interest rates aggressively,” he said.
Looking at the technical picture of gold, analysts say that investors and traders need to watch the initial resistance at $2,010.
“If buyers achieve a close above $2,009, prices could extend their rally to $2,050, the April high, before putting $2,082, the all-time high, in sight,” said Fiona Cincotta , senior market analyst at City Index.
On the other hand, analysts have highlighted initial support in the range of $1,945 to $1,930 per ounce.
“If we see gold prices back below $1,940, this new uptrend is over and we will have to wait for another buying opportunity,” said Phillip Streible, chief market strategist at Blue Line Futures.
However, Streible said he remains bullish on gold as the market appears to be gearing up for a Christmas rally.
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