LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/5 AND EXCHANGE RATE TODAY 11/5
| 1. PNJ - Updated: 11/04/2023 23:00 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 58,900 ▲200K | 59,950 ▲150K |
| HCMC - SJC | 69,400 ▼300K | 70,350 ▼50K |
| Hanoi - PNJ | 58,900 ▲200K | 59,950 ▲150K |
| Hanoi - SJC | 69,400 ▼300K | 70,350 ▼50K |
| Da Nang - PNJ | 58,900 ▲200K | 59,950 ▲150K |
| Da Nang - SJC | 69,400 ▼300K | 70,350 ▼50K |
| Western Region - PNJ | 58,900 ▲200K | 59,950 ▲150K |
| Western Region - SJC | 68,850 ▼900K | 70,050 ▼300K |
| Jewelry gold price - PNJ rings (24K) | 58,900 ▲200K | 59,900 ▲200K |
| Jewelry Gold Price - 24K Jewelry | 58,700 ▲200K | 59,500 ▲200K |
| Jewelry Gold Price - 18K Jewelry | 43,380 ▲150K | 44,780 ▲150K |
| Jewelry Gold Price - 14K Jewelry | 33,560 ▲120K | 34,960 ▲120K |
| Jewelry Gold Price - 10K Jewelry | 23,500 ▲80K | 24,900 ▲80K |
Domestic gold prices fell sharply last week.
On the morning of October 30, in Hanoi market, Saigon Jewelry Company listed SJC gold price at 70.05 - 70.95 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the previous closing price.
After 3 fluctuating mid-week sessions, on November 3, in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.9 - 70.62 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the previous session's close.
At the close of trading this week (November 4), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.05 - 70.05 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on October 30 (at 70.05 - 70.95 million VND/tael (buy - sell), the price of SJC gold in Hanoi market decreased by 1 VND/tael in the buying direction and decreased by 900 thousand VND/tael in the selling direction.
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| Gold price today November 5, 2023, Gold price is disappointing, needs a run-up before reaching an all-time high, SJC gold plummets. (Source: Kitco) |
World gold prices rose in the last session of the week on November 3 amid the decline of the USD and US government bond yields. Weak employment data from the world's No. 1 economy reinforced speculation that the US Federal Reserve (Fed) may have completed its interest rate hike campaign.
At 2:14 a.m. on November 4, Vietnam time, spot gold rose 0.4% to $1,994.28 an ounce, after briefly reaching $2,003.69 an ounce. US gold futures rose 0.3% to $1,999.2 an ounce.
According to the World & Vietnam Newspaper, the world gold price closed the trading week (November 3) on the Kitco floor at 1,993.2 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of November 4:
Saigon Jewelry Company listed the price of SJC gold at 69.05 - 70.05 million VND/tael.
Doji Group currently lists SJC gold price at: 69.0 - 70.0 million VND/tael.
PNJ system listed at: 69.40 - 70.35 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 69.0 - 69.95 million VND/tael; Rong Thang Long gold brand is traded at 59.21 - 60.16 million VND/tael; jewelry gold price is traded at 58.70 - 59.90 million VND/tael.
Converted according to the USD price at Vietcombank on November 4, 1 USD = 24,690 VND, the world gold price is equivalent to 59.29 million VND/tael, 10.76 million VND/tael lower than the selling price of SJC gold.
Gold prices lack momentum to surpass $2,000
The failure of gold to convincingly break above $2,000 an ounce in this week’s close is creating some cautious sentiment in the market, with some analysts saying prices may need to consolidate in the coming period before the precious metal reaches an all-time high.
While analysts are not advising investors to sell gold, some say the precious metal's price action has been disappointing as gold has failed to benefit from sharply lower yields and a weak US dollar.
Currently at $1,999, gold has ended a three-week winning streak, down nearly 1% from where it opened earlier this week.
Gold continues to be driven by global geopolitical factors as waning market fears weigh on the safe-haven appeal of the precious metal, commodity analysts say. While Israel’s war with Hamas continues to rage, the conflict helps keep the ongoing turmoil in the Middle East in check.
“The geopolitical crisis that fueled gold’s rally is running out of steam,” said analyst Christopher Vecchio .
While a geopolitical event can provide a trading boost to the gold market, it does not attract long-term investors, Vecchio said. He noted that a gold rally based on a specific geopolitical event would need to see a sustained increase in safe-haven prices.
Vecchio said he will continue to stay on the sidelines for the time being as he expects prices to stabilize.
“Most of the big moves in gold are over,” he said. “But I don’t want to sell gold because the fundamental backdrop of a weaker dollar and lower bond yields is positive for the precious metal.”
David Morrison , senior market analyst at Trade Nation, described gold as a market looking for a new catalyst.
Meanwhile, Ole Hansen , head of commodity strategy at Saxo Bank, said he is neutral on gold, noting that consolidation around current levels would be healthy. The neutral outlook comes after gold posted a nearly 7% gain in October, its best monthly performance since March.
“Gold has paused after rallying nearly $200 an ounce last month as profit-taking emerged once again above $2,000 an ounce. After such a strong run in such a short space of time, the market needs some consolidation, but so far the correction has been relatively shallow, with support appearing at $1,953, ahead of $1,933, the 200-day moving average and the 38.2% retracement of the rally in question,” Hansen said.
On the other hand, Hansen said that gold prices will have to fall back to $1,900/ounce.
With little economic data due for release next week, analysts say investors will continue to look to the Fed's monetary policy decision.
Although the US central bank kept interest rates unchanged for the second consecutive time in this tightening cycle, Fed Chairman Jerome Powell maintained his tightening bias.
“Is monetary policy restrictive enough to get inflation down to 2%? That’s what we’re asking,” Mr. Powell said in a press conference after the monetary policy decision.
“The Fed has left the door open for another rate hike. While we believe that rates have peaked, market participants may still be cautious on this front. Assuming no further escalation in the Middle East, the upside potential is there, and gold prices may be severely limited,” said Barbara Lambrecht, commodities analyst at Commerzbank.
The only major economic report due out next week will be the University of Michigan's preliminary survey of consumer sentiment.
Last month’s survey revision surprised markets by raising one-year consumer inflation expectations to 4.2%. Mr. Powell dismissed the result at a press conference, saying it was an outlier and that most consumer surveys showed inflation expectations “remaining firm.”
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