At 2:00 p.m. this afternoon, November 14, the price of gold rings was listed by Doji Company at 80.3 - 82.3 million VND/tael (buy - sell), down 900,000 VND/tael compared to early this morning.
At SJC Company, the price of gold rings is listed at 79 - 81.7 million VND/tael, down 550,000 VND/tael.
Not only gold rings but also gold bars continued to fall today. Accordingly, the price of gold bars listed by Doji and SJC companies is at 80 - 83.5 million VND/tael, down 500,000 VND/tael.
Thus, compared to the highest price on October 31 of 88.65 - 89.65 million VND/tael, up to now, the price of gold rings has decreased by 7.3 million VND/tael.
Experts warn that in the current context of fluctuating gold prices, investors will face many potential risks.
Gold rings have brought investors more than 30% profit since the beginning of the year. At this time, investors must be very careful because the price may continue to fall.
On the world market early this morning, the gold price listed on Kitco was at 2,572 USD/ounce, down 15 USD/ounce compared to early yesterday morning.
Gold prices fell sharply, pressured by a rebound in the US dollar and rising bond yields. The greenback rose to near a seven-month high, while the US 10-year bond yield also rose.
According to independent analyst Ross Norman, the strength of the US dollar is weighing on gold. The inverse relationship between gold and the US dollar seemed to have disappeared in recent times. However, since the US presidential election, this relationship has come back strongly.
The US dollar is expected to benefit from some of President-elect Donald Trump's policies, as they are likely to keep US interest rates relatively high for longer, which would be an unfavorable environment for gold.
RJO Futures senior market strategist Daniel Pavilonis said the recent pullback is just a correction in a long-term bull market. He said inflation will return and that environment will push gold prices higher.
Investors are awaiting the US producer price index (PPI) and weekly jobless claims reports due out on Thursday, while remarks by Fed Chairman Jerome Powell and other central bank officials are also in focus.
In a recent note, senior market analyst Jim Wyckoff said that the next upside price objective for gold bulls is to close above solid resistance at $2,700 an ounce. The next near-term downside price objective for bears is to push futures below solid technical support at $2,500 an ounce.
Implementing the directions of the Government and the Prime Minister, based on current legal regulations, in recent times, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high difference in gold prices between international and domestic prices, stabilize the gold market, and contribute to stabilizing the macro economy.
In particular, it is recommended that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision, and monitoring according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market; organize direct bidding and sale of gold bars to supplement the supply of SJC gold bars to the market.
With the implemented solutions, the difference between domestic gold price and converted world gold price has decreased significantly.
In the coming time, the State Bank will continue to implement solutions to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.
Source: https://baohaiduong.vn/gia-vang-nhan-giam-tiep-gan-1-trieu-dong-moi-luong-398035.html
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