LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/29 and EXCHANGE RATE TODAY 11/29
| 1. PNJ - Updated: November 28, 2023 20:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 60,600 ▲100K | 61,800 ▲100K |
| HCMC - SJC | 72,600 ▲1000K | 73,600 ▲1100K |
| Hanoi - PNJ | 60,600 ▲100K | 61,800 ▲100K |
| Hanoi - SJC | 72,600 ▲1000K | 73,600 ▲1100K |
| Da Nang - PNJ | 60,600 ▲100K | 61,800 ▲100K |
| Da Nang - SJC | 72,600 ▲1000K | 73,600 ▲1100K |
| Western Region - PNJ | 60,600 ▲100K | 61,800 ▲100K |
| Western Region - SJC | 72,200 ▲700K | 73,500 ▲1000K |
| Jewelry gold price - PNJ rings (24K) | 60,600 ▲100K | 61,750 ▲150K |
| Jewelry Gold Price - 24K Jewelry | 60,500 ▲100K | 61,300 ▲100K |
| Jewelry Gold Price - 18K Jewelry | 44,730 ▲80K | 46,130 ▲80K |
| Jewelry Gold Price - 14K Jewelry | 34,610 ▲60K | 36,010 ▲60K |
| Jewelry Gold Price - 10K Jewelry | 24,250 ▲40K | 25,650 ▲40K |
Domestic gold prices fluctuated continuously during the trading session on November 28. From morning to afternoon, the price "danced" 5 times.
Recorded at 3:00 p.m. on November 28, after 5 price increases, the price of SJC gold bars was listed by major stores in Hanoi at 72.5-73.5 million VND/tael (buy - sell), an increase of 800,000 VND for buying and 1 million VND for selling compared to yesterday's closing price. The difference between buying and selling is currently 1 million VND.
Other major brands also listed gold rings at an increase of VND800,000 - VND1.1 million in the trading session on November 28.
The price of gold rings also continued to reach a historical high, currently listed at 60.7-61.8 million VND/tael (buy - sell), an increase of 100,000 VND each way. The difference between the two ways is 1.1 million VND.
Last week, gold rings also increased for 7 consecutive sessions. Compared to the price of about 54 million VND/tael at the beginning of the year, gold rings increased by more than 14%.
The world gold price is currently at its highest level since May 2023 and tends to continue to increase in the context of a weakening USD. According to TG&VN , at 7:40 p.m. on November 28, the world gold price on the Kitco exchange was at 2,015.4 - 2,016.4 USD/ounce, up 1.8 USD/ounce compared to the previous session.
Currently, gold prices are being supported by information that the US Federal Reserve (Fed) has ended its monetary tightening cycle and may move to an easing cycle next year.
Amid a weakening US dollar and geopolitical concerns, investors are still turning to gold as a safe haven. However, on the other hand, profit-taking pressure is quite high.
In addition, the demand for gold jewelry at the end of the year also increased in some countries, supporting gold prices. In addition, the demand for gold purchases by central banks of countries also helped the price of precious metals increase.
As of the third quarter of 2023, central banks have purchased about 800 tons and may exceed 1,000 tons this year. Of which, China alone has been buying gold regularly every month, with an estimated 170 tons of gold purchased in the first three quarters of the year.
According to the CME FedWatch interest rate tracker, the market predicts the Fed will keep interest rates unchanged at the next meeting. Meanwhile, the possibility of lowering interest rates from the middle of next year is 64%.
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| Gold price today November 29: Gold ring price sets new record, SJC skyrockets, market faces profit-taking pressure. (Source: Kitco) |
Summary of SJC gold prices at major domestic trading brands at the closing time of November 28:
Saigon Jewelry Company listed the price of SJC gold at 72.5 - 73.52 million VND/tael.
Doji Group currently lists the price of SJC gold at: 72.6 - 73.5 million VND/tael.
Phu Quy listed at: 71.65 - 73.5 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 72.65 - 73.45 million VND/tael; Rong Thang Long gold brand is traded at 61.33 - 62.33 million VND/tael; jewelry gold price is traded at 60.85 - 62.05 million VND/tael.
Will gold prices rise to $2,050 an ounce?
In a recent note, commodity analysts at Goldman Sachs expect higher gold prices in 2024 and raised their 12-month target to $2,050 an ounce. The upside momentum for gold remains strong buying from Chinese and Indian consumers and central banks.
Senior strategist Bob Haberkorn of RJO Futures predicts that gold prices will likely continue to fluctuate around the $2,000/ounce threshold until there are new signals about the Fed's interest rate path.
“Gold prices will have a chance to rise further if the Fed does not raise interest rates further. On the other hand, any strong signal from the Fed or data showing the stability of the US economy could be detrimental to gold prices,” said Mr. Haberkorn.
Regarding the domestic market, from a technical perspective, experts assess that the gold price is at its peak, so very few people dare to buy because they are afraid of the risk of a reversal at any time. On the contrary, those who have gold often hold on and rarely sell or buy more.
Some opinions say that money flows from stocks, real estate or even savings deposits to buy gold, but this amount is not much because the price is too high.
In 2023, the authorities will step up efforts to prevent gold smuggling, so businesses will not dare to buy gold floating on the market as before for fear of buying smuggled gold. Raw gold that is not licensed for import to process gold jewelry, gold rings, etc. also contributes to the increase in gold prices when demand increases.
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