LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/22 AND EXCHANGE RATE TODAY 11/22
| 1. PNJ - Updated: 11/21/2023 22:00 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 59,400 ▲300K | 60,500 ▲300K |
| HCMC - SJC | 70,500 ▲400K | 71,200 ▲350K |
| Hanoi - PNJ | 59,400 ▲300K | 60,500 ▲300K |
| Hanoi - SJC | 70,500 ▲400K | 71,200 ▲350K |
| Da Nang - PNJ | 59,400 ▲300K | 60,500 ▲300K |
| Da Nang - SJC | 70,500 ▲400K | 71,200 ▲350K |
| Western Region - PNJ | 59,400 ▲300K | 60,500 ▲300K |
| Western Region - SJC | 70,500 ▲350K | 71,200 ▲350K |
| Jewelry gold price - PNJ rings (24K) | 59,400 ▲300K | 60,400 ▲300K |
| Jewelry Gold Price - 24K Jewelry | 59,300 ▲300K | 60,100 ▲300K |
| Jewelry Gold Price - 18K Jewelry | 43,830 ▲230K | 45,230 ▲230K |
| Jewelry Gold Price - 14K Jewelry | 33,910 ▲180K | 35,310 ▲180K |
| Jewelry Gold Price - 10K Jewelry | 23,750 ▲120K | 25,150 ▲120K |
Domestic gold prices follow the upward trend of world gold prices, increasing rapidly, conquering new records. The domestic market recorded signs of increased demand for precious metals.
In particular, the development was quite surprising with gold rings, after many years at the same level as the world gold price, it increased sharply and was nearly 2 million VND/tael more expensive than the converted world gold price, reaching a record high of 60.2-60.3 million VND/tael.
The price of gold rings and 9999 gold increased by 100,000 VND/tael in both buying and selling compared to the end of yesterday's session.
SJC gold price increased by about 50,000 VND/tael to 300,000 VND/tael in both buying and selling directions, bringing the trading price of SJC gold bars to over 71 million VND/tael.
Update on domestic gold prices at major domestic trading brands at the close of trading on November 21:
Saigon Jewelry Company listed the price of SJC gold at 70.52 - 71.22 million VND/tael. The price of gold rings was listed at a record high of 60.2 - 60.3 million VND/tael.
Doji Group currently lists the price of SJC gold at: 70.50 - 71.20 million VND/tael.
Phu Quy Group listed at: 70.50 - 71.20 million VND/tael.
PNJ system listed at: 70.50 - 71.20 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 70.30 - 71.15 million VND/tael; Rong Thang Long gold brand is traded at 59.98 - 60.98 million VND/tael; jewelry gold price is traded at 59.55 - 60.75 million VND/tael.
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| Gold price today November 22, 2023: World gold price goes up, gold rings increase unexpectedly, SJC hits new record; warning of a banking crisis. (Source: Getty Images) |
The world gold price continued its upward trend even though the USD stabilized, falling below 103.6 points. The yield on 10-year US Treasury bonds also dropped rapidly to 3%/year.
According to TG&VN at 9:15 p.m. on November 21, the spot gold price listed on Kitco was at 1,998.30 USD, up 20.7 USD compared to the close of the previous trading session.
Investors are awaiting the minutes of the latest meeting from the US central bank for further clues on monetary policy. Given the latest economic data, the US Federal Reserve is likely to keep interest rates unchanged at its December policy meeting and beyond.
Many experts are still optimistic that the gold market will remain positive, as the demand for gold from central banks around the world remains high, while geopolitical instability remains unpredictable and the financial market is subject to many unexpected fluctuations. That is why it is predicted that the long-term gold price will return to $2,000/ounce. Some experts even predict that gold will break out to $3,000/ounce in 2024.
However, in the short term, the gold market is expected to remain volatile, as the market will be closed for Thanksgiving on Thursday.
A new banking crisis in March 2024?
While many analysts have downgraded the banking crisis scenario, macroeconomist and leading investor George Gammon has warned that the banking sector could collapse as early as March next year.
The reason for his concern is the Federal Reserve’s emergency liquidity program, known as the Bank Term Funding Program (BTFP), a financial support initiative launched by the Fed to deal with the stress in the banking system following the collapse of Silicon Valley Bank (SVB) in March.
The main objective of the BTFP is to support the stability of the banking system and ensure that banks have sufficient liquidity.
The problem, however, is the extent to which the program has been used. Since March, the Fed has gone from lending $60 billion to more than $100 billion. “Everyone thought we were past [the banking crisis],” Gammon said on the sidelines of the New Orleans Investment Conference. “But BTFP use today is almost double what it was at the peak of the banking crisis in March 2023.”
If the Fed's program is used more by banks in November than in March, it means the system is now more at risk than before, said George Gammon, an assessment that Fitch Ratings warned that "challenges will continue into 2024."
Regional banks that are smaller or focused on commercial lending growth are expected to face significant pressure next year, according to a new Fitch report. Making matters more precarious is the BTFP program’s March 11 expiration date — what happens when it’s uncertain whether the Fed will choose to extend the program.
Fed Chairman Jerome Powell will face a dilemma over whether to extend the program beyond March. "Chairman Powell is trying to reduce liquidity in the market to reduce inflation. What happens to the inflation rate if you let those banks fail? We're going to see deflation. We're going to see a 1930s-style scenario. I'm not saying this is something he wants to do or will do, but I'm saying this is something people need to think about very carefully," macroeconomist Gammon pointed out.
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