LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/12 and EXCHANGE RATE TODAY 1/12
| 1. PNJ - Updated: November 30, 2023 22:30 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 61,300 | 62,500 |
| HCMC - SJC | 72,400 ▲100K | 73,600 |
| Hanoi - PNJ | 61,300 | 62,500 |
| Hanoi - SJC | 72,400 ▲100K | 73,600 |
| Da Nang - PNJ | 61,300 | 62,500 |
| Da Nang - SJC | 72,400 ▲100K | 73,600 |
| Western Region - PNJ | 61,300 | 62,500 |
| Western Region - SJC | 72,400 ▲200K | 73,600 |
| Jewelry gold price - PNJ rings (24K) | 61,300 | 62,450 |
| Jewelry Gold Price - 24K Jewelry | 61,250 | 62,050 |
| Jewelry Gold Price - 18K Jewelry | 45,290 | 46,690 |
| Jewelry Gold Price - 14K Jewelry | 35,050 | 36,450 |
| Jewelry Gold Price - 10K Jewelry | 24,560 | 25,960 |
Domestic gold prices fluctuated strongly in today's session, increasing by 300,000 VND/tael in the late morning, then decreasing immediately afterwards. Although it soon lost the historical peak of 74.5 million VND/tael that had just been set, the price of SJC gold bars is still approaching the threshold of 74 million VND/tael.
Not only the price of SJC gold bars, 9999 gold rings also set a new record. The price of gold rings continued to increase and reached a new peak at 62.4 million VND/tael.
Experts say that the increase in domestic gold prices is the result of many factors, both domestic and international, resonating. It is forecasted that domestic gold prices may be pushed up further due to the impact of international prices and the scarcity of gold for production. In addition, the increase of millions of VND/tael per day is having a big impact on market sentiment. Meanwhile, in the context of other investment channels such as bank deposits, real estate, stocks... being gloomy. Domestic gold prices are also affected by high demand at the end of the year.
In general, gold prices are in a rather sensitive area between investment and profit-taking, the buy-sell gap is large, so the market also contains high risks.
According to TG&VN, at 9:05 p.m. on November 30 (Vietnam time), the world gold price traded on Kitco was at 2,032.40 USD/ounce, down 10.20 USD compared to the previous trading session. The December gold futures price was last traded at 2,039.90 USD/ounce, down 0.35% on the day.
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| Gold price today December 1, 2023: Domestic gold price 'lost historical peak', world gold is about to conquer a new price at the beginning of this month? (Source: Shutterstock) |
World gold prices have slightly decreased under profit-taking pressure after a strong breakout in the US, Asian and European markets. Gold prices in the market have also cooled down due to the USD's slight increase.
Although no longer at its highest level since early 2023, gold price forecasts from leading analysts are still "upward", both according to technical analysis, as well as demand for precious metals in the market during this time.
The world gold price converted to USD exchange rate is currently equivalent to 60.5 million VND/tael, including taxes and fees, about 13.1 million VND/tael lower than the domestic gold price.
Summary of SJC gold prices at major domestic trading brands at the closing time of November 30:
Saigon Jewelry Company listed the price of SJC gold at 72.40 - 73.62 million VND/tael.
Doji Group currently lists SJC gold price at: 72.40 - 73.80 million VND/tael.
Phu Quy Group listed at: 72.40 - 73.60 million VND/tael.
PNJ Group listed at: 72.40 - 73.60 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 72.45 - 73.58 million VND/tael; Rong Thang Long gold brand is traded at 61.83 - 62.93 million VND/tael; jewelry gold price is traded at 61.45 - 62.65 million VND/tael.
How much more will gold price go up?
This week, Fed officials raised the possibility of rate cuts in the coming months and predicted slower growth and continued cooling of inflation. Those comments sent the yield on the benchmark 10-year U.S. Treasury note to a two-and-a-half-month low of 4.2470%.
The latest US inflation data, which rose as expected, did not have much impact on gold prices, as the market saw an increase in profit-taking sessions, as gold prices surpassed the $2,000/ounce threshold.
The Commerce Department said its core Personal Consumption Expenditures price index rose 0.2% in October, up from a 0.3% gain in September. The data did not surprise markets. So far this year, core inflation has remained well above the Fed's 2% target, having risen 3.5% in the 12 months through October.
The upward trend of world gold prices is forecast quite clearly when the USD weakens in the context that the US Federal Reserve (Fed) is expected to cut interest rates for the first time in the first half of 2024. The sooner the Fed cuts interest rates, the faster gold will reach a new peak.
Gold prices will continue to benefit from safe-haven demand due to concerns over geopolitical tensions. With these factors in mind, analysts see a push above $2,000 as the start of a larger rally that could see gold prices hover around $2,200 an ounce in 2024.
Quite optimistic about the market, MKS PAMP expert Nicky Shiels predicts that the world gold price could reach a historical high in the next 10 days, that is, in the first week of December 2023. Since hitting the bottom of 1,930 USD/ounce, the world gold price has had a continuous breakthrough, with an average increase of 8 USD/day. And at this rate of increase, the world gold price will soon reach 2,100 USD/ounce.
A weaker dollar and lower interest rates following slightly more dovish comments from Fed officials have helped gold rise, said UBS analyst Giovanni Staunovo , who said the next resistance level could be the record highs set in 2020.
“The persistent economic uncertainty and the prospect of lower interest rates bodes well for gold,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
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