Domestic gold price on November 20: Increasing following world gold trend

DNVN - World gold prices increased for the second consecutive session, reaching a one-week peak due to tensions between Russia and Ukraine, which increased the domestic gold price increase on the morning of November 20.

At 9:00 a.m., Saigon Jewelry Company (SJC) listed the price of SJC gold bars at VND82.7 - 85.7 million/tael (buy - sell), an increase of VND700,000/tael in both directions compared to yesterday's closing price.

DOJI Gold and Gemstone Group also announced the selling price of SJC gold bars at the same level, 82.7 - 85.7 million VND/tael (buy - sell), with an increase of 700,000 VND/tael in both buying and selling directions compared to the previous session.

Not only gold bars, gold ring prices also increased in line with the trend. DOJI Group announced that the price of gold rings was at 84.1 - 85.1 million VND/tael (buy - sell), an increase of 300,000 VND/tael in both directions compared to yesterday.

Similarly, Saigon Jewelry Company (SJC) announced the price of gold rings at 82.7 - 84.9 million VND/tael (buy - sell), an increase of 700,000 VND/tael for buying and 500,000 VND/tael for selling compared to the previous closing session.

On November 19, the world gold price reached a one-week high after increasing for the second consecutive session, thanks to escalating tensions between Russia and Ukraine that caused investors to seek safe assets.

As of 1:42 a.m. on November 20, Vietnam time, spot gold prices increased by 0.6% to $2,628.76/ounce, the highest since November 11. Gold futures prices also recorded a similar increase of 0.6%, to $2,631/ounce.

On November 19, Russian President Vladimir Putin signed a new nuclear doctrine. Accordingly, one of the conditions for using nuclear weapons includes launching a series of ballistic missiles to attack Russia. The ATACMS ballistic missile, approved by the US for transfer to Ukraine, is included in this type of weapon.

The current situation has driven money into gold as a form of shelter, said Daniel Ghali, commodity strategist at TD Securities. Gold always attracts attention in situations of geopolitical tensions, economic risks or when interest rates are falling.

Several Federal Reserve officials are scheduled to speak this week, providing further clues about the pace of rate cuts. Current forecasts place a 63% chance of a 25 basis point rate cut by December 2024.

Commerzbank analysts note that gold prices remain supported by a number of positive factors that have not diminished. Geopolitical uncertainty, central bank purchases, and budget deficits in the United States and other Western countries continue to provide momentum for gold prices, the bank said.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-trong-nuoc-ngay-20-11-tang-theo-xu-huong-vang-the-gioi/20241120093957375