LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/23 AND EXCHANGE RATE TODAY 11/23
Domestic gold prices increased sharply and broke all previous records. In the afternoon trading session of November 22, the price of SJC 9999 gold increased by 600,000 VND/tael in both buying and selling compared to early morning. SJC gold bars also skyrocketed to 71.2 million VND/tael.
At Bao Tin Minh Chau Company, the price of Rong Thang Long gold was also added by this enterprise by 480,000 VND/tael, the new price is from 60.48-61.48 million VND/tael (buy/sell). The difference in buying/selling price of this brand is 1 million VND per tael.
According to experts from the Vietnam Gold Trading Association, the world gold price is entering a period of increase and domestic gold prices will immediately increase. However, the current domestic increase has not set a record like last year.
In 2022, when world gold increased to over 2,000 USD/ounce, SJC gold immediately increased to 74 million VND/tael, while ring gold was only around 53 million VND/tael.
However, at this time, SJC gold is only around 71 million VND/tael but gold rings have jumped to over 61 million VND/tael. This is also a strange phenomenon in the domestic gold market.
World gold prices continued to rise and reached the highest level in the past 3 weeks. The reason for the shocking increase in precious metals was due to negative signals from some economies in the world.
According to TG&VN , at 7:00 p.m. on November 22, the world gold price on the Kitco exchange was at 2,000.7 - 2,001.7 USD/ounce, up 3 USD compared to the previous session.
According to the minutes of the two-day policy meeting (October 31-November 1) released on November 21, US Federal Reserve (Fed) officials agreed to act cautiously and only raise interest rates if progress in controlling inflation slowed down.
The minutes showed that all participants agreed that the Fed's Federal Open Market Committee (FOMC) could proceed cautiously and that support for raising interest rates appeared to be waning.
Inflation has slowed, with consumer prices flat in October compared to previous months, and while the Fed has not declared the war on inflation over, the focus of the discussion has shifted to how long to keep interest rates in the current 5.25%-5.50% range.
The minutes said further tightening of monetary policy would be appropriate if information suggested that the FOMC's path toward its inflation target was insufficient.
According to CME Group's FedWatch Tool, the odds of a rate hike are almost zero, while the odds of a rate cut at the April 30-May 1, 2024 meeting have increased slightly from about 57% before the minutes were released to about 60%.
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| Gold price today November 23, 2023: Gold price 'breaks' record, world accelerates, domestic witnesses strange phenomenon. (Source: Getty Images) |
Update on domestic gold prices at major domestic trading brands at the close of trading on November 22:
Saigon Jewelry Company listed the price of SJC gold at 71.10 - 71.82 million VND/tael.
Doji Group currently lists the price of SJC gold at: 71.10 - 72.10 million VND/tael.
Phu Quy Group listed at: 71.20 - 72.10 million VND/tael.
PNJ system listed at: 71.30 - 72.10 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 71.45 - 72.10 million VND/tael; Rong Thang Long gold brand is traded at 60.48 - 61.48 million VND/tael; jewelry gold price is traded at 60.05 - 61.25 million VND/tael.
Gold price could rise to $3,000/ounce?
Gold’s rise above $2,000 an ounce could be the start of a larger rally, with commodity analysts at Société Générale seeing the precious metal holding around $2,200 an ounce for most of 2024.
In their latest commodity outlook, commodity analysts at Société Générale outline a number of key factors influencing gold prices that could push the market to an all-time high in the new year. Notably, despite struggling with rising bond yields, the gold market remains relatively resilient and has maintained steady gains.
Sharing the same view, Mr. Dominic Frisby, Director of The Flying Frisby Market Analysis Company, made a shocking prediction that the price of this precious metal could increase to 3,000 USD/ounce.
According to this expert, China's continuous increase in gold reserves in recent times will help the precious metal rise.
Data released by the World Gold Council (WGC) shows that China has increased its gold reserves over the past 12 months. In October 2023 alone, the country bought about 23 tons more, bringing its total gold holdings to 2,215 tons.
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