Domestic gold price exceeds 72 million VND/tael

Domestic gold price exceeds 72 million VND/tael

Domestic gold prices continued to increase with the highest increase of 500,000 VND to exceed 72 million VND/tael.

Currently, the gold bar prices of the brands are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is listed at 71.3 million VND/tael for buying and 72.32 million VND/tael for selling.

In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang, but sold at a price 20,000 VND lower.

Thus, compared to early yesterday morning, SJC gold price has been adjusted up 300,000 VND for buying and 500,000 VND for selling.

Similarly, DOJI gold in Hanoi has adjusted up 300,000 VND for buying and 500,000 VND for selling to 71.2 million VND/tael for buying and 72.3 million VND/tael for selling, respectively.

In Ho Chi Minh City, this brand of gold is buying and selling at the same level as in Hanoi.

Phu Quy SJC is buying gold bars at 71.4 million VND/tael and selling at 72.25 million VND/tael, an increase of 350,000 VND for buying and 400,000 VND for selling.

PNJ gold bar price is listed at 71.2 million VND/tael for buying and 72.1 million VND/tael for selling, an increase of 200,000 VND in both directions compared to early this morning.

Meanwhile, Bao Tin Minh Chau adjusted the buying price up by VND250,000 and the selling price up by VND380,000 to VND71.35 million/tael and VND72.23 million/tael, respectively.

World gold price today

According to Kitco, the world gold price recorded at 6:30 a.m. today, Vietnam time, was at 2,002.495 USD/ounce.

Converted at the current exchange rate at Vietcombank, the world gold price is about 57,864 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 13,436 million VND/tael higher than the international gold price.

Gold rose quite well in the final session of the week as preliminary indicators showed that the manufacturing sector fell to a three-month low and service sector activity rose to a four-month high.

Although gold has regained the $2,000/ounce level, analysts say that gold's upward momentum is still limited and gold prices are unlikely to break the current resistance level because the US Federal Reserve (FED) maintains a tight monetary policy trend.

“Our economists expect the first rate cut to be made by the middle of next year, only then will gold prices have the potential to rise above $2,000 for a sustained period,” said Barbara Lambrecht, commodities analyst at Commerzbank.

However, some analysts do not expect a downside risk to gold prices as seasonal factors begin to take hold.

“Gold is pretty well supported and only a stronger dollar can change that,” said Nicky Shiels, head of metals strategy at MKS PAMP.

Whether the precious metal can make a push higher remains an open question unless it breaks above $2,010 an ounce, he added.

In addition, with renewed focus on US monetary policy, the gold market will be sensitive to US GDP and inflation data. While the US economy is expected to post strong growth in the third quarter, there are growing concerns about a slowdown in activity in the fourth quarter. At the same time, slower-than-expected growth will continue to dampen inflation.

Gold Price Prediction

The latest gold survey shows that retail investors remain bullish on the precious metal for the coming week. Most market analysts are also bullish, although a few remain neutral on the near-term outlook for the yellow metal.

Specifically, among Wall Street analysts surveyed, 54% predict gold prices will rise higher next week. 64% of retail investors participating in online polls share the same view.

VR Metals/Resource Letter publisher Mark Leibovit is bullish on gold next week. He says the yellow metal is benefiting from a weaker greenback, but there is still a risk of a sell-off as demand for cash to liquidate stocks shows signs of recovery at the end of the year.

Leibovit also warned that the greenback appears to be breaking out of technical support, which will be negative for gold.