Gold price today November 12, 2023, Gold price plummets, precious metal feels 'pain', SJC gold price increases rapidly, likes to go against the trend

Gold price today November 12, 2023, gold price may continue to face difficulties next week due to the Fed's attitude. The market has no great motivation to buy. However, there are still many opportunities to speculate on precious metals. SJC gold increased strongly.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 11/12 AND EXCHANGE RATE TODAY 11/12

1. PNJ - Updated: 11/11/2023 10:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	58,400 ▼200K	59,500 ▼100K
HCMC - SJC	69,200 ▼200K	70,200 ▼250K
Hanoi - PNJ	58,400 ▼200K	59,500 ▼100K
Hanoi - SJC	69,200 ▼200K	70,200 ▼250K
Da Nang - PNJ	58,400 ▼200K	59,500 ▼100K
Da Nang - SJC	69,200 ▼200K	70,200 ▼250K
Western Region - PNJ	58,400 ▼200K	59,500 ▼100K
Western Region - SJC	69,200	70,400 ▲150K
Jewelry gold price - PNJ rings (24K)	58,400 ▼200K	59,400 ▼100K
Jewelry gold price - 24K jewelry	58,300 ▼100K	59,100 ▼100K
Jewelry gold price - 18K jewelry	43,080 ▼70K	44,480 ▼70K
Jewelry Gold Price - 14K Jewelry	33,320 ▼60K	34,720 ▼60K
Jewelry gold price - 10K jewelry	23,340 ▼40K	24,740 ▼40K

Domestic gold prices increased sharply last week.

Opening the first trading session of the week on November 6, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 67 - 68.5 million VND/tael (buy - sell), down 1,000,000 VND/tael for buying and 1,450,000 VND/tael for selling compared to the closing price yesterday.

After 3 fluctuating mid-week sessions, on the morning of November 9, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 69.05 - 70.15 million VND/tael (buy - sell), down 400 thousand VND/tael in the buying direction and down 200 thousand VND/tael in the selling direction compared to the previous session's close.

Domestic gold prices increased on the morning of November 10. In the Hanoi market, Saigon Jewelry Company listed SJC gold prices at 69.3 - 70.32 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both buying and selling compared to the closing price yesterday.

At the close of trading this week (November 11), in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 69.3 - 70.3 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on November 6 (at 67 - 68.5 million VND/tael (buy - sell), the price of SJC gold of DOJI Gold and Gemstone Group in Hanoi market increased by 2.3 million VND/tael in buying and increased by 1.8 million VND/tael in selling.

Gold price today November 12, 2023, Gold price plummeted, precious metal felt the 'pain', SJC gold price increased rapidly, preferring to go against the trend. (Source: Shutterstock)

World gold prices fell more than 1% in the trading session at the end of the week, November 10, marking the second consecutive week of price declines due to declining demand for safe havens.

At the end of the session on November 10, the spot gold price decreased by 1.1% to 1,936.09 USD/ounce. Overall, the spot gold price lost 2.8% last week, marking the sharpest weekly decline in 6 weeks.

Meanwhile, gold futures fell 1.6% to $1,937.70 an ounce. Silver also fell 1.8% to $22.21 an ounce.

According to the World & Vietnam Newspaper, the world gold price closed the trading week (November 10) on the Kitco floor at 1,939.7 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of November 11:

Saigon Jewelry Company listed SJC gold price at 69.3 - 70.3 million VND/tael.

Doji Group currently lists SJC gold price at: 69.3 - 70.3 million VND/tael.

PNJ system listed at: 69.2 - 70.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.35 - 70.25 million VND/tael; Rong Thang Long gold brand is traded at 58.83 - 59.78 million VND/tael; jewelry gold price is traded at 58.35 - 59.55 million VND/tael.

Converted according to the USD price at Vietcombank on November 11, 1 USD = 24,470 VND, the world gold price is equivalent to 57.19 million VND/tael, 13.11 million VND/tael lower than the selling price of SJC gold.

Gold prices plummet

Gold prices could continue to struggle next week as US Federal Reserve Chairman Jerome Powell has made a strong statement to prevent any potential dovish bias from creeping into the market.

On November 9, at an event organized by the International Monetary Fund (IMF), Mr. Powell said that the US central bank is not "confident" that monetary policy is tight enough to bring inflation down to the 2% target. The official also said that the Fed will not hesitate to raise interest rates again if inflationary pressures continue to increase.

Lukman Otunuga , Chief Market Analyst at FXTM, noted that gold prices are seeing their worst week in six weeks as Powell maintains his tightening bias.

“After failing to conquer the psychological level of $2,000, gold is likely to continue to decline,” he said.

Bart Melek , head of commodity strategy at TD Securities, said Powell's comments continue to support the strength of the US dollar and rising bond yields, two significant headwinds for gold.

“Given the Fed's tightening bias, there is not a big incentive to buy gold at the moment,” he said.

Gold investors are once again turning their attention back to US monetary policy as the impetus for pushing prices to $2,000 continues to wane (a reference to geopolitical conflict). While Israel continues its ground offensive in Gaza in a renewed war with Hamas, the conflict has so far been contained.

While gold could fall lower next week, it is holding up much better than oil, which is also being hit. WTI crude is on track for its third weekly decline, its worst streak since late April.

At the same time, some analysts note that lower oil prices could be beneficial for gold as it helps ease inflation fears, allowing the Fed to tone down its hawkish stance.

However, Melek said the renewed focus on U.S. economic data, with a particular eye on next week’s Consumer Price Index (CPI), means there is still a long way to go before inflation pressures subside. The consensus estimate is that economists expect 12-month inflation to rise 3.3%, compared with an annual increase of 3.7% in September.

“The Fed has been clear that they need to keep inflation in check, so for gold to find any support next week, inflation needs to be near 3%,” Melek said.

While hotter-than-expected inflation could weigh on gold next week, any significant decline could be seen as a buying opportunity, said Barbara Lambrecht , commodities analyst at Commerzbank.

“If US inflation data surprises, gold prices could fall further in the short term. However, in principle, we believe the US interest rate cycle has peaked and the medium-term outlook is positive for gold,” Lambrecht said.

Along with inflation data, some analysts say gold could become a safe haven if retail sales numbers are weaker than expected, signaling to the market that consumers are starting to stumble and are unable to support current economic activity.

US government debt will also be in the spotlight next week as the country faces the risk of a government shutdown if Congress fails to pass funding legislation by November 17.

There are signs that global financial markets have become saturated with US debt. Not only has the Fed’s aggressive monetary tightening pushed bond yields to 16-year highs, but the supply of government bonds hitting the market has also begun to overwhelm demand.

The US government auctioned $24 billion of 30-year bonds on November 9, which was a significant disappointment. Some commodity analysts say any potential volatility in the bond market could be positive for gold in the near term.

“If we look at the last month or so, it was the volatility in yields that seemed to be supporting gold in that sort of sell-Treasury-buy-gold trade,” said James Stanley , senior strategist at StoneX Group.

Gold prices continue to consolidate in a broader range of $1,800-$2,000 an ounce, Stanley added.

Meanwhile, Neils Christensen analyzed on Kitco News that gold felt pain from Fed Chairman Powell's move to handle inflation.

Mr. Powell warned that although inflation has eased from a 40-year high recorded last year, the Fed still has more work to do.

Gold investors did not like Mr. Powell's latest message, the price of the precious metal immediately fell below the support level of 1,950 USD/ounce.

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