Domestic gold price is still going up, world gold price is conquering a new level at the beginning of this month?

Gold price today, December 1, 2023, kicks off the last month of the year, the world cools down a bit, while domestic gold price drops rapidly from the historical peak of 74.5 million VND/tael that was just established. World gold is forecast to reach a new peak at the beginning of this month.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/12 and EXCHANGE RATE TODAY 1/12

1. PNJ - Updated: November 30, 2023 10:30 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell ​​out
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 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 influence of international prices and scarce gold sources for production. In addition, the increase of millions of VND/tael in a 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 floor was 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.

Gold price today December 1, 2023: Domestic gold price 'lost historical peak', world gold is about to conquer a new price level 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 slight increase of the USD.

Although it is no longer at its highest level since the beginning of 2023, gold price forecasts from leading analysts are still "bullish", both according to technical analysis, as well as the 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 tax 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 go?

This week, Fed officials raised the possibility of interest rate cuts in the coming months and predicted that growth would slow and inflation would continue to cool. Those comments sent the yield on the US 10-year government bond to a two-and-a-half month low of 4.2470%.

The latest US inflation data, which rose as expected, also had little 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, compared with a 0.3% increase in September. The data did not surprise markets. So far this year, core inflation remains 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 the 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, expert Nicky Shiels of MKS PAMP , 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 after slightly more dovish comments from Fed officials have helped gold rise, said UBS analyst Giovanni Staunovo , adding that the next level of resistance could be the record highs set in 2020.

“The persistent economic uncertainty and the prospect of lower interest rates bodes well for gold prices,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.

Source: https://baoquocte.vn/gia-vang-hom-nay-1122023-gia-vang-trong-nuoc-con-di-len-vang-the-gioi-lai-chinh-phuc-muc-gia-moi-ngay-dau-thang-nay-252017.html