World gold prices started the new week with a trading session that increased by more than 100 USD/ounce. Following the upward trend of the international market, domestic gold prices this morning also continued the upward trend.
At the time of survey on the morning of November 11 (Vietnam time), the spot gold price on the international market was at 4,127 USD/ounce. In yesterday’s trading session, the world spot gold price increased by 112 USD per ounce (equivalent to +2.79%).
The impressive rally marked the strongest one-day gain in more than a month. Economists said the precious metal may have completed a two-week consolidation phase and is resuming a historic uptrend that has lasted since mid-year.
World gold price developments. (Source: Kitco News)
Previously, the December gold contract had reached a record peak of 4,374 USD/ounce on October 20, before entering a deep correction phase, falling to 3,901.9 USD/ounce on October 28, equivalent to a decrease of 472 USD from the peak. However, yesterday’s strong increase brought the gold price back to the highest level since late October, reinforcing positive sentiment in the market.
According to experts, the recovery of gold comes from the expectation that the US Federal Reserve (Fed) will cut interest rates by 0.25 percentage points at its December meeting, which is considered a strong catalyst for gold prices, as low interest rates reduce the opportunity cost of holding non-yielding assets.
Another factor supporting gold prices is the positive signal from the US Congress. On November 10, the Senate passed an important procedural step to push through a bill to end the prolonged government shutdown. The government shutdown over the past several weeks has caused a series of important economic reports to be delayed, including the Consumer Price Index (CPI) and the Non-Farm Employment (NFP) report, two key data that guide the Fed’s policy.
The market is still betting on a 70-80% chance that the Fed will cut interest rates next month. If this scenario happens, the USD could weaken, creating conditions for gold to continue to increase in price in the final weeks of the year.
Analysts say that if the US government officially reopens in the next 24-48 hours, gold prices may temporarily adjust slightly due to improved risk sentiment. However, any delay in this process will continue to trigger a wave of safe-haven buying.
In the domestic market, at the opening of the trading session, Mi Hong Gold House (HCMC) raised the price of gold rings and gold bars to 149.2 – 150.2 million VND/tael (buy – sell), an increase of 400,000 VND/tael in the buying direction, while the selling price remained the same compared to yesterday.
Other gold shops have not yet made any adjustments, remaining unchanged from the closing price of yesterday’s trading session. Specifically, at Bao Tin Minh Chau, the price of gold rings fluctuates around 147.5 – 150.5 million VND/tael, while PNJ and DOJI listed the price at 146.5 – 149.5 million VND/tael. SJC Company is currently trading at 145 – 147.5 million VND/tael.
For gold bars, the common price of major brands such as SJC, PNJ, DOJI is listed at 148.2 – 150.2 million VND/tael, while Bao Tin Minh Chau is trading gold bars at 148.7 – 150.2 million VND/tael.
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