In the domestic market, this morning, November 28, most gold brands continued to increase prices opposite to world prices.
Specifically, at 9:00 a.m. on November 28, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 152.2-154.2 million VND/tael, an increase of 800,000 VND compared to the previous closing price. The difference between buying and selling is 2 million VND/tael.
This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 149.8-152.8 million VND/tael.
PNJ Gold is currently buying at 149.8 million VND/tael and selling at 152.8 million VND/tael, an increase of 400,000 VND/tael compared to the previous session’s close.
Bao Tin Minh Chau listed the price of 9999 gold rings at 150-153 million VND/tael (buy-sell). The difference between buying and selling is up to 3 million VND/tael.
As of 9:00 a.m. on November 28 (Vietnam time), the world gold price slightly decreased by 7 USD compared to the previous session’s close to 4,155.8 USD/ounce.
World gold prices fell slightly this morning as the US market is on Thanksgiving holiday.
After a rally last week, gold prices struggled to gain fresh momentum as the market reduced expectations for a rate cut next month after Federal Reserve Chairman Jerome Powell said a rate cut in December was not certain, supporting the dollar and rising interest rates.
However, in recent days, the market has changed its expectations for a rate cut. According to the CME group’s FedWatch tool, the market predicts a more than 80% chance of the Fed cutting interest rates next month.
Roukaya Ibrahim, chief commodity strategist at BCA Research, maintains a neutral view on gold for the next three months due to the uncertainty surrounding the Fed’s monetary policy.
The gold market’s growing focus on interest rates and the US dollar could keep the precious metal’s prices low until the end of the year, said Roukaya Ibrahim.
In the medium term, Mr. Daan Struyven, head of oil research at Goldman Sachs, predicts that gold prices will reach $4,900/ounce by 2026 thanks to sustainable demand from central banks and ETF investors.
This morning, the USD-Index was at 99.6 points; the yield on 10-year US Treasury bonds increased slightly to 4.010%; US stocks rose for four consecutive sessions before the Thanksgiving holiday; world oil prices decreased slightly, trading at 62.76 USD/barrel for Brent oil and 59.05 USD/barrel for WTI oil.
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