Early this morning, the world gold price was trading around 4,068 USD/ounce, down 6 USD/ounce compared to early yesterday morning . Converted according to Vietcombank exchange rate, excluding taxes and fees, the world gold price is equivalent to about 129.4 million VND/tael.
Thus, the domestic gold bar price is 19.9 million VND/tael higher than the world gold price.
Gold prices fell to their lowest in more than a week on Monday as expectations of a US Federal Reserve interest rate cut next month weakened, dampening demand ahead of a batch of delayed US economic data due this week.
“The market is shedding expectations for a Fed rate cut after more hawkish comments from Fed officials. I expect gold to bottom soon, as I still expect the Fed to cut rates several times in the coming quarters, along with central banks continuing to diversify into gold,” said UBS analyst Giovanni Staunovo.
Markets have narrowed expectations for a Fed rate cut next month to just over 46%, from 67% last week, according to the CME FedWatch tool.
The prolonged US government shutdown – which ended last week – has halted the release of official economic data, leaving policymakers and traders with little information ahead of the Fed’s policy meeting next month.
Traders had hoped a resumption of economic data would bolster the case for a December rate cut, but those hopes faded as several Fed officials signaled caution last week.
Fed Vice Chairman Philip Jefferson said Monday that the central bank needs to “proceed slowly” in cutting interest rates.
Investors are awaiting minutes from the Fed’s latest meeting on Wednesday and the September non-farm payrolls report on Thursday for further signals.
“We still see a positive fundamental backdrop for gold in the long term. The US economy continues to cool, US interest rates are expected to fall and the US dollar is likely to weaken,” said Julius Baer analyst Carsten Menke.
Expectations that the Fed will cut interest rates next month have decreased, weighing on investment demand for gold, according to ANZ Bank.
However, fundamental support factors such as geopolitical instability, concerns about the sustainability of US public debt, de-dollarization trends and central bank purchases are expected to support investment demand in the medium to long term.
Domestic gold bar price today
Compared to yesterday morning’s trading session, today’s gold bar prices of major brands simultaneously decreased by 1.7 million VND/tael in both buying and selling directions.
Specifically, the brands SJC, DOJI, and PNJ simultaneously listed gold bar prices at 147.3 – 149.3 million VND/tael for buying and selling.
Bao Tin Minh Chau trades gold bars at the threshold of 147.8 – 149.3 million VND/tael for buying and selling.
Phu Quy listed gold bar price at 146.3 – 149.3 million VND/tael for buying and selling.
Domestic gold bar prices updated on the morning of November 19 as follows:
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