Domestic gold price today November 18, 2023
Early morning of November 18SJC’s 9999 gold price today remained unchanged on the buying side but decreased by 100,000 VND/tael on the selling side compared to yesterday’s session.
The 9999 gold price was updated by Saigon Jewelry Company Limited (SJC) at 8:33 a.m. and the 9999 gold price was listed by DOJI Jewelry Group at 8:35 a.m. as follows:
|Buy into||Sold out|
|SJC Hanoi||69,900,000 VND/tael||70,720,000 VND/tael|
|SJC Ho Chi Minh City||69,900,000 VND/tael||70,700,000 VND/tael|
|SJC Da Nang||69,900,000 VND/tael||70,720,000 VND/tael|
|DOJI Hanoi||70,000,000 VND/tael||70,800,000 VND/tael|
|DOJI Ho Chi Minh City||70,000,000 VND/tael||70,800,000 VND/tael|
SJC and DOJI gold price list updated in the early morning of November 18
Closing the session on November 17, the price of 9999 gold bars at SJC Ho Chi Minh City was 70 million VND/tael (buying) and 70.8 million VND/tael (selling). SJC Hanoi listed at 70 million VND/tael (buy) and 70.82 million VND/tael (sell).
DOJI Hanoi listed at 69.95 million VND/tael (buy) and 70.75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 70 million VND/tael, sold it at 70.8 million VND/tael.
Central exchange rate on November 17, 2023 announced by the State Bank as 23,972 VND/USD. The USD price at commercial banks this morning (November 18) was listed at 24,045 VND/USD (buy) and 24,415 VND/USD (sell).
International gold price today November 18, 2023
At 8:58 a.m. today (November 18, Vietnam time), the world gold spot price stood around 1,981.1 USD/ounce, down 5.2 USD/ounce compared to last night. Gold futures price for December delivery on the Comex New York floor is at 1,984.7 USD/ounce.
Morning of November 18world gold converted to USD bank price is nearly 57.43 million VND/tael, excluding taxes and fees, about 13.29 million VND/tael lower than the domestic gold price.
The gold price on Kitco at 8:45 p.m. on November 17 (Vietnam time) was trading at 1,986.3 USD/ounce.
Gold prices opened the trading session (US time) up thanks to the decrease in the USD index and US Treasury bond interest rates. This is motivating investors to actively buy gold during the uptrend to make profits.
According to statistics, the number of Americans applying for unemployment benefits increased more than expected, which helps the US Federal Reserve’s (Fed) fight against inflation.
Mr. Jim Wyckoff, senior analyst at Kitco Metals, assessed that the US economy is slowing down. Gold speculators believe that this year the Fed will not raise interest rates again.
Newly released data shows that US producer prices have fallen the most in the past 3 years, while US consumer prices have remained unchanged over the past 10 months.
According to the CME FedWatch tool, the gold market is pricing in a nearly 100% chance that the US Central Bank will keep interest rates unchanged in December.
Gold is considered an inflation hedge. Interest rates remain high, reducing the appeal of gold bars.
Gold price forecast
Ole Hansen, commodity strategist at Saxo Bank, said gold is still maintaining its attractiveness.
John Meyer, analyst at SP Angel, believes that central banks should continue to buy gold as China continues to increase its gold reserves.
According to John Ing, President and CEO of Maison Placements Canada, precious metal prices could rise to $2,200 per ounce if the market is driven by rising inflation.
De-dollarization, increased geopolitical risks and global debt are boosting gold’s appeal.