Gold prices today increased again on the international market after a week of fluctuating around 4,000 USD/ounce.
On the morning of November 10, the world gold price opened the trading week at 4,020 USD/ounce, an increase of about 20 USD/ounce compared to the previous session.
According to analysts, despite short-term price pressure, there are still many factors supporting gold price increases, as investors still consider gold a safe haven against geopolitical fluctuations and demand for gold reserves from central banks of various countries.
Sharing on Kitco, Mr. Barbara Lambrecht, commodity analyst at Commerzbank, said that “gold is still favored as a safe haven channel, despite the recent USD increase.” The market expects interest rates in the US to be cut more strongly than what the market is reflecting. If the uncertainties surrounding the US economy are resolved when the data is released again, the market could move in a positive direction, thereby boosting gold prices.
Currently, the USD index (DXY) is trading at 99.67 points, down slightly from the weekend session but still at its highest level in the past 4 months.
Some other analysts predict that gold prices may fluctuate between $3,900/ounce and $4,400/ounce, with expectations of price increases being more positive, as investors worry about inflation and seek gold.
In the domestic gold market, as of the end of November 9, the price of SJC gold bars was listed by businesses at around 146.4 million VND/tael for buying and 148.4 million VND/tael for selling. The price of 99.99% gold rings and jewelry gold of all types was around 143.3 – 145.8 million VND/tael (buying – selling).
World gold price converted at listed exchange rate is about 127.1 million VND/tael.
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