Domestic gold prices increased by 600,000 VND per tael.
At the opening of today’s trading session (November 4th), at 8:29 AM, Saigon Jewelry Company (SJC) listed the price of gold bars at 138.2-141.2 million VND/ounce (buy-sell). Compared to yesterday’s closing price, the price of SJC gold bars increased by 600,000 VND/ounce in both buying and selling prices. The difference between the buying and selling price continues to remain at 3 million VND per ounce.
Specifically, at Bao Tin Manh Hai, the price of SJC gold bars is trading at 138.2-141.2 million VND/ounce (buy-sell), an increase of 600,000 VND/ounce in both buying and selling prices compared to the beginning of yesterday morning. The buy-sell spread is 3 million VND/ounce.
At Bao Tin Minh Chau, SJC gold is trading at 135.5-141.2 million VND/ounce (buy-sell), an increase of 200,000 VND/ounce in the buying price and 600,000 VND/ounce in the selling price compared to the end of yesterday’s trading session. The difference between the buying and selling prices is 5.7 million VND/ounce.
Gold bar prices at Doji stores in Hanoi and Ho Chi Minh City are trading at 138.2-141.2 million VND/ounce (buy-sell), an increase of 600,000 VND/ounce in both buying and selling prices compared to early yesterday morning. The buy-sell spread is 3 million VND/ounce.
Meanwhile, in Phu Quy, SJC gold bars are trading around 136.6-141.2 million VND/ounce (buy-sell), an increase of 600,000 VND/ounce in both buying and selling prices compared to early yesterday morning. The buy-sell spread is 4.6 million VND/ounce.
For gold rings, the price of 24K Kim Gia Bao gold from Bao Tin Manh Hai is trading around 135.5-139.5 million VND/ounce, a decrease of 800,000 VND/ounce for both buying and selling prices compared to yesterday. The buy-sell spread is 4 million VND/ounce.
At the same time, SJC 99.99% gold rings of 1, 2, and 5 taels were listed at 134.3-138.3 million VND/tael (buying price – selling price), also increasing by 600,000 VND/tael in both buying and selling prices compared to the end of yesterday. The buy-sell spread for gold rings remained at 4 million VND/tael.
Following the trend of SJC gold prices, the price of plain gold rings at Bao Tin Minh Chau increased by 200,000 VND/ounce in both buying and selling directions at the beginning of today’s trading session compared to yesterday’s closing price, trading at 135.5-139.5 million VND/ounce (buying – selling).
Meanwhile, the price of 9999 gold rings at Doji remained unchanged at the beginning of today’s trading session compared to yesterday’s closing price, trading at 135.5-139.5 million VND/ounce (buying price – selling price).
Today, the price of 999.9 pure gold rings at Phu Quy Company is trading around 136.6-139.6 million VND/ounce, a sharp increase of 600,000 VND/ounce in both buying and selling prices compared to yesterday. The buy-sell spread is 3 million VND/ounce.
World gold prices rise sharply.
On the morning of November 4th, world gold prices surged after a volatile trading session.
According to data from Kitco at 8:18 AM (Vietnam time), the spot gold price was $3,942.9 per ounce (buying price) and $3,944.9 per ounce (selling price), an increase of $13.5 per ounce, equivalent to 0.34%.
On the global market, gold prices recovered thanks to falling oil prices and expectations of easing tensions between the US and Iran .
Gold price forecast
The main driver supporting gold was the decline in oil prices as the outlook for negotiations between the US and Iran showed positive signs. By 8:52 PM, WTI crude had fallen 1.83% to $94.7 per barrel; Brent crude had lost 2.5% to $102.2 per barrel.
The US and Iran are considering new proposals from mediators to narrow their differences and avert the risk of a full-scale conflict. Qatar has sent diplomats to Tehran to facilitate negotiations. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran has responded to the US, while emphasizing that Washington has a chance to prevent war.
Expectations that US-Iran tensions would be de-escalated pushed oil prices lower at the start of the week, easing concerns about inflation and pressure to maintain tight monetary policy. This supported non-yielding assets like gold.
Despite recovering in the last two sessions from its more than one-year low of around $3,870 per ounce, gold prices are still struggling to break through the psychological threshold of $4,000 per ounce.
Dilin Wu, market strategist at Pepperstone, noted that gold has broken through several short-term resistance levels. However, the precious metal needs a decisive breakout above $4,000 per ounce to alleviate technical selling pressure and lay the groundwork for a sustainable recovery.
According to this expert, the two major obstacles for gold are expectations regarding the Fed’s interest rates and liquidity pressure in financial markets. Positive US economic data has led investors to increase their predictions that the Fed may continue to raise interest rates in December. A strong US dollar and high bond yields increase the opportunity cost of holding gold.
Experts predict the US will add approximately 65,000 jobs in October, compared to 29,000 the previous month, while the unemployment rate remains at 4.2%. These data could significantly impact expectations regarding the Fed’s monetary policy and the short-term movement of gold prices.