World gold prices fell by nearly $30/ounce in the past 24 hours on the morning of November 4th – Photo: THANH HIEP
As of 8:00 AM on November 4th (Vietnam time), the world gold price was trading around $3,930.08 per ounce, down $29.76 per ounce, or 0.75%, in the past 24 hours.
World gold prices continue to fall.
This development follows a decline in precious metals on the international market. According to Reuters in the trading session on November 3, the spot gold price fell 0.5%, to $3,927.18 per ounce. At one point, the price of the precious metal lost 1%, retreating to a session low of $3,893.31 per ounce.
According to Phillip Streible, chief market strategist at Blue Line Futures, a stronger US dollar and rising US bond yields are putting pressure on gold prices.
Meanwhile, the market is also monitoring the US midterm elections. Forex.com expert Fawad Razaqzada suggests that the election results, especially if the Democratic Party gains control of both houses, could influence the policy outlook of the US administration and the movement of the USD. If the greenback weakens, gold prices could be supported.
Regarding monetary policy, data from CME FedWatch shows that the market is forecasting a 79% probability that the US Federal Reserve (Fed) will raise interest rates in December. Expectations of high interest rates are also a negative factor for gold, as the precious metal does not yield returns like interest-bearing assets.
In the domestic market, as of 8:00 AM on November 4th, the price of SJC gold bars was listed at 137.6 million VND/ounce for buying and 140.62 million VND/ounce for selling, an increase of 600,000 VND in both directions compared to yesterday.
Earlier, on November 3rd, gold bars increased by another 1 million VND/ounce. Thus, after two consecutive recovery sessions, the selling price of SJC gold bars has increased by a total of 1.6 million VND/ounce.
For SJC gold rings, the buying price is 133.7 million VND/ounce, and the selling price is 137.7 million VND/ounce, an increase of 900,000 VND in both directions. In the previous session, gold rings also increased by 1 million VND/ounce, bringing the total increase over two consecutive sessions to 1.9 million VND/ounce.
Based on the current exchange rate, the world gold price is equivalent to approximately 123 million VND per tael, excluding taxes and fees. Therefore, SJC gold bars are currently about 17.6 million VND per tael higher than the converted world gold price.
Oil prices cool down.
On the energy market, oil prices moved in opposite directions on the morning of November 4th. Around 8 AM, WTI crude was trading at $96.64 per barrel, up $0.55, or 0.57%. Meanwhile, Brent crude fell $1.17, or 1.12%, to $103.6 per barrel.
According to Reuters in trading on November 3, Brent crude oil prices fell by about 1%, to $103.6 per barrel, the lowest level since October 7. US WTI crude oil also fell 37 cents, to $96.09 per barrel, the lowest level since October 14.
Oil prices are being affected by conflicting developments related to the conflicts in Ukraine and the Middle East. Qatar is attempting to mediate between the US and Iran but the two sides have yet to narrow their differences.
Meanwhile, the planned negotiations between Russia, Ukraine and the US in Abu Dhabi on November 10th and 11th are also attracting investor attention. If the Russia-Ukraine conflict de-escalates, oil supplies from Russia could be restored, putting further downward pressure on prices.
Conversely, recent military attacks continue to raise concerns about supply disruptions. The market is also awaiting US oil inventory data, with forecasts predicting a crude oil reserve increase of around 900,000 barrels in the week ending October 30.
In the cryptocurrency market, Bitcoin is trading around $77,134, up 0.16% in the last 24 hours. The day’s movements showed the world’s largest cryptocurrency briefly approaching $77,900 before sharply correcting to around $76,800 and then recovering to around $77,100.
Readers are invited to follow the price movements of gold and silver HERE.