Gold price list November 8: Fed's decision soothes the gold market, SJC this morning skyrocketed along with the world

The world gold market recovered strongly to the threshold of 2700 USD, domestic gold bars this morning also overcame the panic to rebound with an adjustment of 1-1.8 million VND. The difference between buying and selling is still nearly 5 million VND, which makes investors still hesitant. After decreasing by about 3.5-6.4 million VND per tael yesterday, the gold bar market today rebounded and partly regained those losses when world gold recovered strongly. Updating the gold bar market at 10:00 a.m. on November 8, SJC Ho Chi Minh adjusted the buying and selling prices and increased by 1 million VND/tael compared to the closing date of November 7, reaching the threshold of 82.00 - 86.50 million VND/tael. Doji Hanoi and Ho Chi Minh also recorded an increase of 1 million VND/tael in both buying and selling directions compared to the closing date on Thursday, to 82.00 - 86.50 million VND/tael. At Bao Tin Minh Chau , gold bar purchases increased by 1.5 million VND, sales increased by 1 million VND/tael compared to the end of yesterday, trading is currently anchored at 82.50 - 86.50 million VND/tael. Phu Quy recorded an increase of 1.8 million VND/tael in buying price and 1.5 million VND/tael in selling price compared to the previous closing session, bringing the transaction to 82.30 - 86.50 million VND/tael. The selling price of gold bars at BIDV also increased by 1 million VND compared to yesterday's closing session, to 86.5 million VND per tael. At Vietinbank , with yesterday's closing price at 87 million VND/tael, today it was reduced by 500,000 VND, bringing the transaction to the general level of 86.5 million VND/tael. This morning's upward momentum is quite balanced at both ends of the price spectrum, so the difference between buying and selling remains high - about 4-4.5 million VND. The higher the buying-selling margin, the greater the risk for investors, making many people hesitant about buying at this time. Today's strong upward trend in domestic gold prices is driven by the recovery of world gold prices. Specifically, at the end of the US session on November 7, spot gold price increased more than 1% to nearly 2,700 USD/ounce, after falling to the lowest level in 3 weeks on November 6. In the Asian session on November 8, world gold continued to struggle around the 2700 USD mark, the converted price plus taxes and fees reached 84.9 million VND/tael, 1.6 million VND lower than SJC gold bars. Gold prices are supported by the weakening of the USD when the US Federal Reserve (Fed) lowers interest rates by 0.25% as forecast. At the end of the two-day policy meeting, the Fed cut interest rates to a range of 4.50%-4.75%, with policymakers noting that the job market was “generally easing”. According to LSEG data, investors are currently forecasting that the Fed will continue to reduce interest rates by another 0.25% in December 2024. Gold – a non-yielding asset – often benefits in a low interest rate environment.

Gold price list November 8: Fed’s decision soothes the gold market, SJC this morning skyrocketed along with the world

The world gold market recovered strongly to the threshold of 2700 USD, domestic gold bars this morning also overcame the panic to rebound with an adjustment of 1-1.8 million VND. The difference between buying and selling is still nearly 5 million VND, which makes investors still hesitant.

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