Gold Price Table on 07/11/2024: SJC with Nearly 5 Weeks of Sideways Movement, How Long Will This Stability Last?

Summary SJC gold bar market is about to end 6 weeks of selling gold at "stable" prices. At 76.98 million VND/tael, gold bars are currently more than 2 million VND higher than global gold. The stable trend in the gold market may continue for some time. Detailed Content As of the end of this week, the gold bar market will have recorded 6 weeks of stable gold selling prices. If there are no changes in price, gold bars will have experienced 5 consecutive weeks of sideways movement with a fixed selling price of 76.98 million VND/tael. Global gold prices ended the recent session up 0.6% at 2,378 USD/ounce, with the converted price reaching 74.8 million VND/tael, which is 2.1 million VND lower than gold bars. This week, the price difference between the two markets has remained within the range of over 2 million to under 3 million VND. Gold bar buying – selling prices at enterprises on the morning of 07/11/2024: SJC Ho Chi Minh City : 74.98 – 76.98 million VND/tael, with a buy-sell difference of 2 million VND. Doji Hanoi : 74.98 – 76.98 million VND/tael, with a buy-sell difference of 2 million VND. BTMC : 75.50 – 76.98 million VND/tael, with a buy-sell difference of 1.48 million VND. Phu Quy : 75.50 – 76.98 million VND/tael, with a buy-sell difference of 1.48 million VND. The four state-owned commercial banks maintain the selling price of SJC gold bars at 76.98 million VND/tael. In the first quarter of 2024, gold price fluctuations led many organizations to adjust their gold price forecasts for 2024 to higher levels than initially estimated. Bank of America forecasts that gold prices could reach 3,000 USD/ounce by the end of 2024, while Long Forecast predicts this figure to be 2,652 USD/ounce. Additionally, forecasts indicate that the upward trend in gold prices will continue into 2025. Factors driving gold prices up include tensions in Eastern Europe and the Middle East, the possibility of the Fed lowering interest rates in the third quarter of 2024, prompting other central banks to cut rates as well, upcoming elections in the US causing psychological instability, the US-China trade war, and sanctions on Russia disrupting global supply chains. Furthermore, central banks around the world continue to actively buy gold. However, there are also factors that may support a future decline in gold prices. Specifically, the demand for gold reserves by the People's Bank of China paused in May 2024, which could support a downward trend in gold prices. In Vietnam, the State Bank of Vietnam has proposed to the Government to amend Decree No. 24/2012/ND-CP, which could positively impact gold price stabilization by loosening supply. According to experts, gold prices have risen to record highs and have shown a downward trend for over a month. It is highly likely that in the last months of 2024, gold prices will stabilize and fluctuate at the current levels in both domestic and international markets. Overall, to achieve a long-term stable market, it is necessary to build a professional gold market according to international standards. Consideration should be given to amending Decree 24/2012/ND-CP to align with the actual situation and international integration trends.

Gold Price Table on 07/11/2024: SJC with Nearly 5 Weeks of Sideways Movement, How Long Will This Stability Last?

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