Update on the closing price of gold on November 10: Heavy loss when "surfing"

Update SJC gold price

At the end of the week's trading session, DOJI Group listed the price of SJC gold at 82-85.8 million VND/tael (buy - sell).

Compared to the closing price of last week's trading session, the price of SJC gold bars at DOJI decreased by 5.5 million VND/tael for buying and 3.7 million VND/tael for selling.

The difference between buying and selling price of SJC gold at DOJI Group is at 3.8 million VND/tael.

Meanwhile, Saigon Jewelry Company SJC listed the price of SJC gold at 82-85.8 million VND/tael (buy - sell).

Compared to the closing price of last week's trading session, the price of SJC gold bars at Saigon Jewelry Company decreased by VND5.5 million/tael for buying and VND3.7 million/tael for selling.

The difference between buying and selling price of SJC gold at DOJI Group is at 3.8 million VND/tael.

Last week, the price of SJC gold fell sharply, combined with the difference between buying and selling prices due to listed businesses, investors suffered heavy losses. If they bought SJC gold at DOJI Group in the session of November 3 and sold it today (November 10), investors would lose 7.5 million VND/tael. Similarly, those who bought gold at Saigon Jewelry Company SJC also made a profit of 7.5 million VND/tael.

Currently, the difference between the buying and selling price of gold is listed at around 3.8 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

9999 gold ring price

At the end of the trading session of the week, the price of Hung Thinh Vuong 9999 round gold ring at DOJI was listed at 83.35-85.15 million VND/tael (buy - sell); down 4.65 million VND/tael for buying and down 3.85 million VND/tael for selling.

Bao Tin Minh Chau listed the price of gold rings at 83.32-85.12 million VND/tael (buy - sell); down 4.66 VND/tael for buying and down 3.86 million VND/tael for selling.

After a week of decline, if investors buy gold rings in the session of October 3 and sell them in today's session (November 10), the loss investors will have to accept when buying at DOJI and Bao Tin Minh Chau is 5.65 million VND/tael and 5.66 million VND/tael, respectively.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

At the close of the weekly trading session, the world gold price listed on Kitco was at 2,684.4 USD/ounce, down 52 USD/ounce compared to the close of the previous week's trading session.

Gold Price Forecast

World gold prices fell amid an increase in the USD index. Recorded at 6:00 a.m. on November 10, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 104.890 points (up 0.5%).

The financial markets were affected by the US presidential election last week, and precious metals were no exception. After hitting $2,700 an ounce, the sell-off following Donald Trump’s election victory sent gold ending the week at $2,684 an ounce.

The latest weekly Kitco News gold survey shows that industry professionals are overwhelmingly bearish, while retail traders are also down for the first time in months.

Fourteen analysts took part in the Kitco News gold survey. Only three analysts see gold prices rising next week. Nine see prices falling. The remaining two see prices moving sideways.

There were 249 votes cast in Kitco’s online poll. 114 traders see gold prices rising next week. Another 91 see gold prices falling. The remaining 44 investors expect gold to trend sideways in the near term. This is the first time in months that short-term bullish expectations for gold have fallen this far.

Adrian Day - Chairman of Adrian Day Asset Management said that gold continued to fall is not unusual, as some investors took profits while demand from central banks and Chinese consumers decreased.

“Remember, gold reacted similarly to the election of Donald Trump in 2016, when there was optimism about economic growth, a strong dollar and rising stocks. That correction lasted about six weeks,” he said.

Meanwhile, Frank Sohleder, an analyst at ActivTrades, said the precious metal is likely to fall further in the short term. "Despite the rally, gold is still not out of the woods for a major correction," he said. The expert said that even the US Federal Reserve's interest rate cut would not ensure demand for gold.