Gold price update on the morning of November 2: Strong tensions, difficult to break out

SJC gold bar price

As of 6:00 a.m., the price of SJC gold bars was listed by DOJI Group at 146.4-148.4 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling prices is at 2 million VND/tael.

The price of SJC gold bars was listed by Bao Tin Minh Chau at 146.9-148.4 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 145.9-148.4 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

9999 gold ring price

As of 6:00 a.m., DOJI Group listed the price of gold rings at 145.3-148.3 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 146.2-149.2 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 145.4-148.4 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.

The high buying and selling distance increases the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

The world gold price was listed at 6:00 a.m. at 4,001.1 USD/ounce.

Gold price forecast

The latest weekly gold survey by an international financial information platform shows that industry experts are in a rare state of neutrality and balance.

This week, 14 analysts participated in the Kitco News survey. Wall Street generally maintains a neutral stance after the fluctuations in precious metal prices narrowed. Of these, 3 experts (equivalent to 21%) predict gold prices will increase next week, 3 others (21%) predict prices will decrease, while the remaining 8 people (57%) believe that gold will continue to fluctuate sideways within a narrow range.

Aaron Hill, an analyst at FP Markets, said the gold market will see strong fluctuations as investors seek a balance between opposing factors.

Gold prices held around $4,000 an ounce as the Fed hinted that it may not cut interest rates in December, along with a US-China tax deal that reduced safe-haven demand. However, the VIX volatility index is still high above 16, causing the defence cash flow to flow slightly into gold.

I am still optimistic in the long term - buying when prices fall below $3,950/ounce is reasonable" - this expert said.

Lukman Otunuga - senior analyst at FXTM, noted that political instability in the US - when the US government cannot pass the new budget - could continue to support gold prices.

Technically, gold prices have fallen about 8% from historical peaks, but still rose 4% for the month. The resistance level is close to $4,050 and supporting around $4,000/ounce; breaking one of these two milestones will shape the upcoming trend," he said.

If the US government is not reopened next week, it will be the longest closure in history. The situation has lasted for a month and is at risk of affecting economic activity, especially if the budget for the SNAP food subsidy program expires, affecting 1/8 of the US population.

According to Legal Shield - the CSLI consumer stress index of this company has increased to a 5-year high, reflecting the financial difficulties of the American people. However, many economic experts believe that the labor market is still the main pillar of the economy.

While government employment data wont be released, next week the market will see private-sector employment data from the ADP, the Institute for Supply Management (ISM) PMI, and the University of Michigan Consumer Confidence Survey key indicators of economic health and inflation.