The domestic gold price today, November 27, is being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at 41.20 million VND/tael (up 130,000 VND/tael for buying) and 41.50 million VND/tael (up 130,000 VND/tael for selling) compared to yesterday morning's session.
Doji Hanoi Jewelry was listed at 41.23 million VND/tael (up 130,000 VND/tael for buying) and 41.38 million VND/tael (up 80,000 VND/tael for selling) compared to the session yesterday morning.
Ho Chi Minh City SJC listed at 41.20 million VND/tael (up 130,000 VND/tael for buying) and 41.30 million VND/tael (up 130,000 VND for selling) compared to the morning session on November 26.
The world gold price today, November 27, immediately stood at 1,460 USD/ounce (up 7 USD/oz compared to yesterday morning's session). The price of gold delivered in February 2020 on the New York Comex was at 1,467 USD/ounce.
Converted at USD at Vietcombank (1 USD = 23,260 VND), the world gold price is equivalent to about 40.92 million VND/tael, 580,000 VND/tael lower than the domestic gold price.
Gold prices are under great pressure and are at a 2-week low as investors are more optimistic about the US-China trade deal. Many experts believe that the low gold price at the 2-week low will stimulate gold buying.
Gold's price increase may be due to pressure from the USD. USD prices remained high after Federal Reserve Chairman Jerome Powell gave a hidden speech conveying a signal that the central bank would not cut interest rates further (after three cuts in 2019), unless the economy suddenly weakened.
According to the Fed, US monetary policy is aiming to continue a favorable period for workers. Mr. Powell said that the US economic outlook still seems to be bright. A strong labor market and wage growth are supporting household spending and consumer confidence, which accounts for about 70% of the US economy.
However, recently, the Chinese representative expressed optimism after a trade phone call with the US and said that the two sides had "reached a consensus on resolving well related issues" and agreed to keep in touch about the remaining points in the phase-in trade agreement.
The US Trade Representative Office confirmed the phone call, but declined to comment on the content of the two sides' exchanges. This move could cause cash flow to leave gold.
