Gold prices surged past $2,700 per ounce on November 22, evening (Vietnam time). The precious metal touched $2,710 per ounce at one point (around 6:00 pm Vietnam time) before retracing its steps. At 9:00 pm, the spot price of gold stood at $2,690 per ounce.
Gold and silver staged a strong comeback as risk appetite in the broader market shifted. Investors flocked to safe-haven assets as the conflict between Russia and Ukraine escalated.
Meanwhile, according to Kitco News, currency traders are betting that President-elect Donald Trump’s policies will cause significant turmoil, prompting strategists to adjust their forecasts.
Notably, gold’s recovery came despite a strong US dollar, which also surged to a two-year high. The DXY index climbed to 107.5 points on the day. Simultaneously, the yield on the 10-year US Treasury note rose to 4.39%. This dynamic is somewhat unusual compared to the typically inverse relationship between gold and the US dollar. It hints at the underlying geopolitical concerns influencing investor sentiment.
Technically, speculators in the December gold futures market have gained a short-term advantage. Prices are starting to trend higher again. The next upside price objective for the bulls is to produce a close above solid technical resistance at $2,750.00. The next downside price objective for the bears is to push futures prices below solid technical support at $2,618.80. The first resistance point is seen at the overnight high of $2,712.40, and then at $2,725.00. The first support is seen at the overnight low of $2,670.10, and then at Thursday’s low of $2,651.60.
Domestically, gold prices also witnessed a significant surge. SJC gold bars reached VND 87 million per tael in selling prices. Similarly, gold ring prices climbed to VND 86.5 million per tael. From the beginning of the week until now, domestic gold prices have increased by approximately VND 4-5 million per tael.
The Golden Rush: SJC Gold Bars and Rings Witness a Rapid Surge on November 22nd Evening.
The surge in global gold prices propelled SJC gold bars and 99.99% gold rings to new heights, sparking a rally that saw both assets reach unprecedented levels.
Gold Prices Rise for the Third Straight Session Despite a Stronger US Dollar
This week, the global gold price has surged by 2.5 million VND per tael, a significant rebound after a decline of over 5 million VND per tael in the previous two weeks.
Should You Buy or Sell Gold Now?
In just under a week, SJC gold bullion has dropped by over VND 6 million per tael, with gold rings also plummeting by more than VND 7 million per tael. So, should people be buying or selling gold at this point?
The Golden Opportunity: Unveiling the Daily Treasure
As of the 15th of November, the price of gold rings has unexpectedly surged, with an increase of approximately 500 to 900 thousand VND per tael.
“Dollar Soars to a One-Year High as Markets Anticipate Trump’s Policies”
The metals market remains under selling pressure as platinum prices fell for the fourth straight session; COMEX copper prices weakened to a two-month low.
