Gold price today November 5: World gold increased sharply, SJC increased by 1.8 million VND
World gold prices skyrocketed to more than 182 USD/ounce, pulling domestic gold prices back up - Photo: THANH HIEP
According to data updated at 8:30 a.m. on November 5, the world spot gold price reached 4,112 USD/ounce, an increase of 182 USD/ounce, equivalent to 4.6% in 24 hours.
World gold increased more than 165 USD/ounce
Previously, in the trading session on November 4, spot gold price increased 3.4%, to 4,059 USD/ounce, recording the strongest daily increase since mid-August.
According to Reuters, the strong increase in gold prices comes from the weakening of the USD after the Democratic Party won control of both the US Senate and House of Representatives in the midterm elections.
The market is concerned that policy disagreements could limit the government's new spending plans, and that tightening management of the artificial intelligence (AI) sector could affect the US economic growth prospects.
These factors put pressure on the USD, bringing the greenback index to its lowest level in more than a month. The USD Index (DXY) on the morning of November 5 decreased by 0.43%, down to 101.43 points.
In addition, the decline in US Government bond yields in the initial reaction to the election results also contributed to supporting precious metal prices.
World gold prices increased steeply in the morning session of November 5 - Data: TradingView
However, gold's rising prospects still face pressure from monetary policy. According to CME FedWatch data, the market is betting about an 83% chance of the US Federal Reserve (Fed) raising interest rates in December.
Investors are currently waiting for the US non-agricultural employment report scheduled to be released on November 6 to have more basis to evaluate the health of the labor market and the Fed's interest rate outlook.
In the domestic market, updated at 8:30 am on November 5, SJC gold bar price was listed at 139.4 million VND/tael purchased and 142.4 million VND/tael sold. Compared to the previous session, both buying and selling increased by 1.8 million VND/tael.
For SJC gold rings, the buying price is 136.5 million VND/tael, selling price is 140.5 million VND/tael, an increase of 2.8 million VND per tael in both buying and selling directions.
After 4 consecutive increasing sessions since the beginning of the week (November 2), the price of SJC gold bars increased a total of 3.4 million VND/tael, while SJC gold rings increased by 4.7 million VND/tael.
Currently, the difference between the buying and selling price of SJC gold bars is about 3 million VND/tael, while gold rings are at 4 million VND/tael. Meanwhile, SJC gold price is still about 14.2 million VND/tael higher than the world equivalent.
Meanwhile, world silver prices on the morning of November 5 also went up. According to data from Kitco, spot silver price was trading around 52.59 USD/ounce, up 0.49 USD, equivalent to 0.94% compared to the previous session.
Oil prices continue to go down
World oil prices on the morning of November 5 continued to decrease slightly. WTI oil fell to 87.93 USD/barrel, down 0.22%, while Brent oil fell to 94.51 USD/barrel, down 0.12%.
The decline continued the plunging session on November 4, when Brent oil prices at one point lost 8.7%, while WTI dropped 8.3%.
Pressure on oil prices mainly comes from expectations that tensions between the US and Iran will cool down after the midterm elections in the US. Reuters said Qatar is strengthening its role as a mediator between the two countries. If negotiations progress, oil exports from the Middle East could become more favorable, reducing the risk of supply disruption.
However, the prospect of de-escalating the conflict remains uncertain as the parties have not yet reached a peace agreement.
Meanwhile, the cryptocurrency market recorded positive developments. Bitcoin trades around $80,461, up 4.63% in the past 24 hours. The world's largest digital currency has returned to the $80,000 mark after a period of strong selling pressure.
Readers are invited to follow developments in gold and silver prices HERE.
