Gold price today 11/4: Dropping right at the opening, will this week gold "boom"?

In the early morning of the week, the world gold price dropped slightly, while investors waited for the US inflation report in March with the expectation that price pressure would reach a new 4-decade peak.

At 8 am this morning (April 11, according to Vietnam time), the world gold price traded at 1,944.63 USD/Ounce. Compared to the end of the week, gold decreased slightly by 3 USD/Ounce despite the bullish predictions of experts.

Based on the bank's USD price, excluding taxes and fees, the world spot gold price is 53.92 million dong/tael, about 15.53 million dong/tael lower than the domestic SJC gold price.

Gold prices fell because the US Federal Reserve (Fed) advocated tightening monetary policy drastically to fight inflation. In addition, gold was also under downward pressure as US Treasury yields and the dollar increased due to the tough stance of the Fed. 

Last week, the gold market still posted a gain of more than 1% for the week with gold futures rising to $1,945.9 despite a jump in bond yields following the minutes of the Open Market Committee's March meeting. Federal Reserve (FOMC) of the United States is announced. 

This week, the important news that investors have been waiting for is the inflation data for March, scheduled to be released on Tuesday. In the context of rising gasoline prices and strong food prices, experts is forecasting annual inflation could reach a four-decade high of 8.4%.

High inflation will strengthen the possibility that the US Federal Reserve (Fed) will increase by 50 basis points at its meeting in May. However, in the face of concerns about a possible economic recession when sugar yield curve has reversed, gold investors still think that the Fed is unlikely to conduct its aggressive tightening policies throughout 2022. This optimism has kept gold prices at a high level.

Gold price dropped slightly at the beginning of the week (Artwork)

Regarding the gold price trend this week, Wall Street's gold price survey on Kitco News showed that 10 analysts (about 63%) forecast gold prices to increase next week; The remaining 6 people (accounting for 38%) gave neutral opinions.

According to an online Main Street poll, 478 respondents (57%) expect gold prices to rise next week. Another 198 people (23%) see prices falling and 166 people (20)% see gold moving sideways.

In the domestic market, the Saigon Jewelry Company currently lists the price of SJC gold buying and selling at 68.65-69.47 million VND/tael.

Gold Doji listed the price of gold at 68.6-69.4 million VND/tael.

Phu Quy SJC listed the gold price at 68.65-69.4 million VND/tael.


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