World gold prices rose slightly despite economic data.
Global gold prices edged up slightly by nearly 1% despite better-than-expected US private employment data, a piece of information that typically puts gold prices at a disadvantage.
As of 11:00 AM on November 6th, the spot gold price rose 0.72% to $3,987.28 per ounce. US gold futures for December delivery also increased 0.8%, closing at $3,992.9.
According to the ADP report, private businesses in the US added 42,000 jobs last month, significantly higher than the forecast of 28,000.
A strong labor market typically makes the US Federal Reserve less likely to cut interest rates. Prolonged high interest rates are generally not favorable for gold. However, this time the market reacted differently.
The main reason for the rise in global gold prices stems from investor risk aversion. Global stock markets have fallen after a prolonged period of rapid growth, with many concerned that stock prices, especially those in technology related to artificial intelligence (AI), are too high and showing signs of a bubble. In such an uncertain environment, investors tend to seek safe-haven assets like gold.
Last week, the Fed cut interest rates, but Chairman Jerome Powell indicated this could be the last cut this year. Therefore, expectations of another rate cut in December have plummeted from over 90% to 63%. Gold is a non-interest-bearing asset, making it more attractive when interest rates are low.
Investors are also awaiting the US Supreme Court hearing on the legality of the tariffs imposed by President Trump, as the outcome could impact global trade and market sentiment.
Other precious metals also rose in price. Silver increased 2.2% to $48.13 per ounce, platinum rose 1.7% to $1,561.65, and palladium rose 2.4% to $1,424.22.
At 11:00 AM on November 6th, the price of SJC gold at Saigon Jewelry Company and Doji Company was listed at 145.8 million VND/ounce for buying and 147.8 million VND/ounce for selling. At Phu Quy Company, the price of SJC gold was listed from 144.8 to 147.8 million VND/ounce. Compared to the end of November 5th, this price has increased by 300,000 VND/ounce.
At Bao Tin Minh Chau Company specifically, the price of gold rings recorded an increase of 200,000 VND/ounce compared to yesterday, currently trading in the range of 145 to 148 million VND/ounce. Notably, the price of gold rings here is about 200,000 VND/ounce higher than the price of SJC gold.
At the same time, the State Bank of Vietnam announced the central exchange rate at 25,100 VND/USD, an increase of 3 VND compared to the previous day.
At commercial banks, the USD exchange rate also adjusted slightly upwards. Vietcombank listed it at 26,105–26,355 VND/USD, equivalent to VietinBank.
BIDV and Eximbank traded at approximately 26,135–26,355 VND and 26,100–26,355 VND per USD, respectively.
The slight increase in the US dollar exchange rate has somewhat affected investor sentiment in the domestic gold market.
