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According to Wall Street experts, the gold market is calm before Election Day but will fluctuate sharply after that due to the election results.
The first week of November saw not only the most anticipated event of the year, the presidential election, but also the decision meeting on the Federal Reserve (Fed) interest rate and employment figures from last month. .
69% of Wall Street pundits, in recent floor survey Kitco, remain bullish on the gold price movement this week because the long-term macro momentum hasn’t changed much.
The precious metals market closed the last session of October at $ 1,900 an ounce. According to experts, the price of gold is facing resistance at $ 1,925 and if it can be overcome, it can rise quickly to $ 1,970, even towards $ 2,000.
Gold bullion transactions at DOJI stores. Photo: DOJI.
On the other hand, 13% of experts believe that this is unlikely because the impact of the US presidential elections on the price of gold is enormous. Caution about the results is increasing. This is reflected in the decline in trading volume because investors are still waiting for more certain information.
All experts agree that investors should not sell gold during this period because the market is quiet before Election Day, but it will fluctuate unpredictably after that.
Units traded in gold bullion in the country this morning also adjusted transaction prices in a narrow band. DOJI Jewelry and Gemstones Group kept the purchase price at 56 million dong and reduced 50,000 dong by sales volume to 56.3 million dong. Compared to the previous month, the current price of gold has not changed much.
Saigon Jewelry Company (SJC) at the same time has a purchase price of 55.95 million dong and sale price of 56.45 million dong. The trade gap remained at 500,000 VND per tael.
In the domestic foreign exchange market, the price in US dollars was stable for a long time. At the opening this morning, each dollar was trading around 23,090 – 23,270 dong by Vietcombank, unchanged from previous sessions. Other banks have similar prices.
Thien Ngan
