Gold price this afternoon November 14, 2024: Domestic and international gold prices are falling with no bottom in sight

Domestic gold price this afternoon November 14, 2024

At 2:00 p.m. on November 14, 2024, gold prices on some domestic exchanges continued to record adjustments. Specifically, SJC gold prices were at VND 80 million/tael for buying and VND 83.5 million/tael for selling, down VND 500,000/tael in both directions compared to the previous session.

Similarly, DOJI gold price is also at 80 million VND/tael for buying and 83.5 million VND/tael for selling, down 500,000 VND/tael.

PNJ gold price is listed at 80 million VND/tael for buying and 84 million VND/tael for selling, also down 500,000 VND/tael.

For Bao Tin Minh Chau and Bao Tin Manh Hai gold, the transaction prices are 80 million VND/tael for buying and 83.5 million VND/tael for selling, down 500,000 VND/tael in both directions.

The rush to buy and sell gold is still going strong. However, not all stores have enough stock to meet the demand. Some gold stores, due to scarcity of stock, only conduct buying transactions and do not sell.

At the PNJ store on Cau Giay Street (Hanoi), staff said the store only sells jewelry products and does not conduct transactions for buying and selling SJC gold rings and gold bars.

Meanwhile, at Bao Tin Minh Chau store, also on Cau Giay street, employees only accept purchases but do not sell because there is no more stock.

In particular, due to the large number of customers in the morning, the store has run out of queue numbers and is asking customers to come back in the afternoon. Currently, the store does not accept reservations and does not conduct online transactions, only serving direct purchases while stocks last.

	Today (November 14, 2024)		Yesterday (November 13, 2024)
	Purchase price	Selling price	Purchase price	Selling price
SJC	80,000 500	83,500 500	80,500	84,000
DOJI Hanoi	80,000 500	83,500 500	80,500	84,000
DOJI SG	80,000 500	83,500 500	80,500	84,000
BTMC SJC	80,000 700	83,500 500	80,700	84,000
Phu Quy SJC	80,000 500	83,500 500	80,500	84,000
PNJ HCMC	80,000 800	81,900 500	80,800	82,400
PNJ Hanoi	80,000 800	81,900 500	80,800	82,400

International gold price this afternoon November 14, 2024

In the international market, the world gold price has decreased for four consecutive sessions, currently at 2,556.68 USD per ounce, 8% lower than the record set at the end of October.

Mr. Heng Koon How, Head of Market Strategy at UOB Singapore, said that the decline was related to investor sentiment after Donald Trump was elected President of the United States. This event has raised concerns about the risk of rising inflation due to the possibility of the US imposing higher trade tariffs on China, as well as increasing the US financial deficit and debt level. As a result, long-term US bond yields have increased, leading to a stronger USD.

Gold tends to fall when yields and the US dollar rise, so the gold market has been under strong correction pressure. However, UOB experts still maintain a positive outlook for gold, forecasting prices to reach US$3,000 an ounce by the third quarter of next year.

In the short term, gold prices may fluctuate due to the impact of a strong US dollar. However, in the long term, global central banks, especially China, are expected to increase their gold reserves to diversify away from the US dollar. At the same time, Mr. Trump's policies may increase global investor demand for gold, which is considered a safe asset.

Mr. Heng Koon How said this is a positive signal for gold prices thanks to demand from both central banks and individual investors.

However, investors are still cautious about Mr. Trump's foreign policy commitments. Gold prices often fall when geopolitical tensions subside.

Currently, Mr. Trump is building his cabinet for the new term (starting January 20 next year), and every statement about Ukraine, the Middle East... can affect market sentiment.

Mr Trump has pledged to end wars and conflicts. He could put economic pressure on the EU, NATO and Russia to reduce tensions, while a stronger Israel could help calm the Middle East.

However, conflicts in many regions remain historical and protracted, and efforts by one country or individual can only partially reduce tensions.

In addition, Mr. Trump’s economic policies could cause commodity prices to rise, especially if energy costs do not fall sufficiently. As inflation increases, gold becomes a more attractive asset due to its ability to preserve value.