Gold price this afternoon November 26, 2024: Domestic gold price plummets
Domestic gold prices plummeted, dropping nearly 2 million VND per tael. Transactions at gold shops were deserted as many customers expected prices to drop further.
Domestic gold price this afternoon November 26, 2024
As of 3:00 p.m. on November 26, 2024, gold bar prices at most major companies decreased compared to the previous trading session.
Saigon Jewelry Company (SJC) listed the buying price at VND82.8 million/tael and the selling price at VND85.3 million/tael, down VND1.8 million/tael for buying and VND1.3 million/tael for selling, respectively.
Similarly, DOJI Gold and Gemstone Group also adjusted the price of SJC gold bars to 82.8 million VND/tael (buy) and 85.3 million VND/tael (sell), the same decrease as SJC.
At Bao Tin Minh Chau and Phu Quy, the buying and selling prices of gold bars were listed at VND82.8 - 85.3 million/tael, down VND1.8 million/tael for buying and VND1.3 million/tael for selling compared to the previous session.
At PNJ (Phu Nhuan Jewelry Company), the price of SJC gold bars was traded at 83.1 million VND/tael (buy) and 84.6 million VND/tael (sell). Compared to the previous session, this price decreased by 1.3 million VND/tael for buying and 1.2 million VND/tael for selling.
Several large banks in the Big4 group such as VietinBank, Vietcombank, and BIDV also adjusted the selling price of gold bars down by VND1.3 million/tael compared to the previous session, currently at VND85.3 million/tael.
| Today (November 26, 2024) | Yesterday (November 25, 2024) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 82,800  1800 | 85,300 1300 | 84,600 | 86,600 |
| DOJI Hanoi | 82,800 1800 | 85,300 1300 | 84,600 | 86,600 |
| DOJI SG | 82,800 1800 | 85,300 1300 | 84,600 | 86,600 |
| BTMC SJC | 82,8001800 | 85,300 1300 | 84,600 | 86,600 |
| Phu Quy SJC | 82,800 1800 | 85,300 1300 | 84,600 | 86,600 |
| PNJ HCMC | 82,7001700 | 84,400 1400 | 84,400 | 85,800 |
| PNJ Hanoi | 30,030630 | 31,430 630 | 30,660 | 32,060 |
Today, gold shops opened very early and there was no limit on the number of plain round gold rings sold. However, the number of customers coming to trade decreased significantly compared to previous days. Most people came to sell gold, while the number of buyers was very small.
At a Bao Tin Minh Chau store in Cau Giay, Hanoi, employees said the usual crowded scene in the morning was no longer there. Previously, after only 15 minutes of opening, hundreds of customers jostled to get a number, but this morning, by 10am, after more than an hour of handing out tickets, there were only more than 20 customers coming in to transact.
Ms. Oanh, a customer in Cau Giay, said she arrived very early when she saw the price of plain round gold rings drop to 84.5 million VND/tael. However, after taking number 15, she decided to wait longer because she saw not many people buying gold.
Similarly, Mr. Chien in Ha Dong also planned to buy some gold to accumulate, but after observing many people selling, he changed his mind. "I was worried that I would lose money buying, so I decided to wait for the price to drop further," he shared.
Meanwhile, Ms. Hoai, an experienced investor in Cau Giay, said the psychology of waiting for prices to drop is dominating the market. "In just the first two days of the week, the gold price has dropped by more than VND2 million/tael. I hope the price will continue to drop, but I am also worried that if the price drops further, the amount of purchases will be limited," she said.
Many other customers also postponed their gold purchases, hoping that the price would drop further before making a decision. However, some people chose to sell gold to cut losses. Mr. Hai in Dong Da said he bought 2 taels of gold at a price of more than 86 million VND/tael for short-term investment, but now has lost nearly 4 million VND/tael. Seeing the price drop by another 2 million VND/tael, he decided to sell to minimize losses and wait for a new opportunity.
At stores like PNJ, Bao Tin Manh Hai, and DOJI, the number of customers coming to trade this morning was quite sparse. Most of them were customers who had placed orders in advance. Outside the gold shops, many "gold brokers" were active, offering to buy and sell at prices different from the listed prices.
International gold price this afternoon November 25, 2024
Currently, the price of gold on the international market has dropped sharply, losing nearly 100 USD/ounce, down to 2,625 USD/ounce. When converted according to Vietcombank's selling rate, the international gold price is equivalent to about 80.7 million VND/tael. Compared to the domestic gold price, the difference is fluctuating from 3.5 to 4.5 million VND/tael.
Gold prices are under pressure from positive news on the international market, such as Israel and Hezbollah nearing a ceasefire agreement. In addition, the political situation in the US is also showing signs of stabilizing as Donald Trump has a safe choice for the position of Secretary of the Treasury. These factors reduce the demand for safe haven gold – an asset that usually increases in price during times of instability.
Although the price of gold is currently down, according to forecasts from Goldman Sachs, a number of factors may push the price of gold up again in the near future. In particular, they believe that global trade tensions may escalate when Mr. Trump officially takes office early next year. This could increase the demand for gold, with the possibility of international gold prices reaching the mark of 3,000 USD/ounce in 2025.
In addition, concerns about the sustainability of US fiscal policy are also a factor supporting gold prices. Many central banks around the world - especially those countries that hold a lot of US government bonds - may increase gold purchases to diversify their reserves. This will continue to create a driving force for gold prices in the long term.
