Gold price this afternoon November 29, 2024: Domestic and world gold prices increased simultaneously

Domestic gold price this afternoon November 29, 2024

The domestic gold bar and gold ring prices have both decreased slightly, with the highest decrease of 200,000 VND/tael, both for buying and selling. Despite this decrease, the difference between buying and selling prices remains quite high, posing potential risks to buyers.

	Today (November 29, 2024)		Yesterday (November 28, 2024)
	Purchase price	Selling price	Purchase price	Selling price
SJC	83,300 400	85,800 400	82,900	85,400
DOJI HN	83,300 400	85,800 400	82,900	85,400
DOJI SG	83,300 400	85,800 400	82,900	85,400
BTMC SJC	83,300 400	85,800 400	82,900	85,400
Phu Quy SJC	83,300 400	85,800 400	82,900	85,400
PNJ HCMC	83,600 200	84,700 200	83,400	84,500
PNJ Hanoi	30,360 70	31,760 70	30,290	31,690

World gold price this afternoon November 29, 2024

The world gold price is on the rise again due to the influence of geopolitical risks. The war between Russia and Ukraine is escalating, causing investors to seek gold as a safe asset.

Besides, in the Middle East, tensions between Israel and Hezbollah show no signs of easing as the ceasefire has yet to be implemented.

According to Aneeka Gupta, an expert at WisdomTree, Israel's retaliatory actions are the main cause of increasing instability in the region.

A weaker US dollar also helped boost gold prices. The DXY index, which measures the greenback’s strength against a basket of major currencies, fell to a two-week low of 106.2. When the US dollar is weak, gold becomes more attractive to investors because it becomes cheaper when converted into other currencies.

However, gold's recovery is being limited by expectations that the US Federal Reserve (Fed) will be more cautious in cutting interest rates as US inflation shows signs of slowing.

During Thanksgiving week, the US market became quieter, and this also affected the price of gold. Factors supporting the price of gold such as the US presidential election were partly reflected in the previous price.

The performance of global stock markets also affected investor sentiment. While stock indexes in Asia and Europe were mixed, the US market was expected to decline slightly when the trading session in New York opened.

This week, the market is waiting for important economic reports from the US, including third-quarter GDP, durable goods orders, personal income and unemployment rate. These are factors that can affect gold prices in the coming time.

Gold is facing a major change after a nine-month rally, the longest in more than 24 years. According to Mr. Stanley, market strategist at Forex.com, the rally is likely to end in November 2024. He said that if there are no unexpected events in the final days of the month, especially when the Thanksgiving holiday slows trading activity, gold prices may correct.

However, Stanley also commented that if the buying power from investors is maintained, gold still has a chance to maintain its upward trend into the end of the year, a time when precious metals are often considered a safe asset in a volatile market context.

Phillip Streible (Blue Line Futures) predicts that gold prices could reach $3,000/ounce in the first half of 2025. However, this depends on whether inflation spikes, forcing the Fed to raise interest rates.

Darin Newsom (Barchart.com) predicts that gold prices may decline slightly in the short term due to market correction. However, in the long term, he believes that gold will continue to rise thanks to strong supporting factors.

UBS Bank (Switzerland) forecasts gold prices to reach $2,900/ounce by the end of 2025, emphasizing gold's role as a safe investment channel, especially in the context of geopolitical instability and fiscal risks.