Gold price this afternoon November 9, 2024: SJC gold price decreased, ring gold price remained the same.

This afternoon, November 9, 2024, the SJC gold price at DOJI Hanoi and DOJI Ho Chi Minh City is listed at 82 million VND/tael for buying and 85.8 million VND/tael for selling, down 200 thousand VND/tael compared to the previous selling price. At the same time, SJC also listed a similar gold price.

Gold price movements today show that domestic gold ring prices this morning did not fluctuate much.

Specifically, at the beginning of this morning's trading session, Saigon Jewelry Company (SJC) listed the price of 1-5 ring gold at only 82-84.8 million VND/tael (buy - sell), unchanged from the closing price yesterday.

Similarly, DOJI Gold and Gemstone Group also kept the price of 9999 gold rings at 83.35-85.15 million VND/tael (buy-sell), unchanged from yesterday's closing price.

The world gold price stood at 2,7683.7 USD/ounce, down nearly 4 USD compared to yesterday. Converted according to Vietcombank's exchange rate, the world gold price is equivalent to nearly 82.5 million VND/tael. Currently, SJC gold bars are 3.5 million VND/tael higher than the world price while 4-number 9 gold rings on the market are 2.8 - 3 million VND higher.

After the Fed cut interest rates by another 0.25%, the USD exchange rate on the currency market also tended to decrease.

This morning, the State Bank announced the central exchange rate at 24,278 VND/USD, down 5 VND/USD compared to yesterday.

At banks, the USD exchange rate continued to decrease in today's session. Many major banks are currently listing the USD selling price at 25,470 VND/USD, down about 27 VND compared to yesterday morning, but still at a record high, close to the regulated ceiling. This is the 14th consecutive session that the USD exchange rate at banks has been listed at the ceiling.

In the buying direction, many banks have adjusted down sharply from 45 to 100 VND compared to the same time yesterday.

Since the beginning of the year, the USD price at banks has increased by about 1,000 - 1,100 VND, equivalent to an increase of 4.3%.

In the free market, the USD price dropped sharply this morning. The USD exchange rate at foreign exchange points is currently 25,550 VND/USD (buy) and 25,650 VND/USD (sell), down 170 VND compared to yesterday morning.

Gold price forecast

Traders now see a 71% chance that the US Federal Reserve will cut interest rates by another 25 basis points in December. Gold is expected to maintain its upward trend in the medium and long term thanks to the Fed's rate cut cycle and the weakening of the US dollar.

Sprott expert Ryan McIntyre believes that gold prices will continue to rise in the long term thanks to supporting factors such as the depreciation of the USD and the unstable financial situation in many Western countries. Many investors believe that under President Donald Trump, the US and other economies will face many challenges.

Tensions in the Middle East remain high and some forecasts suggest gold prices could hit $3,000 an ounce by 2025.

Gold fell more than 3% on the day of the presidential election results, but overall, the price of gold has fallen more than 5% since the end of October, according to Alex Kuptsikevich, an analyst at FxPro. However, this is still not a big shock, because on Thursday, the price of gold recovered strongly, rising 2.5% from the low of the day.