Gold price today November 1, 2024: World gold price drops nearly 40 USD compared to peak

Domestic gold price today 11/1/2024

At the time of survey at 5:00 a.m. on November 1, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 88.65 million VND/tael for buying and 89.65 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased by 50 thousand VND/tael in both buying and selling directions.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 89.3-90 million VND/tael (buy - sell). Compared to yesterday, the price of gold bars increased by 800 thousand VND/tael for buying.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 88-90 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 88-90 million VND/tael (buy in - sell out).

The latest gold price list today, November 1, 2024 is as follows:

World gold price today 11/1/2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,741.09 USD/Ounce. Today's gold price decreased by 37.59 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,780 VND/USD), the world gold price is about 86.06 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.93 million VND/tael higher than the international gold price.

The report shows that while gold demand in ASEAN countries such as Thailand, Indonesia, and Malaysia all increased by double digits compared to the same period last year, Vietnam recorded a significant decline. Specifically, demand for gold bars and gold coins in Vietnam decreased by 33% compared to the same period last year and decreased by 10% compared to the average level in 2023. The main reason is that the domestic gold price is high, making consumers hesitant to buy new.

In the international market, total gold demand increased by 5% compared to the third quarter of last year, reaching 1,313 tons, equivalent to more than 100 billion USD - a new record. This increase was mainly due to strong investment demand, when the average global gold price reached 2,474 USD/ounce in the third quarter, the highest ever.

Shaokai Fan, Asia-Pacific regional director of the World Gold Council, said the surge in investment demand for gold reflects a cautious mood amid geopolitical risks and concerns about an economic slowdown. “The sharp rise in gold prices is the main driver of demand, but high prices are also making some consumers hesitant. To revive demand for gold jewelry, the market needs price stability,” he said.

Analysts say demand for gold is rising as the US presidential election approaches. According to the latest polls, the two candidates Donald Trump and Kamala Harris are in a very close race. Investors are also waiting for economic data to predict the policy decision of the US Federal Reserve (Fed).

“We have the US election, the possibility of a Fed rate cut and the Russia-Ukraine tensions. There are a lot of factors that are bullish for gold. I think the precious metal could hit $2,850,” said strategist Daniel Pavilonis of RJO Futures.

Data released on October 30 showed that the US created 233,000 new jobs in October, exceeding forecasts despite the impact of hurricanes and strikes. US GDP also increased 2.8% in the second quarter compared to the same period last year.

The Fed is expected to cut interest rates by another 0.25% at its meeting next week. Markets are also waiting for the Personal Expenditures Price Index (PCE) due out today for more information.

Ms. Louise Street, senior analyst at the World Gold Council (WGC), said that in the third quarter, global gold demand increased thanks to strong investment and decentralized trading activities, thereby boosting gold prices.

While high gold prices have dampened demand in many consumer markets, India's reduction in import duties has helped keep demand for gold jewelry, bars and coins high, even as gold prices hit record highs.

The “fear of missing out” mentality among investors is also a key factor driving gold demand. Many investors still want to buy when prices rise, expect interest rates to fall in the future, and see gold as a safe haven amid political instability in the US and escalating conflicts in the Middle East.

Ms. Street predicts that the investment flow into gold will continue, which could keep gold prices and demand high.

“We have seen more than 30 record gold prices in 2024, and these high prices will be a challenge for consumers. However, economic growth is a factor we watch, which could influence the situation,” Ms. Street noted.

Gold prices rose despite high bond yields. The yield on the 10-year US Treasury note is currently above 4%, near its highest level in three months. Some analysts said this was not a surprise because the US economy and labor market remain stable. However, Ryan McIntyre, managing partner at Sprott Inc., said that the growing US debt could put pressure on bond yields due to concerns about inflation and the depreciation of the US dollar.

Not only gold, but also bitcoin is on the rise, surpassing $70,000, showing a trend of seeking alternative assets to the USD. McIntyre predicts that high bond yields will negatively affect the stock market, but gold has an advantage over digital currencies due to its long history as a safe asset.

Gold prices have risen 35% this year, and McIntyre believes there is still room for growth amid economic and political uncertainty. He recommends investors hold about 10% of their assets in physical gold as a hedge and add 5% in precious metals mining stocks to take advantage of the gold’s price gains. While the cost of investing in gold may be high, McIntyre says it is still cheaper than current stock market valuations.

Gold Price Forecast

According to Dr. Nguyen Tri Hieu, a finance and banking expert, the continuous increase in gold prices in recent times is mainly due to the influence of world gold prices. When the international gold price surpassed 2,700 USD/ounce recently, the domestic gold bar price also increased sharply, reaching 87-89 million VND/tael.

Global geopolitical tensions, especially in the Middle East and Europe, along with uncertainty from the US presidential election, have investors still considering gold a safe haven. Global gold prices are likely to reach $2,800/ounce by the end of this year and could peak at $3,000/ounce next year.

Dominik Sperzel, Head of Trading at Heraeus Metals Germany, predicts gold will hit $3,000 next year due to concerns about the economic outlook in developing countries, demand from gold ETFs, and post-election adjustments.

Many forecasts suggest that gold prices will reach $3,000 an ounce by 2025, as tensions in the Middle East remain high and Japan’s economic woes may just be getting started. High inflation could also return at any time, which would provide strong support for gold prices.