Gold price today November 11, 2024: World gold price and domestic gold price plummeted miserably
Gold price today November 11, 2024: World gold price lost more than 50 USD/Ounce compared to the same period last week, causing domestic gold price to drop sharply by 5.5 million VND/tael sold.
Domestic gold price today November 11, 2024
At the time of survey at 5:00 a.m. on November 11, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold today at 83.350 million VND/tael for buying and 85.150 million VND/tael for selling. The price of 9999 gold rings decreased by 3.85 million VND/tael for buying and 4.65 million VND/tael for selling compared to the same period last week.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83.3-85.8 million VND/tael for buying and selling. Compared to last week, the price of SJC gold bars decreased by 3.7 million VND/tael for buying and 5 million VND/tael for selling.
The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.3-85.8 million VND/tael (buying - selling). Compared to last week, the price of SJC gold bars decreased by 3.7 million VND/tael for buying and 5.2 million VND/tael for selling.
At Bao Tin Manh Hai, it is being traded at 82-85.8 million VND/tael (buy in - sell out). Compared to last week, the price of SJC gold bars decreased by 3.7 million VND/tael for buying and 5.5 million VND/tael for selling.
The latest gold price list today, November 11, 2024 is as follows:
| Gold price today | November 11, 2024 (Million VND) | Difference from last week (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 82 | 85.8 | -3,700 | -5,500 |
| DOJI Group | 82 | 85.8 | -3,700 | -5,500 |
| Mi Hong | 83.3 | 85.8 | -3,700 | -5,000 |
| PNJ | 82 | 85.8 | -3,700 | -5,500 |
| Vietinbank Gold | 85.8 | -5,500 | ||
| Bao Tin Minh Chau | 82.3 | 85.8 | -3,700 | -5,200 |
| Bao Tin Manh Hai | 82 | 85.8 | -3,700 | -5,500 |
| 1.DOJI- Updated: 11/11/2024 05:00 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 82,000 | 85,800 |
| AVPL/SJC HCM | 82,000 | 85,800 |
| AVPL/SJC DN | 82,000 | 85,800 |
| Raw material 9999 - HN | 83,350 | 84,350 |
| Raw materials 999 - HN | 83,250 | 84,250 |
| AVPL/SJC Can Tho | 82,000 | 85,800 |
| 2.PNJ- Updated: 11/11/2024 05:00 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 83,400 | 85,200 |
| HCMC - SJC | 82,000 | 85,800 |
| Hanoi - PNJ | 83,400 | 85,200 |
| Hanoi - SJC | 82,000 | 85,800 |
| Da Nang - PNJ | 83,400 | 85,200 |
| Da Nang - SJC | 82,000 | 85,800 |
| Western Region - PNJ | 83,400 | 85,200 |
| Western Region - SJC | 82,000 | 85,800 |
| Jewelry gold price - PNJ | 83,400 | 85,200 |
| Jewelry gold price - SJC | 82,000 | 85,800 |
| Jewelry gold price - Southeast | PNJ | 83,400 |
| Jewelry gold price - SJC | 82,000 | 85,800 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 83,400 |
| Jewelry gold price - Jewelry gold 999.9 | 83,300 | 84,100 |
| Jewelry gold price - 999 jewelry gold | 83,220 | 84,020 |
| Jewelry gold price - 99 jewelry gold | 82,360 | 83,360 |
| Jewelry gold price - 916 gold (22K) | 76,640 | 77,140 |
| Jewelry gold price - 750 gold (18K) | 61,830 | 63,230 |
| Jewelry gold price - 680 gold (16.3K) | 55,940 | 57,340 |
| Jewelry gold price - 650 gold (15.6K) | 53,420 | 54,820 |
| Jewelry gold price - 610 gold (14.6K) | 50,050 | 51,450 |
| Jewelry gold price - 585 gold (14K) | 47,950 | 49,350 |
| Jewelry gold price - 416 gold (10K) | 33,740 | 35,140 |
| Jewelry gold price - 375 gold (9K) | 30,290 | 31,690 |
| Jewelry gold price - 333 gold (8K) | 26,500 | 27,900 |
| 3. SJC - Updated: 11/11/2024 04:30 - Website time of supply - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 82,000 | 85,800 |
| SJC 5c | 82,000 | 85,820 |
| SJC 2c, 1C, 5 phan | 82,000 | 85,830 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 82,000 | 84,800 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 82,000 | 84,900 |
| 99.99% Jewelry | 81,900 | 84,300 |
| 99% Jewelry | 80,465 | 83,465 |
| Jewelry 68% | 54,479 | 57,479 |
| Jewelry 41.7% | 32,306 | 35,306 |
World gold price today 11/11/2024 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 at 2,683.74 USD/Ounce. Today's gold price decreased by 52.43USD/Ounce compared to last week. Converted to USD exchange rate, on the free market (25,620 VND/USD), world gold is priced at about 83.81 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.99 million VND/tael higher than the international gold price.
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On the weekend of November 10, SJC Gold Company listed the buying price of gold at VND82 million/tael and the selling price at VND85.8 million/tael, a sharp decrease of VND3.7 million/tael compared to the previous weekend. This is the deepest decrease in a week of SJC gold bars in recent times.
Other companies such as PNJ and DOJI also listed similar prices. Bao Tin Minh Chau alone increased its buying price to VND82.2 million/tael, while Mi Hong pushed its buying price to the highest level of VND83.3 million/tael.
Buyers will suffer a loss of up to 7 million VND/tael if they buy SJC gold at the beginning of the week at 89 million VND/tael and sell it today at 82 million VND/tael, due to the difference in buying and selling prices.
Similarly, the price of gold rings and jewelry gold also fluctuated strongly throughout the week. Currently, SJC Company listed 99.99 plain gold rings at a buying price of VND82 million/tael and a selling price of VND84.8 million/tael, down by VND4.1 million/tael compared to the end of last week.
Investors should avoid emotional buying and selling of gold and remember that gold is a long-term investment and a hedge against risks. Short-term gold investment for quick profits can be risky, especially when the buy-sell spread is often large.
Domestic gold prices fluctuated strongly last week following international market developments. In the international market, gold prices closed the week at 2,684 USD/ounce, down more than 50 USD compared to the end of last week.
During the week, the price of gold rose again to over 2,700 USD/ounce after the US reduced interest rates by 0.25% to boost economic growth. However, the price of gold later decreased as the USD index remained high, above 104.8 points.
Next week is expected to be quieter than last week, with the highlight economic event being the US core CPI reading on Wednesday. The US Federal Reserve is expected to watch the CPI closely to assess whether inflation is moving towards its 2% target.
Thursday's US PPI report, weekly jobless claims data and Friday morning's retail sales report for October will provide more insight into US consumer spending amid rising costs.
Fed Chairman Jerome Powell will also speak on Thursday, giving him a chance to elaborate on his comments at the press conference and reaffirm the Fed’s independence.
Gold price forecast
Last week, the world gold price fell the most since May, mainly due to the impact of the US presidential election. After the news of Donald Trump's re-election, the gold price "plummeted" due to a wave of sell-off from investors, causing the market to panic about the upcoming direction of this precious metal.
Experts are bearish, while retail investor optimism fell to its lowest level in months for the first time, according to the weekly Kitco News survey.
A survey of 14 experts by Kitco shows that the majority of Wall Street analysts predict that gold prices will continue to fall, with 9 people (64%) saying that gold prices will go down next week, only 3 people (21%) predict an increase, and 2 people (14%) saying that prices will go sideways.
Similarly, of the 249 retail investors on Main Street, 46% predicted prices would rise, 36% predicted prices would fall, and 18% expected prices to remain sideways.
Marc Chandler, managing director at Bannockburn Global Forex, expects gold to continue consolidating. He said the pullback could be a buying opportunity, as gold was under pressure from rising interest rates and the dollar in the immediate aftermath of the election, which sent prices down more than 3%. However, gold recovered some ground over the weekend and could attract more investors if prices fall closer to $2,600 an ounce.
Darin Newsom, an analyst at Barchart.com, said the short-term downtrend is not over yet, opening up the possibility of further selling early next week.
Adrian Day, chairman of Adrian Day Asset Management, said the fall in gold prices was not a disadvantage, as many investors were taking profits and the market was still being affected by expectations of economic growth when Mr. Trump was re-elected, making the USD stronger and stocks higher.
However, Mr. Adrian predicts that the decline may last for about 6 weeks, but in the medium and long term, buying momentum will still increase. Many central banks still want to diversify their assets into gold to reduce their dependence on the USD, while the Federal Reserve and other central banks may continue to loosen monetary policy to support the slowing economy, giving gold a chance to increase in the future.
