Gold price today November 12, 2024: World gold price and domestic gold price continue to decrease sharply

Domestic gold price today November 12, 2024

At the time of survey at 5:00 a.m. on November 12, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83,150 million VND/tael for buying and 84,950 million VND/tael for selling. The price of 9999 gold rings decreased by 200 thousand VND/tael for buying and 200 thousand VND/tael for selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 82.2-85 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 1.1 million VND/tael for buying and 800 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 82.1-85.4 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC decreased by 200 thousand VND/tael for buying and 400 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 82-85.5 million VND/tael (buy in - sell out). Compared to yesterday, the price of SJC gold bars decreased by 300 thousand VND/tael in the selling direction.

The latest gold price list today, November 12, 2024 is as follows:

World gold price today November 12, 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 2,635.29 USD/Ounce. Today's gold price decreased by 48.45USD/Ounce compared to yesterday. Converted to USD exchange rate, on the free market (25,620 VND/USD), world gold is priced at about 82.30 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.10 million VND/tael higher than the international gold price.

Today, the price of gold bars and plain rings decreased by 100,000 to 500,000 VND per tael, while the difference between buying and selling prices increased to 3.5 million VND.

Some key points from the State Bank Governor's response to questions about gold market management:

The State Bank of Vietnam intervenes in the gold market to reduce the price difference between domestic and international gold, in order to prevent gold smuggling. Ms. Nguyen Thi Hong emphasized the "anti-gold" policy, discouraging people from hoarding gold, especially gold bars.

The State Bank holds a monopoly on the production and import-export of gold bars, and strictly controls the buying and selling of gold bars.

The State Bank of Vietnam is considering setting up a domestic gold exchange similar to the Shanghai Gold Exchange, aiming to increase transparency and facilitate domestic trading. However, building infrastructure and gold supply remain major challenges.

The State Bank of Vietnam encourages people to switch from gold hoarding to other forms of investment such as bank savings or stock investment, to increase capital circulation and support economic development.

Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam also said that the State Bank closely monitors to be able to intervene promptly when necessary, to stabilize exchange rates and the foreign exchange market, especially when there are fluctuations from the US dollar or international economic factors.

SBV policies focus on macroeconomic stability by being flexible in managing exchange rates, controlling the gold market, and encouraging the use of domestic capital to support sustainable growth.

World gold prices fell due to the strong US dollar and increased investor risk appetite. The reason is because the market expects the US Federal Reserve (Fed) to have a cautious policy under the new administration of President-elect Donald Trump.

“Gold prices fell mainly due to a stronger US dollar, rising government bond yields, and a higher risk appetite in financial markets – a trend that has been more evident since Trump won the election,” said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index rose 0.3% after posting a weekly gain last week, making gold less attractive for holders of other currencies. Meanwhile, the US S&P 500 stock index posted its biggest gain in a year late last week.

Gold prices also fell the most in more than five months last week, as Mr. Trump’s victory raised concerns about the possibility of tax increases, which could keep interest rates high.

Gold was previously seen as a safe haven during political risks in the US, but with the US election quickly over and the US dollar strengthening, many investors have abandoned gold, according to Yeap Jun Rong, market strategist at IG.

Currently, CME's Fedwatch tool forecasts a 65% chance that the Fed will cut interest rates by another 0.25% in December.

Several Fed officials, including Chairman Jerome Powell, are scheduled to speak this week, which could provide more insight into the direction of interest rates.

Important US economic data such as the consumer price index (CPI), producer price index (PPI) and retail sales will also have a strong influence on market sentiment.

Although gold is traditionally seen as a hedge against inflation, as interest rates rise, the opportunity cost of holding gold also increases, reducing its appeal.

In China, consumer prices rose at their slowest pace in four months in October, raising concerns about the country’s economic slowdown. Despite Beijing’s efforts to stimulate the economy, the deepening deflation in producer prices suggests the economic challenges remain.

Ms. Renisha Chainani, Director of Research at Augmont, commented that gold remains volatile due to uncertain US economic policies, including tax and tariff issues under the new administration.

Gold price forecast

David Morrison, senior market analyst at Trade Nation, said that current technical indicators suggest gold prices could continue to fall.

"Gold prices fell sharply when Mr. Trump declared his victory in the US presidential election. This was largely due to the US dollar soaring on the news and a sharp rise in bond yields. This was due to concerns that the tax policies and tax cuts that Mr. Trump promised would cause inflation to rise again," he explained.

Adrian Day Asset Management chairman Adrian Day also predicted that gold prices will continue to fall. According to him, the reason is not only due to market correction but also because many investors are taking profits after the strong price increase. Moreover, the decrease in buying power from China and central banks also contributed to the decline in gold prices.

ActivTrades fund expert Frank Sohlleder believes that gold prices will fall further in the short term. He said: “Despite the decline, gold prices are still in a correction trend. The reduction of USD interest rates in the US is not strong enough to support a rapid recovery in gold prices.”

Meanwhile, Adam Button, chief currency strategist at Forexlive.com, said he expects gold prices to correct after the election. He will be watching closely who is appointed as the next Treasury Secretary. “If John Paulson, a major gold speculator, is chosen, I expect gold prices to rise again,” he said.

Fourteen analysts participated in this week’s Kitco News survey, and the majority predicted that gold prices would continue to fall. Only three experts (21%) expected gold prices to rise this week, nine (64%) said prices would fall, and two (14%) predicted prices would be stable.

In an online Kitco poll of investors, 114 said gold prices would rise, 91 said they would fall, and 44 said they expected prices to remain flat. This is the first time in months that the market has had such a negative short-term outlook for gold prices.