Gold price today November 13, 2024: World gold price and domestic gold price lost more than 2 million VND/tael

Domestic gold price today November 13, 2024

At the time of survey at 5:00 a.m. on November 13, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 80.9 million VND/tael for buying and 83.2 million VND/tael for selling. The price of 9999 gold rings decreased by 2.25 million VND/tael for buying and 1.75 million 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 80.8-84.1 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 1.4 million VND/tael for buying and 900 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 80.8-84.3 million VND/tael (buying - selling). Compared to yesterday, the price of SJC gold bars at BTMC decreased by 1.3 million VND/tael for buying and 1.1 million VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 80.6-84.1 million VND/tael (buy-sell). Compared to yesterday, it decreased by 1.4 million VND/tael in both buying and selling.

The latest gold price list today, November 13, 2024 is as follows:

World gold price today November 13, 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 2,601.5 USD/Ounce. Today's gold price decreased by 16.12USD/Ounce compared to yesterday. Converted to USD exchange rate, on the free market (25,720 VND/USD), world gold is priced at about 81.56 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.54 million VND/tael higher than the international gold price.

Currently, the buying price of gold rings is below 81.2 million VND/tael, down 7.4 million VND (about 8.35%) compared to the highest level of 88.6 million VND at the end of October.

The selling price of gold rings also decreased, not exceeding 83.2 million VND/tael - this is the lowest level since October 12, and 6.6 million VND (7.35%) lower than the previous record of 89.8 million VND.

The main reason for the sharp drop in domestic gold prices is the impact of the world gold market. When the market fluctuates, many investors worry and sell off, causing domestic gold prices to fall faster than international prices. To minimize risks, gold businesses have widened the gap between buying and selling prices, especially sharply reducing the buying price.

This creates great pressure for investors who buy gold with the intention of selling it quickly for profit, because they have to bear the risk when the gold price falls and the buy-sell spread also increases.

According to TD Securities: "Policies that Mr. Trump may implement soon, such as increasing tariffs, will increase demand for the USD. A stronger USD puts pressure on gold prices and may cause the US Federal Reserve (Fed) to postpone easing monetary policy."

The US dollar soared, while Bitcoin continued to hit records, as investors poured into investment channels that are expected to benefit from the upcoming Donald Trump administration. Gold was also pressured by the Trump administration's support for Bitcoin, which is seen as a safe alternative to gold, according to analysis by Berenberg experts.

“While we expect gold prices to soften in 2025 and beyond, we do not expect a major correction,” Berenberg said.

“Gold prices have been under significant pressure from the strengthening US dollar after the election,” said Tim Waterer, chief analyst at KCM Trade. “The president-elect’s policies appear to be favourable for the US dollar and could prompt the Fed to slow its rate cuts into 2025.”

“A low inflation report could increase the likelihood of a rate cut in December, giving gold a pause,” said Mr. Waterer.

“Trump’s plans to expand and cut corporate taxes could push inflation higher, limiting the Fed’s ability to ease monetary policy. This would continue to support the US dollar and put downward pressure on gold prices,” said Renisha Chainani, research director at Augmont.

Investors are keeping an eye on key U.S. economic reports this week, including the October Consumer Price Index (CPI) on Wednesday (November 13), the Producer Price Index (PPI) on Thursday (November 14), and retail sales on Friday (November 15). Together with comments from Fed officials like Jerome Powell, these data will provide further clues on the future direction of interest rates.

World gold prices have fallen since Trump was re-elected as US President, and this is not only due to Trump personally but also due to the impact of the Republican Party.

In the latest report, experts said that Republican victories historically have not been favorable for the short-term outlook for gold prices.

“Gold prices fell to $2,601.50 an ounce, a 19-day low, as the dollar strengthened as Trump was confirmed as US president,” the report said. “The dollar index rose more than 1% against most major currencies on the day of Trump’s victory. Gold prices also fell 11.6% after Trump’s victory in 2016.”

“Since 1976, when a Republican wins, gold prices have fallen an average of 4.5% over the next 60 days, compared to an average gain of 3.8% when a Democrat wins.”

"Republican control of the House and Senate increases the likelihood of conservative economic policies and reduced geopolitical uncertainty, although the details remain unclear."

Meanwhile, gold traders tend to monitor general market sentiment and the USD price movement, while also analyzing China's economic support measures, especially in the real estate sector. According to Bloomberg News, China is considering a plan to reduce the property transfer tax to just 1% in major cities such as Shanghai and Beijing, compared with the current maximum of 3%.

After China’s 10 trillion yuan ($1.4 trillion) debt package failed to deliver the expected results, markets are skeptical that further support measures may have much impact on gold prices, especially amid concerns about new trade tariffs from US President-elect Donald Trump when he takes office in January next year.

Markets are now pricing in a 67% chance of a 0.25% rate cut in December, down from 83% at the start of the month, according to CME Group's FedWatch tool. So the Fed's upcoming speeches will be highly anticipated to provide more information on the Fed's rate cut prospects.

Gold price forecast

Despite pressure from a strong US dollar and rising bond yields, analysts remain cautiously optimistic about gold’s long-term prospects. “Gold still has room to rise over the long term, but this may require some weakening of the US dollar,” Waterer said.

If the upcoming inflation report comes in lower than expected, the likelihood of a rate cut in December will increase, which could help gold prices rise slightly again, he added.

Technical analysts are also watching key support levels. Spot gold could retest $2,610 an ounce, and a break below that could open the door to a drop to $2,566-$2,588 an ounce, according to Reuters analyst Wang Tao.