Gold price today November 14, 2024: World gold price increases, domestic gold price decreases

Domestic gold price today November 14, 2024

At the time of survey at 5:00 a.m. on November 14, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 81.1 million VND/tael for buying and 83.2 million VND/tael for selling. The price of 9999 gold rings increased by 200 thousand VND/tael for buying, and kept the same price for selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 81.3-84 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 500 thousand VND/tael for buying and decreased by 100 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 80.7-84 million VND/tael (buying - selling). Compared to yesterday, the price of SJC gold bars at BTMC decreased by 100 thousand VND/tael for buying and 300 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 80.5-84 million VND/tael (buy in - sell out). Compared to yesterday, it decreased by 100 thousand VND/tael in both buying and selling directions.

The latest gold price list today, November 14, 2024 is as follows:

World gold price today November 14, 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 2,612.14 USD/Ounce. Today's gold price increased by 0.71 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,650 VND/USD), the world gold price is about 81.71 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.29 million VND/tael higher than the international gold price.

In the context of the world gold price showing signs of slowing down after a sharp decline, the domestic gold ring price is fluctuating greatly, losing balance, especially between businesses. The adjustment of gold price still depends a lot on supply and demand factors, which continues to affect the market.

Today, gold rings have mixed increases/decreases at businesses. This leads to unstable price differences between gold trading units. However, in general, the difference between buying and selling prices remains high, currently most of them are over 2 million VND.

Overall, the price of 9999 gold rings has dropped sharply last week, causing difficulties for many investors. However, this is the "golden season" for businesses that need gold materials for business.

The owner of a gold shop in Ho Chi Minh City said that the supply of raw gold on the market is currently scarce. When the price of gold rings increased, many large shops did not have enough goods to sell. However, thanks to the large sales volume recently, businesses have found it easier to find raw materials to produce for the year-end season and the God of Wealth Day 2025.

According to records, while yesterday customers were still freely buying gold bars and gold rings, this morning (November 14), many large stores have limited the amount of gold each customer can buy.

At a gold shop in Binh Thanh district, since early morning, each customer was limited to buying a maximum of 2 taels of gold rings. SJC gold bars were even out of stock. Yesterday, customers were still free to buy gold bars and gold rings here.

Financial experts often recommend that when investing in gold, taking profits when the price increases is a wise decision. When the price of gold increases significantly, selling not only helps investors ensure profits but also reduces risks from market fluctuations.

On the contrary, cutting losses is considered inadvisable if you have not accurately assessed the market or set a risk threshold from the beginning. When prices fall, instead of rushing to sell, investors should consider holding gold for the long term, because gold often recovers its value over time thanks to its anti-inflation properties and is a safe asset.

Analysts also say that to invest in gold successfully, you need to clearly understand the reasons for investing and have a specific strategy on when to buy and sell. Investing in gold is not simply buying and holding, but also requires close monitoring of macro factors such as monetary policy, inflation and economic crises to make reasonable decisions.

Gold prices rose slightly today, November 14, as investors bought in after a sharp decline earlier, while the focus shifted to US inflation data, which could help clarify the direction of the US Federal Reserve's monetary policy.

“There are some investors looking for buying opportunities below $2,600,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA, adding that gold prices have been negatively impacted by a stronger US dollar recently, fueled by expectations that President-elect Donald Trump’s policies could impact the rate-cutting cycle.

According to a note from ANZ, Trump's plan to continue tax cuts after 2025 and increase government spending could worsen the US fiscal situation. This could pave the way for macroeconomic policy adjustments, supporting gold prices.

“Gold was boosted before the election by expectations of a ‘Trump deal,’ but is now falling due to growth optimism,” said Carsten Menke, analyst at Julius Baer.

However, Mr. Menke added that the desire of central banks in emerging markets to reduce their dependence on the US dollar and avoid the impact of US sanctions, is still a factor supporting the long-term upward trend in gold prices.

World gold prices have fallen more than 5% since the presidential election last week, as investment funds reduced purchases and capital flows from ETFs became less supportive, as many investors switched to US stocks.

The sell-off was also partly “technical” as gold prices fell below their 50-day moving average, prompting funds to exit long positions, said Chris Weston, head of research at Pepperstone Group Ltd.

Despite the recent decline, gold prices are still up more than 25% this year thanks to the Fed's rate-cutting cycle, central bank purchases, and rising geopolitical and economic risks that have boosted demand for safe havens.

Following the Fed's recent decision to cut its benchmark interest rate by another 0.25 percentage point to a range of 4.50% - 4.75%, traders now see a 59% chance of another rate cut in December, down from around 80% before Trump won the election.

Gold price forecast

Experts say gold prices have good prospects in the long term, although in the short term they may face downward pressure.

The dollar index rose to its highest in more than four months, making gold more expensive for investors holding other currencies, while bitcoin prices surged on demand from investors who see bitcoin as a safe-haven investment as President-elect Donald Trump takes office in January. U.S. bond yields also rose slightly.

"This is just a correction in a long-term uptrend. Current policies are considered quite inflationary. If there is a new round of inflation, gold prices could go higher," said Daniel Pavilonis, senior strategist at RJO Futures. He also said the market has support around $2,600 an ounce.

US Consumer Price Index (CPI) data will be released this afternoon. If the data shows inflation remains under control, gold prices could rise to $2,650 an ounce, Mr. Wong said.

Analyst Carsten Menke from Julius Baer bank said that the long-term upward trend in gold will be driven by the shift of central banks of emerging economies away from their dependence on the US dollar, creating a multipolar financial world.

In addition, the producer price index (PPI) and weekly unemployment figures will be released on Thursday, and retail sales data is scheduled for Friday. Speeches by Fed Chairman Jerome Powell and other US central bank officials are also of interest to investors.