Gold price today November 16, 2024: World and domestic gold prices increased slightly again

Domestic gold price today November 16, 2024

At the time of survey at 4:30 a.m. on November 16, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 81 million VND/tael for buying and 82.7 million VND/tael for selling. The price of 9999 gold rings increased by 1.2 million VND/tael for buying and 600 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 81.3-83.5 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 1.1 million VND/tael for buying and 300 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 80.3-83.5 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC increased by 300 thousand VND/tael in the buying direction.

At Bao Tin Manh Hai, it is being traded at 80-83.5 million VND/tael (buy - sell).

The latest gold price list today, November 16, 2024 is as follows:

World gold price today November 16, 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 2,568.29 USD/Ounce. Today's gold price increased by 10.98 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,709 VND/USD), the world gold price is about 80.49 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.01 million VND/tael higher than the international gold price.

The price of 9999 gold rings is currently about 7 - 7.7 million VND/tael lower than the highest level of 89.6 million VND/tael, but still 18.6 - 19.4 million VND/tael higher than at the beginning of the year. The price of SJC gold bars remains at 80 million VND/tael for buying and 83.5 million VND/tael for selling.

At the gold shops, the atmosphere was quite deserted. The display cases were mainly for gold jewelry such as necklaces, bracelets, pearls and gemstones. At Saigon-SJC Company, the number of customers buying gold increased, but they still had to wait for a queue number. The area displaying gold jewelry had fewer products than before, while the area for buying large quantities of gold was quite deserted.

Gold is a stable investment channel and protects assets, but if there is no financial difficulty, holding gold can be a good choice to increase the value of assets in the future. However, with the rapid increase in gold prices, those who borrow gold for personal needs may face financial difficulties.

In many Asian cultures, gold is not only an asset but also an indispensable part of wedding ceremonies. As the price of gold increases, these people will face an increasing financial burden.

The gold market has two sides: it can be a financial lifeline in times of trouble, but it can also become a burden if you cannot bear the risk. If the price of gold continues to rise, those who borrow gold will need to reconsider their decision.

Although the world gold price increased slightly today, it is still facing the sharpest weekly decline in more than 3 years, mainly due to the impact of the strengthening of the USD and the expectation that the US Federal Reserve (Fed) will cut interest rates less in the future. This reflects changes in US monetary policy.

The weakness in gold reflects expectations of tighter monetary policy in the United States in 2025, especially under President Trump, said Fawad Razaqzada, a market analyst at Forex.com. Higher interest rates increase the opportunity cost of holding gold.

Fed Chairman Jerome Powell said on November 14 that the US economy is growing steadily, the labor market is strong and inflation remains high, which makes the Fed cautious about cutting interest rates.

However, Matt Simpson, senior analyst at City Index, said that while Mr Powell's comments could dampen gold's gains in the new year, a tumultuous presidency for Donald Trump could still make gold a safe haven for investors.

Shaokai Fan, Asia Pacific director at the World Gold Council (WGC), stressed that President Donald Trump’s policies will have a major impact on the gold market. Although many expect tensions in the Middle East and Ukraine to ease when Trump returns to power, these factors are still difficult to predict.

In addition, Bitcoin prices also increased sharply after Mr. Trump was re-elected, creating a wave of "fear of missing out" (FOMO) in the cryptocurrency market. The new administration is also expected to have policies supporting Bitcoin, such as abolishing regulations that make it difficult for this market.

However, Mr. Shaokai Fan said that it is still necessary to wait and observe the new policies when they are implemented to assess the exact impact on the gold market.

Despite the fall in gold prices in many places, demand in markets such as India and Hong Kong has shown signs of picking up. However, demand in major consuming countries such as China remains weak due to the impact of a strong US dollar and the global economic situation.

Gold Price Forecast

Gold prices may continue to fall in the coming time, as sellers still dominate and there are no positive factors in sight. According to trading experts, before there is a correction, gold may fall into a lower price zone.

Sandip Raichura, CEO of PL Broking, said the US move closer to a tariff war has sent the dollar soaring, which is negative for gold. Gold broke below $2,602 and closed below the previous low, confirming a short-term downtrend. The next support level could be $2,534, followed by $2,470, he said.

Gold prices continued to fall, influenced by a stronger dollar and higher bond yields after US CPI data showed inflation remained above the Fed's 2% target, said Pranav Mer, deputy director at JM Financial Services.

According to CME's FedWatch tool, there is a 79.1% chance that the US Federal Reserve (Fed) will cut interest rates at its meeting on December 18, while 20.9% think interest rates will be kept unchanged.

Mr. Zain Vawda commented that in the short term, gold prices may recover slightly but will fall again if inflation increases after the US imposes new tariffs.

Sharing the same view, analyst Jim Wyckoff from Kitco predicts that gold prices are likely to recover to $2,700/ounce, but if not, the precious metal could stabilize at $2,500/ounce.

However, experts also said that world gold prices may continue to decrease in the coming time and may only recover in 2025.

It is forecasted that by 2025, gold will likely rise to $2,800-2,900/ounce, but reaching $3,000/ounce is unlikely. Therefore, people need to be careful when making investment decisions and buying and selling gold, avoiding being influenced by the crowd psychology effect.