Gold price today November 18, 2024: World and domestic gold prices have a week of dizzying decline

Domestic gold price today November 18, 2024

At the time of survey at 4:30 a.m. on November 18, 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.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 81.8-83.5 million VND/tael for buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 80.3-83.5 million VND/tael (buy - sell).

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 18, 2024 is as follows:

World gold price today November 18, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 a.m. today, Vietnam time, was 2,561.47 USD/Ounce. Today's gold price decreased by 122.27 USD/Ounce compared to last week. Converted according to the USD exchange rate, on the free market (25,709 VND/USD), the world gold price is about 80.27 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.23 million VND/tael higher than the international gold price.

Domestic gold prices last week from November 11 to November 17 continued to fall sharply, continuing the downward trend from last week. The main reason was the impact of world gold prices which were in a period of decline.

Specifically, as of the end of the week of November 16, the buying price of gold bars at businesses such as SJC, Doji, Bao Tin Minh Chau... fluctuated around 80 - 80.3 million VND/tael, while the selling price was at 83.5 million VND/tael. This is the lowest level since the beginning of October 2024.

Last week, the buying price of gold bars decreased by VND2 million per tael, while the selling price decreased by VND2.3 million. However, the difference between buying and selling prices remained quite high, from VND3.3 to VND3.5 million per tael, only slightly down from last week.

This is not beneficial for investors, because if they bought gold last week and kept it, they would have lost about 5.5 - 5.8 million VND per tael.

The domestic gold ring market continued to decline sharply for the second consecutive week, following the trend of gold bars. However, this week's decline was narrower than last week, indicating that the downward momentum is showing signs of slowing down.

The buying price of gold rings last week decreased from 1.4 - 2.6 million VND per tael, currently fluctuating from 79.8 - 81.03 million VND/tael. Meanwhile, the selling price also decreased from 2.4 - 2.6 million VND per tael, closing the week at 82.3 - 82.7 million VND/tael.

The gap between the buying and selling price of gold rings is currently at 1.65 - 2.5 million VND per tael, down from 1.8 - 2.8 million VND last week.

Although the gap has narrowed, it is still quite high, causing disadvantages for investors. Those who bought gold rings this week could lose 4.1 - 5 million VND per tael after only one week of holding.

Investors need to consider carefully when participating in the gold market at this time, because the large difference and current downward trend make investing in gold potentially risky.

Over the past two weeks, the world gold price has fallen sharply from a peak of $2,800/ounce to more than $2,500/ounce, causing concern for many investors. However, experts say this may only be a temporary correction before gold returns to its upward trend.

Gold prices have fallen nearly 5% this week, marking their biggest weekly decline in nearly three years, according to Alex Kuptsikevich, senior analyst at FxPro. From its peak, gold has lost more than $250 (about 9%), a notable decline since the beginning of the month.

The main reason for this decline is the strengthening of the US dollar, making gold - which is traded in USD - more expensive for international investors, leading to a decrease in demand. In addition, expectations about the US Federal Reserve's monetary policy also put great pressure on gold prices.

Technical signals also contributed to the correction. The RSI (relative strength index) has fallen sharply from above 80, signaling a possible reversal from the previous uptrend.

According to statistics from Gold Price, those who bought gold in the past month may be suffering a loss of about 125 USD/ounce, equivalent to 3.9 million VND/tael.

Last week, U.S. economic data showed that the economy was growing steadily, while inflation appeared to be slowing. This, combined with President-elect Donald Trump's upcoming policies, could lead to higher inflation in the coming years. Investors are worried that the Federal Reserve may have to adjust its interest rate cut plan, which will affect financial markets.

Fed Chairman Jerome Powell stressed in a recent speech that the Fed is "in no rush to cut rates." He said the economy is growing strongly, giving the Fed more time to decide how much and how fast to cut rates.

Similarly, Ms. Susan Collins, President of the Boston Fed branch, also expressed caution and said that the Fed's interest rate cut in December is not certain.

The probability of the Fed cutting interest rates at its December meeting has fallen below 60%, from more than 80%, according to data from the CME FedWatch tool. Conversely, the probability of the Fed leaving interest rates unchanged has increased to more than 40%.

However, experts say that if economic or political instability increases, gold could recover thanks to its traditional role as a safe investment and hedge against inflation. If you do not really need the money, investors should not sell at a loss, because the possibility of gold prices recovering is very high.

For those who want to buy gold, this may be a good time to accumulate, but should be divided into many purchases to minimize risks, because the current difference between buying and selling prices is not really beneficial.

Gold prices have fallen sharply in the short term, but in the long term there are still many positive factors supporting this precious metal. One of the important factors is geopolitical instability, such as the Russia-Ukraine conflict or tensions in the Middle East, increasing the demand for safe haven assets such as gold.

The BRICS bloc is also making a significant impact as these countries discuss building a new monetary system, even potentially issuing a common currency in the future.

Many central banks, especially China, have been actively buying gold to increase their reserves, instead of relying too much on foreign exchange reserves in USD.

Gold demand in Asian countries such as China, India, Thailand, South Korea and Vietnam usually increases at the end of the year due to the wedding season, when gold is consumed more. The recent sharp decline in gold prices may stimulate these countries to increase gold purchases, similar to previous trends.

In addition, the beginning of the lunar year is also the time when gold prices often increase sharply thanks to the God of Wealth's day, a special occasion in many Asian countries, including Vietnam.

Gold Price Forecast

Gold prices are currently facing strong downward pressure, and some experts predict that prices may fall further before stabilizing. Analyst Kuptsikevich predicts that gold could fall to $2,400 an ounce, equivalent to about VND74 million/tael, before finding support at the 200-day moving average.

He also recalled that similar declines have occurred in history, such as in 2009 and 2011, with declines of 15% and 20% respectively.

According to Naeem Aslam, chief investment officer at Zaye Capital Markets, gold prices are affected by the monetary policy of the US Federal Reserve (Fed) and the appreciation of the US dollar. These factors may continue to put pressure on gold prices in the short term.

A Kitco News survey found that pessimism is widespread among experts and investors. Of the 12 analysts surveyed, only three see gold prices rising next week, six see them falling, and three see prices moving sideways.

Results from an online poll of 181 investors also showed growing concerns, with just 78 expecting gold prices to rise, 71 predicting a fall, and 32 expecting prices to stabilize.

The market will be paying close attention to important economic data in the US next week, especially in the housing sector. Housing starts and building permits for October will be released on Tuesday, along with MBA mortgage applications on Wednesday and existing home sales on Thursday.

In addition, the manufacturing index from the Philly Federal Reserve and consumer sentiment from the University of Michigan are also factors of interest that may affect the gold price outlook in the coming time.