Gold price today November 20, 2024: World gold price and domestic gold price increased by nearly 2 million VND/tael

Domestic gold price today November 20, 2024

At the time of survey at 4:30 a.m. on November 20, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.7 million VND/tael for buying and 84.7 million VND/tael for selling. The price of 9999 gold rings increased by 1.7 million VND/tael for buying and 1.4 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 83.8-85 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 1.3 million VND/tael for buying and 1 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by businesses at 83-85 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC increased by 1.8 million VND/tael for buying and 1 million VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 82.9-85 million VND/tael (buy - sell). Compared to yesterday, it increased by 1.9 million VND/tael in buying - increased by 1 million VND/tael in selling.

The latest gold price list today, November 20, 2024 is as follows:

World gold price today November 20, 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 2,628.09 USD/Ounce. Today's gold price increased by 24.11 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,780 VND/USD), the world gold price is about 82.59 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.41 million VND/tael higher than the international gold price.

The price of SJC gold bars and plain round gold rings has been adjusted up compared to the previous trading session. Therefore, many people continue to go to gold shops to find opportunities to buy gold rings.

However, buying plain round gold rings or SJC gold bars at this time is quite difficult. Gold shops currently only sell a certain amount of gold rings per day and do not announce the selling time in advance. Moreover, most shops have stopped selling SJC gold bars.

An employee at a gold shop on Tran Nhan Tong Street (Hanoi) shared: "The amount of gold rings is currently very scarce, the shop has a rule that each person can only buy a certain amount of gold in one day."

According to observations, in front of this gold shop, there are many people waiting to buy and sell. Every time a customer comes to do a transaction, they will approach to ask about their needs, then persuade them to buy or sell at a higher price than the listed price at the shop.

A person waiting to buy gold shared: "If people want to sell gold, I will buy it back at a difference of more than 50,000 VND per tael compared to the store price."

With this increase in world gold prices, the gold market has ended a series of 6 consecutive declines last week. The sharp decline in gold prices last week has caused world gold prices to fall to their lowest level in 2 months.

Gold prices rose as the US dollar weakened as investors took profits after last week's strong rally. Since gold is priced in US dollars, a weaker dollar makes gold more accessible to buyers using other currencies.

Traders now see a 58.8% chance that the Fed will cut rates by 25 basis points in December, compared with a 41.2% chance that it will keep rates unchanged, according to Reuters. Recent strong economic data in the US has reduced expectations for a sharp rate cut from the Fed.

"The sell-off has eased, attracting potential buyers who were waiting for the market to stabilize before re-entering. The halt in the dollar's rise has created the necessary conditions to trigger this rally," said Ole Hansen, head of commodity strategy at Saxo Bank.

Additionally, geopolitical tensions continue to support gold prices. According to a Reuters report, "Russia launched its largest airstrike on Ukraine in nearly three months on Sunday, causing heavy damage to the country's power grid." President Joe Biden's approval of Ukraine's use of US-supplied missiles also added to the instability in the region.

Expert Manoj Kumar Jain from Prithvifinmart Commodity Research recommends buying opportunity in gold with support at $2,600-2,584/ounce (the price level where many people will buy) and selling opportunity in gold with resistance at $2,634-2,650/ounce (the price level where many people will sell)

Gold prices have fallen nearly 5% since Donald Trump was elected president. However, in a recent interview with Kitco News, George Milling-Stanley, Director of Gold Strategy at State Street Global Advisors, said that the gold market is still on a strong growth path and could still end the year in his positive scenario.

Milling-Stanley raised his year-end gold price forecast to $2,500 to $2,700 an ounce over the summer. His base case is for gold to trade between $2,200 and $2,500 an ounce.

"I'm a little surprised by the sharp drop in gold, but I don't think it will last. After seeing a 33% gain this year, I don't think investors should be too worried about this drop," he said.

Looking ahead, Milling-Stanley said he doesn’t expect Trump’s policies to be as supportive of the dollar as many think. While Trump’s proposed tariffs could support domestic manufacturing, higher inflationary pressures could slow economic activity.

In addition, he believes that inflation is not the only factor supporting gold prices. Trump's tax cut proposals are not only inflationary but could also add to the government's debt burden.

Gold price forecast

Darin Newsom, senior market analyst at Barchart.com, said that gold prices are likely to rise in the coming period, especially as the impact of the recent US presidential election gradually ends.

He believes gold will continue to attract investors as a safe haven.

However, David Morrison, market analyst at Trade Nation, warned that while the technical picture for gold in the short term has improved, it is still too early to determine whether gold has bottomed.

Regarding the future forecast, Marc Chandler, CEO of Bannockburn Global Forex, said that gold could recover and reach a price of $2,600-2,625/ounce before the end of the week.

James Stanley, market strategist at Forex, said that the downside factors are still affecting gold prices. He explained that gold has been overbought in the past, and the current decline makes sense.

However, many investors are now starting to pay attention to Bitcoin, as the digital currency trades above $90,000, which could see money flow into this channel. If Bitcoin reaches $100,000 in the future, gold could become more attractive as many people worry about the risks of the digital currency market.

Mark Leibovit, an expert at VR Metals/Resource Letter, said gold prices could fall to $2,300 an ounce before recovering. However, he remains optimistic and predicts that gold prices could reach $3,700 an ounce in the near future.

Experts advise that although there may be a few more price drops, this is still a good time for investors to buy gold and accumulate.

In the context of the world facing many economic and political instabilities, gold will continue to be a safe investment channel, a means to fight inflation and protect assets.