Gold price today November 21, 2024: Domestic and world gold prices increased for the third consecutive day

Domestic gold price today November 21, 2024

At the time of survey at 4:30 a.m. on November 21, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.3 million VND/tael for buying and 85.3 million VND/tael for selling. The price of 9999 gold rings increased by 600 thousand 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 84.5-85.7 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 700 thousand VND/tael for both buying and selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 83.2-85.7 million VND/tael (buying - selling). Compared to yesterday, the price of SJC gold bars at BTMC increased by 200 thousand VND/tael for buying and 700 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 82.9-85.7 million VND/tael (buy-sell). Compared to yesterday, the gold price increased by 700 thousand VND/tael in the selling direction.

The latest gold price list today, November 21, 2024 is as follows:

World gold price today November 21, 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 2,638.87 USD/Ounce. Today's gold price increased by 10.78 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,800 VND/USD), the world gold price is about 82.99 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.71 million VND/tael higher than the international gold price.

The gold market has seen major fluctuations over the past week, with the price of gold rings increasing sharply for three consecutive days. The buying price of gold rings increased from 2.9 to 3.5 million VND/tael. The selling price of gold rings increased from 2.5 to 2.8 million VND/tael.

Currently, the price of gold rings has reached its highest level since November 8, 2024. Thanks to that, the gap between the buying and selling prices of gold rings has narrowed significantly, from about 1.7-2.5 million VND/tael to 950,000 - 2.2 million VND/tael.

The selling price of gold bars is currently at 85.7 million VND/tael, 200 thousand VND/tael higher than gold rings. The buying price of gold rings is 1.3 to 1.8 million VND/tael higher than gold bars.

According to experts, gold is a familiar investment channel for people, especially in the context of other markets such as stocks or real estate still having many uncertainties. However, to reduce dependence on gold, it is necessary to improve other investment channels and better control the gold market, avoiding price manipulation.

Mr. Truong Van Phuoc, former Acting Chairman of the National Financial Supervisory Commission, said that for the market to operate better, current regulations need to be changed, especially Decree 24 on gold management. He proposed allowing the market to self-regulate based on supply and demand, while facilitating gold import and processing.

The world gold price increased sharply today due to the escalation of tensions between Russia and Ukraine. In addition, experts believe that the demand for gold for central banks' reserves will remain stable in the coming time.

Investors had previously hoped that Mr. Trump would end the conflict in Ukraine quickly, within 24 hours of his election. This expectation reduced political concerns, causing gold prices to fall sharply from a peak of $2,789 an ounce in late October to $2,540 in mid-November.

However, the current situation in Ukraine may change. Ukraine said the US long-range missile could change the course of the war, while Russia warned of a strong response if Ukraine used the missile to attack Russian territory.

According to Bloomberg, Russia has accused Ukraine of using long-range missiles made in the US to attack Russia's Bryansk province, which has made the situation very tense.

With these developments, demand for gold is increasing rapidly again, as many investors are concerned about instability. Goldman Sachs Group predicts that gold prices could reach $3,000/ounce by 2025.

One factor that has helped bullion prices rise is the weakening of the US dollar. After surging last week to a one-year high on Donald Trump’s victory in the US presidential election, the dollar is now retreating. The weaker dollar makes gold more attractive to buyers using other currencies.

However, gold prices are affected by expectations of the US Federal Reserve's interest rate policy. There is currently a 58.9% chance that the Fed will cut interest rates in December, but high inflation makes it unclear whether there will be a rate cut next year.

Gold tends to lose its appeal when interest rates rise, as this strengthens the dollar, which yields no return. The Kansas City Fed president said rate cuts would depend on whether inflation reaches the 2% target.

Gold price forecast

Currently, the world gold price is in an uptrend. If the support level above 2,615 USD/ounce can be maintained, the uptrend will continue. The next support levels are 2,655 USD/ounce and further 2,710 USD/ounce. However, if the price falls below 2,615 USD/ounce, the gold price may reverse and start a short-term correction period.

Mark Leibovit, an expert from VR Metals/Resource Letter, predicts that the world gold price could fall to $2,300/ounce before recovering. However, he believes that in the future, the gold price could reach $3,700/ounce.

In addition to geopolitical factors, gold prices are also supported by peak demand in Asia, especially during the wedding season and year-end festivals. Major markets such as China and India are expected to continue to see strong demand for gold.

In the short term, gold prices may fluctuate between $2,670 and $2,725 per ounce. However, the long-term outlook remains positive, with expectations of higher gold prices by 2025. This brings optimism to the gold market both domestically and internationally.