Gold price today November 23: World and domestic gold prices increased for 5 consecutive sessions

Domestic gold price today November 23, 2024

At the time of survey at 4:30 a.m. on November 23, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 85.4 million VND/tael for buying and 86.5 million VND/tael for selling. The price of 9999 gold rings increased by 600 thousand VND/tael for buying and 700 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 86-87 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 800 thousand VND/tael for buying and selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 85.3-87 million VND/tael (buying - selling). Compared to yesterday, the price of SJC gold bars at BTMC increased by 1.3 million VND/tael for buying and 800 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 85-87 million VND/tael (buying - selling). Compared to yesterday, the gold price increased by 1.3 million VND/tael for buying and 800 thousand VND/tael for selling.

The latest gold price list today, November 23, 2024 is as follows:

World gold price today November 23, 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 2,689.72 USD/Ounce. Today's gold price increased by 21.04 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,750 VND/USD), the world gold price is about 84.42 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.57 million VND/tael higher than the international gold price.

Gold rings are currently maintaining their highest price since November 8, 2024, reaching VND86.5 million. The difference between buying and selling prices ranges from VND950,000 to VND1.6 million, down from the difference of VND950,000 to VND1.9 million yesterday and compared to VND1.7-2.5 million at the end of last week.

SJC gold bars, after 5 consecutive sessions of price increase, are now being bought at 85 million VND/tael, about half a million VND lower than gold rings. Meanwhile, the selling price of SJC gold bars is 87 million VND/tael, 900 thousand VND higher than gold rings.

The sharp increase in domestic gold prices is mainly due to the increase in world gold prices. Currently, the world gold price is 2,689.72 USD, an increase of more than 116.62 USD compared to the end of last week.

Since last weekend, the domestic price of gold rings has increased from 3.5-4.8 million VND/tael for buying price and 3.1-3.8 million VND/tael for selling price. This means that in the past 5 trading days, if investors held gold rings, they could have made a profit of 1.5-2.5 million VND per tael.

In the international market, gold prices have reached their highest level in the past 2 weeks. Gold has increased sharply mainly due to the demand for "safe havens" when political tensions increase, especially the conflict between Russia and Ukraine.

On Monday, Russian President Vladimir Putin announced a lowering of the threshold for using nuclear weapons in response to attacks on Russian territory.

On Wednesday, Ukraine launched a barrage of British Storm Shadow cruise missiles at Russia, a new weapon supplied by the West to Ukraine after it also used the US ATACMS long-range missiles against Russia.

Ukraine's military said its drones attacked four oil refineries, radar stations and other military targets in Russia early Friday morning.

Rising tensions in the conflict are boosting demand for safe-haven assets like gold, but the strength of the US dollar could still be a factor that limits the rise in gold prices, according to strategist Peter Grant of Zaner Metals.

There are two main factors that are driving the dollar’s ​​continued strength. First, the dollar is becoming a hedge like gold. Second, investors expect President-elect Donald Trump’s policies in the coming term to push inflation and interest rates higher in the US.

The probability of the US Federal Reserve cutting interest rates by 0.25 percentage points at its upcoming meeting has dropped to 52%, according to data from the CME exchange's FedWatch Tool. If the Fed decides not to cut interest rates at its December meeting, this could put downward pressure on gold prices.

Another reason for gold’s appeal is that U.S. stocks fell on November 21 after Nvidia reported lower-than-expected fourth-quarter revenue guidance, a result seen as a key indicator for the global artificial intelligence (AI) industry.

Gold prices are also supported by the strong growth of Bitcoin, which is now close to $100,000, said analyst Edward Meir of Marex. Bitcoin has risen more than 40% since the US presidential election earlier this month, thanks to expectations that President-elect Donald Trump will loosen regulations on cryptocurrencies.

Investors are now looking ahead to the US consumer confidence index, due at 3:00 a.m. ET. They will also be watching Fed Governor Michelle Bowman for further clues on the likelihood of a rate cut by the Federal Reserve in the near future.

Although gold futures prices have been trending higher this week, trading activity in China – the world’s largest gold consumer – has been relatively quiet, according to Hugo Pascal, a precious metals trader at InProved. “The gold spread is still swinging between positive and negative, with no clear trend.”

"Many people have decided to stay on the sidelines because gold prices are trending strongly upwards at the moment," said Brian Lan, chief executive of GoldSilver Central.

Gold price forecast

Since the beginning of the week, gold prices on the world market have increased by 4%, this is the strongest increase in the past 7 months. The gold market is recovering after the worst week in more than 3 years. According to Jim Wyckoff, an analyst at Kitco Metals, the next gold price could reach 2,700 USD / ounce.

The short-term price action of gold may be influenced by important data from the US next week, such as the preliminary GDP and core PCE index. According to expert Nicholas Frappell of ABC Refinery, gold prices may head towards the $2,690-$2,715/ounce range, based on the current trend.

Market analysts predict that gold may continue to rise to $2,700/ounce if this upward trend continues. Along with that, important US economic indicators such as GDP and PCE will greatly affect gold prices in the coming time.