Gold price today November 27, 2024: Domestic and world gold prices fall dramatically

Domestic gold price today November 27, 2024

At the time of survey at 4:30 a.m. on November 27, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82.3 million VND/tael for buying and 84.4 million VND/tael for selling. The price of 9999 gold rings decreased by 2 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 83.7-85.2 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 800 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 82.8-85.3 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82.8-85.3 million VND/tael (buy - sell). Compared to yesterday, gold price decreased by 1.8 million VND/tael in buying price, decreased by 1.3 million VND/tael in selling price.

The latest gold price list today, November 27, 2024 is as follows:

World gold price today November 27, 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 2,631.19 USD/Ounce. Today's gold price decreased by 49.64 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,840 VND/USD), the world gold price is about 82.87 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.33 million VND/tael higher than the international gold price.

In recent days, the gold ring market has witnessed a sharp decline in price. If we include the declines yesterday and today, the gold ring price has lost from 2.6 to 3.3 million VND/tael in buying and 2 to 2.4 million VND/tael in selling.

Meanwhile, last week, the price of gold rings increased sharply, with an increase of more than 5 million VND per tael in buying and about 4 million VND in selling.

This means that after just two recent price drops, the gold ring market has lost more than half of the profits it made last week and returned to its lowest level since November 20.

Gold shops open early and do not limit the number of plain gold rings sold. However, the number of customers coming to trade has decreased significantly compared to previous days. Most people come to sell gold, while the number of buyers is very small. Many other customers also postpone buying gold, hoping that the price will decrease further before deciding.

For gold bars, gold businesses also made similar adjustments by increasing the difference between buying and selling prices, in order to minimize risks in the context of unpredictable gold price fluctuations. Currently, the difference between buying and selling gold rings has reached 2 million VND, a sharp increase compared to 1.4 million VND yesterday.

The sharp drop in world gold prices was mainly due to increased investor risk sentiment. Traders began to take profits after recent price increases, and many people sold off gold, especially in short-term futures contracts.

The US financial markets started the trading week on a positive note, thanks to the Thanksgiving holiday. This optimism reduced demand for precious metals such as gold, which are often seen as safe haven assets during times of uncertainty.

Additionally, there are reports that Israel and Hamas are getting closer to reaching a ceasefire agreement, further reducing the appeal of gold.

Israel may be just days away from reaching a ceasefire with Hezbollah in Lebanon, Bloomberg reported, with gold prices continuing to fall after the news was announced, although the parties involved have yet to officially announce the deal.

Another factor that also strongly affected gold prices was President-elect Donald Trump's selection of Scott Bessent as US Treasury Secretary.

The appointment of Mr. Bessent, a well-known fund manager, as Treasury Secretary is also a positive signal for investors. Investors believe that the US financial system will be managed stably under his leadership, although he will face major challenges in addressing the national budget deficit.

This stability makes gold lose its role as a hedge against inflation, reducing its appeal to investors.

Stock markets in Asia and Europe are mixed, but US stock indexes are expected to open higher, which continues to put further pressure on gold prices.

In addition, crude oil prices falling to around $70/barrel, along with the weakening USD after reaching a two-year high, also had a significant impact on gold prices.

This week, several important data releases will be released that could influence the direction of the US Federal Reserve's (FED) interest rate. These include:

Minutes of the November FED meeting:Indicates the Fed's next decision and plans on interest rates.

Consumer Confidence Index:Measures consumer optimism about the economy.

Personal Expenditures (PCE) Data:It is the index that the FED uses to measure inflation, helping the FED decide whether to change interest rates or not.

Gold Price Forecast

Technically, the December gold futures contract lost its short-term upside in the recent trading session. Experts predict that if the gold price continues to rise, the $2,675/ounce level will be the first resistance level.

If this level is broken, the next level will be $2,700/ounce. Conversely, if gold prices fall, the nearest support level will be $2,647/ounce, and if it falls further, the next support level will be $2,618.80/ounce.

Although gold prices are currently under downward pressure, gold's volatility still depends on global economic and political news.