Gold price today November 28, 2024: World gold price pushes domestic gold price up by nearly 2 million VND

Domestic gold price today November 28, 2024

At the time of survey at 4:30 a.m. on November 28, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.9 million VND/tael for buying and 84.9 million VND/tael for selling. The price of 9999 gold rings increased by 1.6 million VND/tael for buying and 500 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 84.5-85.5 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 increased by 300 thousand VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 83-85.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 83-85.5 million VND/tael (buy in - sell out). Compared to yesterday, the gold price increased by 200 thousand VND/tael in both buying and selling directions.

The latest gold price list today, November 28, 2024 is as follows:

World gold price today November 28, 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 2,654.57 USD/Ounce. Today's gold price increased by 32 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,810 VND/USD), the world gold price is about 83.36 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.14 million VND/tael higher than the international gold price.

After two days of sharp decline, domestic gold prices have recovered today thanks to rising signals from the international market. In the first two days of the week, gold prices have lost 2.5 to 3.4 million VND/tael for buying and 2.2 to 2.3 million VND/tael for selling, causing the difference between buying and selling to reach more than 2 million VND.

However, with the recovery of world gold to 2,654.57 USD/ounce, the domestic ring gold price increased again, adjusting by 1.6 million VND/tael for buying. The difference between buying and selling also decreased sharply, only about 1 million VND/tael.

On November 27, Vietnam time, the US Federal Reserve (Fed) released the minutes of its November meeting, providing information on the future direction of monetary policy.

While there was no clear sign of an immediate rate cut, the minutes showed the Fed was considering lowering borrowing costs "gradually" and moving toward a more neutral policy.

One notable point in the minutes was that the Fed did not mention much about the impact of Donald Trump's recent presidential election victory. The administration's new policies, especially on tariffs and immigration, could put pressure on inflation and change the economic outlook for next year.

Fed Chairman Jerome Powell said the Fed will continue to monitor the situation and needs more information about policies from the new administration before assessing their impact on the economy.

The minutes showed the Fed is trying to balance maintaining economic growth, controlling inflation and keeping the labor market stable.

Although many investors expect the Fed to cut interest rates again in December, the Fed's cautious stance may cause the market to adjust expectations.

Whether or not the Fed cuts rates in December, US monetary policy will depend on key economic data coming in, such as GDP growth, inflation and the job market. With the US economy strong, the Fed has reason to be cautious before making further decisions.

The weakening US dollar is helping to ease the pressure on gold prices. The DXY index, which measures the strength of the US dollar against a basket of other currencies, fell to 106.5, down from 107.5 on November 26 and down sharply from a peak of 108 last weekend. This weakness supports gold prices because when the US dollar falls, gold becomes more attractive to international investors.

According to Swiss bank UBS, gold prices in the short term may fluctuate due to the impact of many conflicting factors such as inflation, interest rates, geopolitical situations and upcoming US trade policies. However, in the long term, gold is still considered to have the potential to increase in price.

Gold price forecast

UBS forecasts that gold prices could reach their target of $2,900 an ounce by the end of 2025. The report emphasizes that gold is a safe investment channel, helping to hedge against risks in the context of geopolitical instability and fiscal issues.

According to Darin Newsom, market analyst at Barchart.com, gold prices may fall slightly in the short term due to market correction. However, in the long term, he believes that gold will continue to increase in price.

Marc Chandler, CEO of Bannockburn Global Forex, predicts that gold prices are likely to return to the record highs reached in late October this year. He even believes that gold prices could reach $3,000 an ounce by 2025.

Nitesh Shah, an expert from WisdomTree, gave a more cautious forecast. He predicted that gold prices will increase to $2,850/ounce by the fourth quarter of 2025.