Gold price today November 29, 2024: World gold price recovers slightly

Domestic gold price today November 29, 2024

At the time of survey at 4:30 a.m. on November 29, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.5 million VND/tael for buying and 84.7 million VND/tael for selling. The price of 9999 gold rings decreased by 500 thousand VND/tael for buying and 200 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 84.3-85.3 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 200 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 82.9-85.4 million VND/tael (buy - sell). At Bao Tin Manh Hai, it is also traded at 82.9-85.4 million VND/tael (buy - sell). Compared to yesterday, the gold price decreased by 100 thousand VND/tael in both buying and selling directions.

The latest gold price list today, November 29, 2024 is as follows:

World gold price today November 29, 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 2,646.6 USD/Ounce. Today's gold price decreased by 3.64 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,790 VND/USD), the world gold price is about 83.20 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.20 million VND/tael higher than the international gold price.

The price of gold rings has recently dropped sharply, gold shops on Tran Nhan Tong Street (Hanoi) have become bustling as many people flock to buy gold. In particular, at Bao Tin Minh Chau's shop, from early morning there were dozens of people lining up, creating a crowded scene stretching from the sidewalk to the street.

One of the reasons people are rushing to buy gold is that the current gold price is falling. Ms. Nguyen Thi Hang, a resident of Hoan Kiem, said she had just withdrawn more than VND200 million from her bank savings to buy gold when the price was more "reasonable". According to her, the current gold price is about VND4 million/tael lower than at the end of October, so this is a good time to invest.

Despite the drop in gold prices, buying gold is not convenient for many people. At Bao Tin Minh Chau, customers have to wait a long time. Notably, the store only allows each person to buy a maximum of 1 tael of gold.

This made many people, like Ms. Hang, feel dissatisfied after nearly 3 hours of waiting. She decided to return and wait for another opportunity to buy.

Not all stores are overloaded. At gold stores like Phu Quy SJC or DOJI, customers are not limited to the number of gold rings they can buy. However, the number of customers here is quite sparse, not as bustling as at Bao Tin Minh Chau.

Gold is considered a special asset because it holds its value well during times of economic and political uncertainty. While financial markets such as stocks can plummet due to unpredictable factors, gold prices tend to be more stable, helping to protect wealth. For this reason, many countries consider gold an essential part of their national reserves to mitigate financial risks.

Ales Michl, President of the Central Bank of the Czech Republic, is implementing a strategy to increase the country's gold reserves. He aims to double the Czech gold holdings to 100 tonnes within three years.

Eastern European countries such as Poland and Serbia have also stepped up their gold purchases in recent times. Eastern Europe is now one of the largest gold-buying regions in the world, which has also contributed to the rise in gold prices.

Eastern European countries have particular reasons to hoard gold. A painful history of wars, especially World War II, has left the region acutely aware of the importance of financial stability.

Now, with the conflict in Ukraine, these countries feel the need to protect their economies even more. They see gold as a "shield" against risks from political and military crises.

According to Ms. Roukaya Ibrahim, Commodity Strategist at BCA Research, the new policies of the US administration, especially under President Donald Trump, have created many concerns about policy uncertainty and budget deficit.

Gold Price Forecast

Currently, the world gold price is above the threshold of 2,645 USD and needs to stabilize at this level to reaffirm signs of recovery.

The expected trading range for the day is between the support level of $2,615.00 and the resistance level of $2,655.00.

If gold price falls below $2,645, the next targets are $2,600.00 and $2,515.00 respectively.

During Thanksgiving week in the United States, financial markets typically experience low trading volumes, especially on the Friday after the holiday. This is a time when gold prices may be less volatile in the short term, but there are still positive long-term forecasts.

According to Darin Newsom, an expert from Barchart, gold prices may experience some short-term declines. However, this is not a cause for concern because the long-term trend of gold is still expected to grow.

Nitesh Shah, Head of Commodity Research at WisdomTree, forecasts that gold prices will reach $2,850 an ounce by the fourth quarter of 2025.

Strategist Phillip Streible from Blue Line Futures is even more optimistic, predicting that gold prices could reach $3,000 an ounce in the first half of 2025.

However, he also warned that if inflation rises unexpectedly, the US Federal Reserve (FED) could raise interest rates, which could put downward pressure on gold prices.