Gold price today 11/3/2024: World gold and ring gold slightly decreased

Domestic gold price today 11/3/2024

At the time of survey at 5:00 a.m. on November 3, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 88 million VND/tael for buying and 89 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 100 thousand VND/tael in both buying and selling directions.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at VND88.2-89.5 million/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by VND300,000/tael in the buying direction.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87.5-89.5 million VND/tael (buy - sell).

At Bao Tin Manh Hai, it is being traded at 87.5-89.5 million VND/tael (buy in - sell out). The price of SJC gold bars today decreased by 500 thousand VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, November 3, 2024 is as follows:

World gold price today November 3, 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 2,734.47 USD/Ounce. Today's gold price decreased by 17.2 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,850 VND/USD), the world gold price is about 86.16 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.34 million VND/tael higher than the international gold price.

The world gold price has fallen sharply after reaching its peak, currently trading at $2,734.47/ounce, about 1.9% lower than the peak of $2,790. At the same time, the domestic gold ring price is also decreasing slightly, at VND89 million, about 0.8% lower than the record high of VND89.8 million on October 31.

In the context of a sharp drop in world gold prices, some long-term investors see this as an opportunity to buy if domestic gold prices also fall. However, the decrease in domestic gold rings is quite modest, not commensurate with the decline in world gold prices, disappointing those who expected prices to fall further because domestic prices are still not really attractive.

The demand for gold rings remains high, especially with the trend of hoarding during times of financial market volatility. This helps domestic gold ring prices to be more stable compared to the large fluctuations in the world gold market.

World gold prices were under pressure to fall due to the rising USD and US bond yields. However, weak US employment data increased expectations that the US Federal Reserve (Fed) would cut interest rates, which somewhat limited the decline in gold prices.

The US jobs report showed just 12,000 new jobs were created last month, the fewest since December 2020, due to the impact of hurricanes and a strike at Boeing.

Gold prices could be volatile next week as the market digests two major events: the US election on November 5 and the Fed policy decision on November 6.

Alex Kuptsikevich, Chief Market Analyst at FxPro, commented that gold prices have risen for four consecutive weeks. In futures, prices have surpassed the $2,800/ounce mark, while spot prices have stopped approaching this level.

“The price increase started last October when there were the first signs of a change in monetary policy. In just thirteen months, prices have increased by 50%,” Kuptsikevich said.

"The weekly RSI has crossed 80 for the sixth time in the last 15 years. Corrections have always followed, with the lowest level being 5% in April this year. On other occasions, gold has corrected between 8% and 20%. However, the correction signal starts when the price comes back from overbought territory; before this point, going against the trend is challenging because the price swings can be very large due to short margin calls," Kuptsikevich explained.

“Gold is consolidating,” said David Meger, director of precious metals trading at High Ridge Futures. “There’s a lot of news coming up next week, including the U.S. election on Tuesday and the Fed meeting on Wednesday, so it’s no surprise that some traders are taking profits.”

The Fed meeting ends on November 7, with interest rate markets pricing in a 100% chance of a 0.25% rate cut, boosted by a report that the US personal consumption expenditures (PCE) price index rose 2.1% in September from a year earlier, close to the Fed’s 2% target.

From July to late October, gold prices have been hitting record highs, from $2,400 per ounce to $2,800 this week. Behind this price increase are factors such as the political situation in the Middle East, the US Federal Reserve's interest rate cut, the US election and many other uncertainties. In addition, the "fear of missing out" (FOMO) mentality also plays an important role.

Gold Price Forecast

Gold faced strong selling pressure on Thursday after hitting a record high, but still ended with a fourth straight monthly gain, said Rahul Kalantri, vice president of commodities at Mehta Equities.

"We will see more volatility next week. There are several big events: the US election on Tuesday, the Fed meeting on Wednesday, and the Bank of Japan (BOJ) on Thursday. So it is not surprising that some traders will take profits. The fundamentals driving gold demand include geopolitical tensions and election uncertainty, with the market still in a 'buy the dip' mode," Kalantri said.

"Gold has support at $2,705 and resistance at $2,795. On MCX, gold has good support at INR 77,840 and resistance at INR 79,350-79,790," Kalantri said.