Gold price today November 30, 2024: World and domestic gold prices increased on Black Friday

Domestic gold price today November 30, 2024

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

DOJI listed the price of 9999 gold today at 83.8 million VND/tael for buying and 84.8 million VND/tael for selling. The price of 9999 gold rings increased by 300 thousand VND/tael for buying and 100 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 84.6-85.6 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 300 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 83.3-85.8 million VND/tael (buying - selling). Compared to yesterday, gold price increased 400 thousand VND/tael in both buying and selling directions.

At Bao Tin Manh Hai, it is also being traded at 83.1-85.6 million VND/tael (buying - selling). 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 30, 2024 is as follows:

World gold price today November 30, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was 2,656.17 USD/Ounce. Today's gold price increased by 9.6 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 83.50 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.30 million VND/tael higher than the international gold price.

Currently, the world gold price increased rapidly this afternoon. SJC gold bars increased sharply, pulling all types of gold up.

It can be seen that the price has completed the formation of a double bottom pattern which is expected to push the price further up in the upcoming trading sessions, towards the first target of $2,700.

Hence, a bullish bias is expected today, supported by a move above the EMA50, noting that a break below $2,649 would halt the bullish scenario and push the price back down.

Recently, the domestic gold market has been bustling but there have also been opposite phenomena. When the gold price dropped sharply, stores did not limit the supply, but the number of customers coming to trade was quite low. On the contrary, when the gold price suddenly increased, many people flocked to gold shops, ready to line up even though the stores announced "no sale".

At gold shops like Bao Tin Minh Chau on the morning of November 29, people lined up very early with the fear of "missing the opportunity". Mr. Binh (Cau Giay, Hanoi) said that this mentality comes from the crowd effect. When prices increase, people are worried that prices will go higher and are willing to spend money even though they know it is not the best time. On the contrary, when prices decrease, many people wait in the hope that prices will go down further, leading to insignificant purchases.

Gold and savings are always two popular investment channels. However, before making a decision, investors need to carefully consider their financial capacity and market fluctuations. Each investment channel has its own advantages and disadvantages. Savings are more stable, but profits depend on bank interest rates. Currently, some banks such as CBBank and LPBank have increased deposit interest rates by 0.15% and 0.2% per year, with the highest interest rate being 5.8% per year for terms under 12 months.

The price of SJC gold bars is currently listed at 83.30 - 85.80 million VND/tael. Compared to gold rings, the buying price of gold bars is 500,000 VND/tael lower, but the selling price is 1 million VND/tael higher. This shows the big difference in the buying and selling range of gold bars compared to gold rings, making gold rings somewhat more advantageous if buyers are interested in flexible trading capabilities.

World gold prices increased slightly in the context of a weakening US dollar and increasing global geopolitical tensions.

On November 28, the Israeli military announced that it had conducted an airstrike on a facility in southern Lebanon used by Hezbollah to store medium-range missiles.

On the same day, Russia also carried out its second major attack this month on Ukraine's energy infrastructure.

The US dollar fell 0.2% on the day, making gold more attractive to holders of other currencies, supporting the rise in gold prices.

Next week, the US will release important economic data such as job openings and labor reports. This information will provide more clues about the Fed's next move.

Gold is now seen as an important part of a long-term investment portfolio, and at current prices, lower than before the US presidential election, it is a good opportunity to accumulate gold at reasonable prices, said Anindya Banerjee, senior vice president at Kotak Securities Ltd.

The inauguration of Donald Trump as US President in January could accelerate the process of global de-dollarization, which is expected to have a long-term positive impact on gold prices.

Although there is a risk of gold prices correcting in the short term due to the rising USD, Mr. Banerjee said these are opportunities for investors to buy more.

Gold price forecast

Gold prices are facing significant changes after a nine-month rally – the longest in more than 24 years – which is likely to end in November 2024, according to Mr. Stanley, market strategist at Forex.com.

Phillip Streible (Blue Line Futures) predicts that gold prices could reach $3,000/ounce in the first half of 2025. However, this depends on whether inflation spikes, forcing the Fed to raise interest rates.

According to Darin Newsom (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 rise thanks to strong supporting factors.

UBS Bank (Switzerland) forecasts gold prices to reach $2,900/ounce by the end of 2025, emphasizing gold's role as a safe investment channel, especially in the context of geopolitical instability and fiscal risks.