Gold price today November 4, 2024: World gold price decreased by more than 11.81 USD/Ounce compared to last week

Domestic gold price today November 4, 2024

At the time of survey at 5:00 a.m. on November 4, 2024, the gold price on the trading floors of some companies was as follows:

The price of 9999 gold today is listed by DOJI at 88 million VND/tael for buying and 89 million VND/tael for selling. Compared to the end of last week, 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 88.2-89.5 million VND/tael (buy in - sell out). Compared to the end of last week, the price of SJC gold bars decreased by 300 thousand VND/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). Today's SJC gold bar price decreased by 500 thousand VND/tael in both buying and selling directions compared to the end of last week.

The latest gold price list today, November 4, 2024 is as follows:

World gold price today November 4, 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 11.81 USD/Ounce compared to last week. 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.

During the week from October 28 to November 2, the price of SJC gold bars was adjusted twice. On October 30, when the world gold price increased sharply, domestic gold bars also increased by VND1 million per tael, reaching VND88 million/tael (buy) and VND90 million/tael (sell), reaching the highest peak since May 30, 2024.

The second adjustment took place on November 1 when the world gold price dropped sharply. Accordingly, the domestic SJC gold bar price decreased by VND500,000 per tael, to VND87.5 million/tael (buy) and VND89.5 million/tael (sell). On the weekend of November 2, the gold bar price remained stable at VND87.5 million/tael (buy) and VND89.5 million/tael (sell), ending the week with an increase of VND500,000 per tael.

Currently, the domestic price of SJC gold bars is 3.27 million VND higher than the world gold price (after conversion), down about 300,000 VND compared to last week.

On October 31, when the world gold price peaked at 2,790 USD/ounce, domestic gold rings also reached an all-time high, with a buying price of 88.65 million VND/tael and a selling price of 89.8 million VND/tael. However, on the weekend of November 1-2, when the world gold price decreased, domestic gold rings also decreased slightly and closed the week at 87.4-88 million VND/tael (buy) and 88.9-89.15 million VND/tael (sell).

Throughout the week, the price of gold rings remained almost unchanged or increased slightly by 100,000 to 400,000 VND per tael depending on the place. The difference between buying and selling prices was stable, fluctuating from 1 to 1.5 million VND per tael compared to last week.

Overall, both gold rings and gold bars bring quite good profits after a month. However, with a lower buying-selling price difference, gold rings are currently more attractive in terms of profit potential, bringing better profits to investors.

The USD exchange rate increased sharply by 350 VND last week, increasing the world gold price after conversion, explaining why the world gold price decreased but the converted price was higher than last week.

In addition, the yield on 10-year US Treasury bonds increased by nearly 10 basis points on November 1 to 4.382%, the highest level in the past 4 months. At the same time, the Dollar Index, which measures the strength of the USD against major currencies, increased by 0.33% and closed the weekend session at 104.32 points, up 1.75% within 1 month. The USD increased in price due to high demand as it plays the role of a safe haven channel as the US election is approaching.

Gold prices have fallen sharply after hitting a high of $2,790. “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 not surprising that some traders are taking profits.”

According to the latest report from the World Gold Council, the gold market has seen a surge in investment demand in the past few months, mainly from investors in the Western markets. In the third quarter, gold ETFs recorded net inflows for the first time in 10 consecutive quarters.

Meanwhile, central banks around the world bought 186.2 tonnes of gold in the third quarter, down 49% from the same period last year. However, total net purchases by central banks remained at the same level as in 2022 in the first three quarters of the year.

With gold prices hitting a new high above $2,800 an ounce this week, less than a week before the US presidential election, predictions of gold prices hitting $3,000 by some investment banks and analysts look increasingly likely.

There is a famous saying in the financial markets: "Buy the rumor, sell the fact." Does this mean that after the election ends next week, will investors sell gold to lock in profits?

Looking back at October, gold prices rose about 4.3%, extending a winning streak that began in July.

Gold price forecast

David Brady, an independent analyst and author of the FIPEST Report on Substack, predicts that with the current bullish momentum, gold prices are likely to hit the $3,000/ounce resistance level before a major sell-off could occur.

Dennis Gartman, a leading commodity investor, said that gold prices will continue to rise due to the interest of many investors, especially in the context of geopolitical uncertainty from the US election, while the US economy and labor market are slowing. He also said that despite the short-term difficulties, the long-term outlook for gold is very positive.

Analysts at ING also said that gold prices will maintain their upward momentum regardless of the US election results, as short-term geopolitical risks remain high.

Many experts predict the Federal Reserve will continue to cut interest rates as the labor market weakens. Although the pace of rate cuts may be slower than expected, rising inflation could cause real interest rates to fall, putting pressure on the US dollar and supporting gold prices in the future.