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Gold price today 11/5/2024: World gold price increased slightly waiting for the US presidential election

Quoc Duong DNUM_AFZBBZCACE 04:21

Gold price today November 5, 2024: World gold price increased slightly waiting for the US presidential election. The price of 9999 gold rings and gold bars continued to decrease, the buying and selling gap escalated.

Domestic gold price today 11/5/2024

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

Today, DOJI listed the price of 9999 gold at 87.6 million VND/tael for buying and 88.8 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 400 thousand VND/tael for buying and 500 thousand VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at VND87.8-89 million/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by VND400,000/tael for buying and VND500,000/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 87.5-89.5 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87.5-89.5 million VND/tael (buy - sell). Both prices decreased by 500 thousand VND/tael in both buying and selling directions compared to yesterday.

Giá vàng hôm nay 5/11/2024: Vàng thế giới giảm mạnh chờ đợi cuộc bầu cử tổng thống Mỹ

The latest gold price list today, November 5, 2024 is as follows:

Gold price today
November 5, 2024
(million dong)
Difference
(thousand dong/tael)
Buy
Sell
Buy
Sell
SJC in Hanoi
87
89
-500-500
DOJI Group
87
89
-500
-500
Red Eyelashes
87
89
-400
-500
PNJ
87
89
-500-500
Vietinbank Gold
89
-
-500
Bao Tin Minh Chau
87
89
-500
-500
Bao Tin Manh Hai
87
89
-500-500
1.DOJI- Updated: 11/5/2024 05:00 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
AVPL/SJC HN87,000▼500K89,000▼500K
AVPL/SJC HCM87,000▼500K89,000▼500K
AVPL/SJC DN87,000▼500K89,000▼500K
Raw material 9999 - HN87,500▼400K88,100▼200K
Raw material 999 - HN87,400▼400K88,000▼200K
AVPL/SJC Can Tho87,000▼500K89,000▼500K
2.PNJ- Updated: 11/5/2024 05:00 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
HCMC - PNJ87,700▼300K88,790▼360K
HCMC - SJC87,000▼500K89,000▼500K
Hanoi - PNJ87,700▼300K88,790▼360K
Hanoi - SJC87,000▼500K89,000▼500K
Da Nang - PNJ87,700▼300K88,790▼360K
Da Nang - SJC87,000▼500K89,000▼500K
Western Region - PNJ87,700▼300K88,790▼360K
Western Region - SJC87,000▼500K89,000▼500K
Jewelry gold price - PNJ87,700▼300K88,790▼360K
Jewelry gold price - SJC87,000▼500K89,000▼500K
Jewelry gold price - SoutheastPNJ87,700▼300K
Jewelry gold price - SJC87,000▼500K89,000▼500K
Jewelry gold price - Jewelry gold pricePNJ 999.9 Plain Ring87,700▼300K
Jewelry gold price - Jewelry gold 999.987,600▼300K88,400▼300K
Jewelry gold price - Jewelry gold 99987,510▼300K88,310▼300K
Jewelry gold price - Jewelry gold 9986,620▼290K87,620▼290K
Jewelry gold price - 916 gold (22K)80,570▼280K81,070▼280K
Jewelry gold price - 750 gold (18K)65,050▼230K66,450▼230K
Jewelry gold price - 680 gold (16.3K)58,860▼210K60,260▼210K
Jewelry gold price - 650 gold (15.6K)56,210▼200K57,610▼200K
Jewelry gold price - 610 gold (14.6K)52,670▼190K54,070▼190K
Jewelry gold price - 585 gold (14K)50,460▼180K51,860▼180K
Jewelry gold price - 416 gold (10K)35,520▼130K36,920▼130K
Jewelry gold price - 375 gold (9K)31,900▼110K33,300▼110K
Jewelry gold price - 333 gold (8K)27,920▼100K29,320▼100K
3. SJC - Updated: 11/5/2024 04:30 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
SJC 1L, 10L, 1KG87,000▼500K89,000▼500K
SJC 5c87,000▼500K89,020▼500K
SJC 2c, 1c, 5c87,000▼500K89,030▼500K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi87,000▼400K88,700▼200K
SJC 99.99 gold ring 0.3 chi, 0.5 chi87,000▼400K88,800▼200K
Jewelry 99.99%86,900▼400K88,500▼200K
Jewelry 99%85,623▼198K87,623▼198K
Jewelry 68%57,836▼136K60,336▼136K
Jewelry 41.7%34,558▼83K37,058▼83K

World gold price today November 5, 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 2,744.36 USD/Ounce. Today's gold price increased by 9.89 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,880 VND/USD), the world gold price is about 86.57 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.42 million VND/tael higher than the international gold price.

After reaching a high of 2,790 USD, the world gold price fell sharply, causing the domestic gold bar price to drop by 500,000 VND/tael on November 1. By the end of the week, the world gold price was lower than 2,740 USD. This decrease continued to affect the domestic gold price, causing SJC gold bars to return to 89 million VND/tael on the morning of November 5, losing another 500,000 VND.

The 47th US Presidential election is taking place in a tense atmosphere with two prominent candidates, Kamala Harris of the Democratic Party and Donald Trump of the Republican Party.

This election affects not only the US economy but also global markets, including the price of gold, a safe asset favored by investors in times of uncertainty.

Historically, U.S. elections have often caused short-term economic uncertainty, causing gold prices to fluctuate. When voters are uncertain about the new government's policies, many investors turn to gold to reduce risk and protect assets, increasing demand and increasing gold prices.

Apart from elections, other factors such as war in the Middle East, conflicts in Eastern Europe, and the strengthening of the US dollar also affect gold prices.

According to the World Gold Council, U.S. elections have a certain influence on gold prices. Data shows that gold prices are typically slightly lower than their long-term average during election periods, tend to rise slightly ahead of elections where Republicans are likely to win, and demand for gold bars and coins can increase under a Democratic president.

Regarding the price of gold before and after the US presidential election, Dr. Nguyen Tri Hieu, an economic expert, said that it is very difficult to predict. November 5 is the election day, and the price of gold may increase in the coming days. After that, according to Dr. Hieu, there are several possible scenarios.

Donald Trump re-election scenario:If Donald Trump continues his term, the Fed may change its policy and raise interest rates to strengthen the USD. In theory, this will reduce the price of gold. However, Dr. Hieu noted that the situation may be more complicated: Mr. Trump's economic policies may increase inflation and US public debt. Concerns about the US's ability to repay debt may cause investors to continue to seek gold as a safe asset. Therefore, if Mr. Trump's policies cause economic fluctuations, the price of gold is likely to continue to increase.

Kamala Harris Win Scenario:If Kamala Harris is elected, the US Federal Reserve (Fed) may continue its easy money policy and maintain low interest rates to boost economic growth. Low interest rates will reduce the value of the USD, creating conditions for gold prices to increase sharply. Although the USD is currently showing signs of recovery, factors such as political instability and conflicts in the Middle East and Eastern Europe still push central banks and investors to seek gold as a hedge against risks. Therefore, if Ms. Harris wins, gold prices may increase in the near future.

Gold Price Forecast

According to Mr. Hieu, during the US election, the price of gold can fluctuate strongly. Currently, the price of gold is trading in the range of 2,735-2,750 USD/ounce.

If political unrest continues to escalate, gold prices could surpass $2,800 and even hit $3,000 by 2025.

Domestically, if the world gold price reaches 2,800 USD, the domestic gold price could reach the old peak of 92 million VND/tael.

The latest Kitco News weekly gold survey shows bearish sentiment among both industry professionals and retail traders. Recent pullbacks and election uncertainty are weighing on the metals market.

Seventeen analysts participated in the Kitco News gold survey. Nine analysts predicted gold prices would rise next week, six predicted prices would fall, and two predicted gold would trade sideways, awaiting news from the U.S. election and the Fed's next decision.

There were 139 investor votes cast in the online poll. The majority of investors see gold prices rising next week, although many votes were cast before the October 31 sell-off.

Specifically, 85 traders expect gold prices to rise, 31 others expect the precious metal's price to fall, and the remaining 23 investors believe gold prices will remain flat.

Sean Lusk, co-director of commercial hedging at Walsh Trading, noted that while both US presidential candidates and both parties will continue to print money and spend, gold prices will move differently depending on who wins.

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Gold price today 11/5/2024: World gold price increased slightly waiting for the US presidential election
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