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

Domestic gold price today November 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:

The price of 9999 gold today is listed by DOJI 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 - decreased by 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 87.8-89 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by 400 thousand VND/tael for buying and 500 thousand VND/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 in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87.5-89.5 million VND/tael (buy in - sell out). Both prices decreased by 500 thousand VND/tael in both buying and selling directions compared to yesterday.

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

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 tensely with two prominent candidates being Kamala Harris of the Democratic Party and Donald Trump of the Republican Party.

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

Historically, US 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.

In addition to 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, US 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 maintain an upward trend.

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 period, gold prices can fluctuate strongly. Currently, gold prices are trading in the range of 2,735-2,750 USD/ounce.

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

In the country, 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 weak bullish 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 forecast gold prices to rise next week, six see them falling, and two see them trading sideways, awaiting news from the US election and the Fed's next move.

There were 139 investor votes cast in the online poll. The majority of investors said gold prices would rise 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 price of the precious metal to fall, and the remaining 23 investors believe that 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.