Gold price today November 6, 2024: World gold is expected to increase regardless of which candidate wins the presidential election

Domestic gold price today November 6, 2024

At the time of survey at 5:00 a.m. on November 6, 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 87.5 million VND/tael for buying and 88.5 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 100 thousand VND/tael for buying and decreased by 300 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).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87-89 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy in - sell out).

The latest gold price list today, November 6, 2024 is as follows:

World gold price today November 6, 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 2,741.75 USD/Ounce. Today's gold price increased by 1.44 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 86.49 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.51 million VND/tael higher than the international gold price.

The US presidential election will take place on November 6 (Vietnam time), with polls showing Democratic candidate Kamala Harris and incumbent Republican President Donald Trump in a tight race for the White House.

A Reuters/Ipsos poll last month showed concerns that the United States could see similar unrest as after Trump's 2020 election loss, when his false claims that the election was rigged prompted hundreds to attack the US Capitol building.

According to Mr. Bart Melek, head of commodity strategy at TD Securities, if Mr. Trump wins, world gold prices may increase due to concerns that inflation may be higher because of the taxes proposed by Mr. Trump.

Market attention is also focused on the US Federal Reserve's interest rate decision on Thursday, with a 0.25% rate cut expected. Gold is considered a safe haven in times of economic and political uncertainty, and tends to rise when interest rates are low.

The move was widely expected by the market, so it may not cause much of a reaction in gold prices. Attention will mainly focus on policymakers' policy direction, said Yeap Jun Rong, a strategist at IG.

UBS analyst Giovanni Staunovo said the main driver of gold prices this week will be the US election. He said the Fed’s decision to cut interest rates is unlikely to cause major volatility, as the bank is likely to signal further cuts in line with market expectations.

In China, the Standing Committee of the National People's Congress will meet from November 4-8. Markets expect the meeting to pass additional fiscal stimulus measures, which could be a further support factor for gold prices.

Investors both at home and abroad are closely following developments in the 2024 US election.

Domestically, the price of gold rings has just recorded its second consecutive decline this week. Currently, the price of gold rings fluctuates at no more than 88.6 million VND/tael - the lowest level since October 23 and down 1.3% compared to the peak of 89.8 million VND reached on October 31.

During the November 5 session, some gold businesses widened the gap between buying and selling prices by reducing their buying prices more than their selling prices. This may indicate the caution of many investors, as they proactively take profits to preserve their assets in the face of unpredictable fluctuations when the US election results are about to be announced.

In the session of November 6, the downward trend continued but the decrease was gentler on the buying side. This helped the difference between buying and selling prices of gold rings narrow to a common level of around 1 million VND.

Gold price forecast

Marex expert Edward Meir said gold prices could rise regardless of who wins the election, as neither candidate intends to cut spending and may even increase it.

While gold prices may fluctuate in the short term, Meir predicts that a $3,000 price target by 2025 is feasible, especially as governments continue to increase spending.

Colin Cieszynski, market strategist at SIA Wealth Management, said gold is currently trading around $2,750 an ounce and is in a consolidation phase. However, the long-term uptrend of gold remains intact.

Adrian Day, chairman of Adrian Day Asset Management, predicts that gold prices still have a lot of room to rise sharply. He believes that lower interest rates amid economic stagnation and inflation will still be factors that will push gold prices higher.

James Stanley, senior strategist at Forex.com, also agreed, saying that gold prices will increase thanks to many positive factors such as military tensions in the Middle East and the Fed's interest rate reduction policy.

On the contrary, expert Alex Kuptsikevich from FxPro warned that profit-taking pressure before the election and the Fed only cutting interest rates by 25 basis points could drag gold prices down to $2,680-2,700/ounce.

The World Bank has just released a new forecast for commodity markets. While gold is expected to continue outperforming other sectors, analysts say demand for gold will weaken next year and through 2026.

Demand from central banks and jewelry manufacturers, which account for about two-thirds of global gold demand, is likely to decline as gold prices reach record highs, the report said. Gold prices are forecast to rise 21% year-on-year in 2024 and remain about 80% above the 2015-2019 average throughout the forecast period, declining only slightly by 1% in 2025 and 3% in 2026.