Gold price today November 8, 2024: World gold price and domestic gold price both fall freely

Domestic gold price today November 8, 2024

At the time of survey at 5:00 a.m. on November 8, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 81 million VND/tael for buying and 83.8 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 6.35 million VND/tael for buying and 4.65 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at VND88.8 million/tael (selling price), closing price for buying price. Compared to yesterday, the price of SJC gold bars decreased by VND3.3 million/tael for selling price.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by businesses at 81-85 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by 6 million VND/tael for buying and 4 million VND/tael for selling.

At Bao Tin Manh Hai, it is currently trading at 81-85.5 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by 6 million VND/tael for buying and 3.5 million VND/tael for selling.

The latest gold price list today, November 8, 2024 is as follows:

World gold price today November 8, 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 2,683.29 USD/Ounce. Today's gold price increased by 22.4 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,845 VND/USD), the world gold price is about 84.53 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 960 thousand VND/tael higher than the international gold price.

The sharp decline in domestic gold prices is not only due to the impact of world gold prices but also due to domestic factors. Faced with the sharp decline in gold prices, many investors are worried that the downward trend will continue, so they have rushed to sell off, putting great pressure on the market.

Currently, the price of gold bars is at no more than 85.5 million VND/tael, the lowest level since October 16, 2024.

With today's sharp downward trend, gold businesses have adjusted the difference between buying and selling prices. Buying prices have decreased more sharply than selling prices, causing the difference between the two prices to increase from 2 million VND yesterday to 4 million VND currently.

The decline in domestic gold prices today was mainly due to the impact of world gold price movements. At the end of the trading session on November 6, the world gold price for December delivery on the COMEX floor decreased by nearly 3%, down to 2,668.1 USD/ounce.

After Donald Trump declared victory in the US presidential election, the US stock market on November 6 had strong growth. Specifically, the Dow Jones index increased by 3.57%, reaching 43,729.93 points, with a record increase of more than 1,500 points between two trading sessions. The S&P 500 index also increased by 2.53%, reaching 5,929.04 points, while the Nasdaq index increased by 2.95%, reaching 18,983.47 points.

The dollar also fell against the euro and the pound, indicating that the dollar was gaining value following the news of Mr Trump’s victory. This affected energy and precious metals markets.

Specifically, world oil prices fell due to the strengthening of the USD. As of 5:00 a.m. this morning (Vietnam time), the price of WTI oil for December delivery decreased by 0.18% to 71.86 USD/barrel, while the price of Brent oil for January 2025 delivery decreased by 0.49% to 75.16 USD/barrel.

In addition, the US election results also helped bitcoin prices skyrocket to $6,000, reaching a record of more than $76,000, breaking the peak of nearly $74,000 set in March.

Trump’s victory has raised questions about whether the Federal Reserve may cut interest rates more slowly and less frequently than previously expected. The prospect of several rate cuts in the coming months has helped gold prices surge this year.

Traders are expecting the Fed to cut interest rates by another 0.25% at its next meeting, and they are paying attention to comments from Chairman Jerome Powell for more information on future rate cuts.

China's central bank did not buy any gold for its reserves in October, marking the sixth consecutive month of no purchases, official data released on Thursday showed.

China's gold reserves stood at 72.8 million ounces at the end of October, but the value of the gold rose to $199.06 billion, up from $191.47 billion at the end of September.

"Another month without gold purchases by China suggests that the PBOC is waiting for better prices to build gold reserves," said Nitesh Shah, commodity strategist at WisdomTree. "We do not think China has changed its foreign exchange reserve strategy and still wants to buy more gold, but is deterred by high gold prices."

The PBOC's gold share of total reserves, a key indicator of central banks' gold holdings, reached 5.7% at the end of October, up from 4.9% at the end of April.

This week's meeting of China's National People's Congress Standing Committee is drawing attention, as investors await more details on fiscal stimulus measures.

Gold Price Forecast

“The Fed has repeatedly signaled that it will continue to cut interest rates in the short term, which should support gold prices; we expect gold to hit $2,800 an ounce before the end of the year,” said Michael Langford, chief investment officer at Scorpion Minerals.

"I still believe that gold prices will continue to rise because people will buy gold as a safe haven to protect against risks. I still predict gold prices will reach $3,000 an ounce next year," said Peter Fung, head of trading at Wing Fung Precious Metals.

Kelvin Wong, Senior Market Analyst at OANDA Asia Pacific, said that Trump's policy could slow down interest rate cuts, which will continue to put upward pressure on gold prices.

Renisha Chainani, Head of Research at Augmont - Gold for All, recommends using the current low prices as an opportunity to accumulate gold. Chainani said that gold has broken the important support level of $2,720/ounce and is now heading towards $2,620/ounce, with the possibility of falling to $2,500/ounce.

These prices may be attractive to those looking to invest for the future.

Gold's long-term value as a store of value in times of uncertainty remains strong, and low gold prices can be an attractive entry point for those looking to protect their assets.