Gold price today November 9, 2024: World gold price increases again, pulling domestic gold up

Domestic gold price today 11/9/2024

At the time of survey at 5:00 a.m. on November 9, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 83.35 million VND/tael for buying and 85.15 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased by 1.335 million VND/tael for buying - increased by 1.150 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83-86 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 500 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by businesses at 82.3-86 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82-86 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars increased by 1.3 million VND/tael for buying and 1 million VND/tael for selling.

The latest gold price list today, November 9, 2024 is as follows:

World gold price today 11/9/2024 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 2,697.58 USD/Ounce. Today's gold price increased by 13.07 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,800 VND/USD), the world gold price is about 84.83 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.16 million VND/tael higher than the international gold price.

Yesterday, the domestic gold ring price had its biggest drop of the year, losing more than 6 million VND per tael. The reason was the plummeting world gold price, combined with a wave of sell-offs by investors. This led to a significant drop in the domestic gold price, while also pushing up the gap between buying and selling prices.

However, as of today, November 9, domestic gold prices have recovered strongly as world gold prices have increased again. Domestic gold ring prices have increased by 1 to 2.4 million VND per tael. Notably, after the sell-off, some businesses have lowered the difference between buying and selling prices to attract transactions.

The reason for the increase in domestic gold prices today is mainly due to the recovery of world gold prices. In the last trading session on November 8 in the US, world gold prices increased by more than 1%, reaching nearly 2,700 USD/ounce, after falling to a 3-week low on November 7.

The reason behind this recovery is the weakening of the USD as the US Federal Reserve (Fed) cut interest rates by another 0.25% as expected.

Specifically, on November 8, the Fed cut interest rates by another 25 basis points (bps), bringing the federal funds rate down to 4.5-4.75%. In addition, the USD weakened as many investors took profits from transactions predicting the victory of former President Donald Trump.

The State Bank of Vietnam (SBV) believes that the current gold market is not stable and sustainable. The market is still strongly influenced by people's psychology, expectations and risk factors, putting pressure on the currency and foreign exchange markets.

Currently, the State Bank does not encourage people to sell gold to convert into Vietnamese currency to invest in production and business.

The Governor of the State Bank of Vietnam said that in the coming time, the agency will deploy many solutions to stabilize the gold market. Under the direction of the Prime Minister, the State Bank of Vietnam will monitor and, if necessary, intervene in the gold market appropriately in terms of volume and frequency to stabilize the market as well as support monetary policy goals.

At the same time, the State Bank will coordinate with ministries and branches to inspect and examine the activities of gold trading enterprises, gold bar stores and distributors to ensure the market operates transparently and stably.

In addition, the State Bank will summarize and comprehensively evaluate the implementation of Decree 24/2012 to propose amendments and supplements in accordance with the current situation. These changes aim to prevent the “goldenization” of the economy, avoiding fluctuations in gold prices affecting exchange rates, inflation and macroeconomic stability.

In the international market, gold prices fell due to a lack of new factors to stimulate the market. Investors are assessing the impact of President Donald Trump's term on future US interest rates.

“The snap elections have helped remove major uncertainties from global financial markets, boosting risk assets while putting pressure on safe-haven assets like gold,” said Manav Modi, an analyst at Motilal Oswal Financial Services.

According to information from the Fed meeting, policymakers found that the job market has begun to soften, while inflation is gradually moving towards the 2% target.

Currently, according to CME Group's FedWatch tool, 75% of traders believe the Fed will cut interest rates again in December, up from 69% forecast in the previous session.

Markets are now turning their attention to the news from China's parliament. China is expected to announce plans to increase fiscal spending after the National People's Congress, with measures aimed at boosting economic growth as the country grapples with deflation and a weak property market.

Gold Price Forecast

Experts are optimistic about the gold price outlook in the coming time, thanks to the new interest rate cut cycle.

Today, Mr. Manoj Kumar Jain from Prithvifinmart Commodity Research predicts that gold prices will remain stable around the support level of $2,684–2,664/ounce and may struggle to break above the $2,722–2,740/ounce level.

Gold prices may hold steady at $2,674–$2,655 an ounce and may struggle to break above $2,718–$2,735 an ounce, according to Rahul Kalantri, Vice President of Mehta Equities.

Colin Shah, CEO of Kama Jewelry, emphasized that with the Fed cutting interest rates twice in a row, this will give gold prices further momentum to rise.

"We are entering a period of prolonged low interest rates, so gold prices are expected to remain high. Additionally, geopolitical tensions will continue to support gold prices. We maintain our view that in the long term, gold prices will reach $3,000 in the international market," Shah said.