Gold price in November 2024, world gold price increased sharply, domestic gold price decreased sharply

Domestic gold price today December 2, 2024

At the time of survey at 4:30 a.m. on December 2, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.8 million VND/tael for buying and 84.8 million VND/tael for selling. A decrease of 2.1 million VND/tael for both buying and selling in the whole week and a decrease of 5.1 million VND in the whole month.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at VND84.3-85.3 million/tael for buying and selling. Compared to the end of last week, the buying price decreased by VND1.4 million/tael and the selling price decreased by VND1.7 million/tael. In the whole month of November, the buying price decreased by VND4.7 million/tael, while the selling price decreased by VND4.2 million/tael.

SJC gold price at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 83.3-85.8 million VND/tael (buying - selling), down 2 million VND/tael for buying and 1.2 million VND/tael for selling this whole week. Monthly, the buying price decreased by 4.7 million VND and 4.2 million VND was the decrease in selling.

At Bao Tin Manh Hai, it is also being traded at 83.1-85.6 million VND/tael (buy - sell).

The latest gold price list today, December 2, 2024 is as follows:

World gold price today December 2, 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 2,650.06 USD/Ounce. Today's gold price increased by 88.14 USD/Ounce compared to last month. Converted to the USD exchange rate, on the free market (25,730 VND/USD), the world gold price is about 83.12 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.68 million VND/tael higher than the international gold price.

In the first half of November, the world gold price increased sharply, mainly due to the US presidential election that took place at the beginning of the month and the aftermath of Donald Trump's re-election as president. However, in the second half of November, the gold price decreased by 3.3%, the sharpest decrease since September 2023. The main reasons for this decline are related to the following factors:

Investors shift from gold to other assets: The US economy is sending positive signals, causing investors to switch to stocks and other income-producing assets instead of holding gold, which is considered a safe haven.

Confidence in US financial stability: President-elect Donald Trump has appointed Scott Bessent as Treasury Secretary, which has given the market more confidence in the stability of the US economy.

Geopolitical tensions eased: A ceasefire between Israel and Hezbollah has calmed the situation in the Middle East, reducing demand for holding gold as a hedge against risk.

Stable economic and political outlook: The Republican victory in the US election helped to consolidate stability in the world's largest market, encouraging investors to put their trust in risky assets instead of gold.

Fed Monetary Policy: The minutes of the US Federal Reserve's November meeting showed that interest rates are likely to remain stable in the near term. Higher interest rates increase the opportunity cost of holding gold, thereby reducing the appeal of this precious metal.

By the end of November, the price of gold bars at large enterprises such as SJC Ho Chi Minh, Doji, Bao Tin Minh Chau, and Phu Quy all recorded a significant decrease. Specifically, the buying and selling prices were at 83.30 - 85.80 million VND/tael.

Compared to the beginning of last week, the buying price decreased by 1.7 - 2 million VND/tael and the selling price decreased by 1.2 million VND/tael. Compared to the end of October, the buying price decreased by 4.7 - 5 million VND/tael, while the selling price decreased by 4.2 million VND/tael.

The sharp drop in gold prices in November caused investors to suffer huge losses. In just one week, gold bar holders lost an average of VND3.7 million per tael. If calculated for the whole month of November, the loss reached VND6.7 million per tael, mainly due to the sharp drop in gold prices and the large difference between buying and selling prices.

November also saw a significant decrease in the price of gold rings at large enterprises. SJC 9999 gold rings closed at VND82.80 - 84.70 million/tael (buy - sell), down VND2.2 million/tael for buying and VND1.8 million/tael for selling last week. For the whole month, the buying price decreased by VND4.9 million/tael, while the selling price decreased by VND4.5 million/tael.

At Bao Tin Minh Chau, the price of gold rings at the end of the month reached 83.68 - 84.78 million VND/tael, down 1.95 million VND/tael (buy) and 1.8 million VND/tael (sell) last week. Compared to the end of October, the buying price decreased by 4.95 million VND/tael and the selling price decreased by 4.85 million VND/tael.

Ring gold at Doji also had a similar decrease, with the closing price at 83.50 - 84.50 million VND/tael, down 2.1 million VND/tael in both directions this week and 5.1 million VND/tael in the month.

With the sharp decline in the price of gold rings, plus the difference between the buying and selling prices, investors suffered huge losses. In just one week, the loss ranged from 3 to 3.8 million VND/tael.

If calculated for the whole month, the loss is up to 6 - 6.7 million VND/tael. This is an important lesson for those who hold gold rings in the short term, especially when the market fluctuates greatly.

The decline in gold prices in November was due to several factors. First, the global economy and political situation, especially in the US, showed signs of stability, reducing the demand for gold as a safe haven. In addition, the large spread between buying and selling prices also reduced the profitability, making gold a less attractive investment option.

Gold Price Forecast

Although gold has recovered on news of high inflation, he believes gold prices could fall further as prices have not yet bottomed out, said Naeem Aslam from Zaye Capital Markets.

Alex Kuptsikevich, market analyst at FxPro, said that despite investors’ tendency to sell gold, the gold market still maintains some strength. He said that the price of $2,540 per ounce is an important level to watch, because if the price falls below this level, gold could fall to $2,400 per ounce.

Capitalight Research analyst Chantelle Schieven said the gold market will continue to be volatile in the coming period, as investors continue to react to Trump's statements before he takes office. She said the market is currently in a "wait and see" mode and will be very sensitive because no one knows exactly what the new administration will be like.

In the short term, Schieven predicts that gold prices could fluctuate between $2,500 an ounce and $2,750 an ounce. While this may be disappointing for investors, she says it is a “reasonable” phase and is necessary for the gold market to stabilize.

Gold's uptrend in December and January is typically very strong, said Darin Newsom, senior market analyst at Barchart.com.

Colin Cieszynski, of SIA Wealth Management, said the gold market is in a period of stabilization. “Gold had a strong rally from February to the end of October, and now it may be in a correction phase,” he said. He said gold will likely fluctuate between $2,532 and just under $2,800 an ounce in the near term.

This week’s Kitco Gold Survey found that Wall Street remains divided between bullish and cautious sentiment, with six (43%) predicting gold prices will rise next week, while seven (50%) see gold holding steady and just one (7%) predicting a decline.

Kitco’s online survey of 199 retail investors also showed caution. Forty-eight percent of investors said gold prices would rise, while 31 percent predicted they would fall. The remaining 21 percent expected gold to trade sideways in the near term.