Gold price this week: World gold price and domestic gold price 'peak' then 'bottom'
Gold price this week 11/4 - 11/10: World gold price closed the week down below 2,790 USD/Ounce. Domestic gold price had the sharpest weekly decline since June
Domestic gold price this week
At the time of survey at 5:00 a.m. on November 10, 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 83,350 million VND/tael for buying and 85,150 million VND/tael for selling.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83.3-85.8 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 300 thousand VND/tael for buying and decreased by 200 thousand VND/tael for selling.
The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded at 82.3-85.8 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82-85.8 million VND/tael (buy in - sell out). Compared to yesterday, the price of SJC gold bars decreased by 200 thousand VND/tael in the selling direction.
The latest gold price list today, November 10, 2024 is as follows:
| Gold price today | November 10, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 82 | 85.8 | - | -200 |
| DOJI Group | 82 | 85.8 | - | -200 |
| Mi Hong | 83.3 | 85.8 | +300 | -200 |
| PNJ | 82 | 85.8 | - | -200 |
| Vietinbank Gold | 85.8 | -200 | ||
| Bao Tin Minh Chau | 82.3 | 85.8 | -200 | |
| Bao Tin Manh Hai | 82 | 85.8 | -200 | |
| 1.DOJI- Updated: 11/10/2024 05:00 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 82,000 | 85,800▼200K |
| AVPL/SJC HCM | 82,000 | 85,800▼200K |
| AVPL/SJC DN | 82,000 | 85,800▼200K |
| Raw material 9999 - HN | 83,350 | 84,350 |
| Raw materials 999 - HN | 83,250 | 84,250 |
| AVPL/SJC Can Tho | 82,000 | 85,800▼200K |
| 2.PNJ- Updated: 11/10/2024 05:00 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 83,400 | 85,200 |
| HCMC - SJC | 82,000 | 85,800▼200K |
| Hanoi - PNJ | 83,400 | 85,200 |
| Hanoi - SJC | 82,000 | 85,800▼200K |
| Da Nang - PNJ | 83,400 | 85,200 |
| Da Nang - SJC | 82,000 | 85,800▼200K |
| Western Region - PNJ | 83,400 | 85,200 |
| Western Region - SJC | 82,000 | 85,800▼200K |
| Jewelry gold price - PNJ | 83,400 | 85,200 |
| Jewelry gold price - SJC | 82,000 | 85,800▼200K |
| Jewelry gold price - Southeast | PNJ | 83,400 |
| Jewelry gold price - SJC | 82,000 | 85,800▼200K |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 83,400 |
| Jewelry gold price - Jewelry gold 999.9 | 83,300 | 84,100 |
| Jewelry gold price - 999 jewelry gold | 83,220 | 84,020 |
| Jewelry gold price - 99 jewelry gold | 82,360 | 83,360 |
| Jewelry gold price - 916 gold (22K) | 76,640 | 77,140 |
| Jewelry gold price - 750 gold (18K) | 61,830 | 63,230 |
| Jewelry gold price - 680 gold (16.3K) | 55,940 | 57,340 |
| Jewelry gold price - 650 gold (15.6K) | 53,420 | 54,820 |
| Jewelry gold price - 610 gold (14.6K) | 50,050 | 51,450 |
| Jewelry gold price - 585 gold (14K) | 47,950 | 49,350 |
| Jewelry gold price - 416 gold (10K) | 33,740 | 35,140 |
| Jewelry gold price - 375 gold (9K) | 30,290 | 31,690 |
| Jewelry gold price - 333 gold (8K) | 26,500 | 27,900 |
| 3. SJC - Updated: 11/10/2024 04:30 - Website time of supply - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 82,000 | 85,800▼200K |
| SJC 5c | 82,000 | 85,820▼200K |
| SJC 2c, 1C, 5 phan | 82,000 | 85,830▼200K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 82,000 | 84,800 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 82,000 | 84,900 |
| 99.99% Jewelry | 81,900 | 84,300 |
| 99% Jewelry | 80,465 | 83,465 |
| Jewelry 68% | 54,479 | 57,479 |
| Jewelry 41.7% | 32,306 | 35,306 |
World gold price today November 10, 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 2,683.74 USD/Ounce. Today's gold price decreased by 5.1 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,620 VND/USD), the world gold price is about 83.81 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.99 million VND/tael higher than the international gold price.
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Last week, domestic gold bar prices recorded the biggest drop since June. The buying price decreased by VND5.5 million/tael, while the selling price decreased by VND3.7 million/tael, ending the week at VND82 million/tael for buying price and VND85.8 million/tael for selling price.
The difference between buying and selling price of SJC gold bars is currently at 3.8 million VND, down from the peak of 4.5 million VND this week but still higher than the 2 million VND at the end of last week. With this decrease, gold bar buyers last week suffered a loss of about 7.5 million VND/tael, equivalent to 8.4%.
In the gold ring market, the situation is not very optimistic. The buying price decreased from 4.5 to 5.4 million VND/tael depending on the unit, the selling price decreased from 3.9 to 4.1 million VND/tael, ending the week at 82 - 83.4 million VND/tael for the buying price and 84.8 - 85.2 million VND/tael for the selling price. Gold ring buyers last week also recorded a loss of 5.7 to 6.9 million VND/tael, equivalent to 6.3% - 7.8%.
The 2024 US presidential election, with the predicted result leaning towards Mr. Donald Trump, has pushed the world gold price to drop sharply below 2,700 USD/ounce.
The decline in world gold prices also caused domestic gold prices to fall. In the trading session on November 7 alone, the prices of gold bars and gold rings in Vietnam both lost about 4-6 million VND/tael.
Not only being pressured by world gold prices, domestic gold prices were also affected by investors' sell-offs. Facing the sharp decline, many people quickly took profits or sold at a loss, leading to a larger decrease than world gold prices.
This causes the difference between buying and selling prices of gold businesses to increase to several million VND/tael, causing double risks for investors.
Investors should avoid buying and selling gold emotionally and remember that gold is a long-term asset and a hedge against risk.
Short-term gold investment for quick profit can be risky, especially when the buy-sell spread is often large.
During the week, the USD Index – which measures the value of the USD against major currencies – increased by 0.4% to 104.95 points, putting pressure on gold prices. At the same time, the US Federal Reserve (Fed) reduced interest rates by 0.25 percentage points but remained cautious about further rate cuts, causing market concerns.
Analysts say that under the impact of President Donald Trump's tax and immigration policies, inflation in the US could rise, making it difficult for the Fed to cut interest rates. Although gold is an effective hedge against inflation, high interest rates could reduce the attractiveness of gold.
However, the market still expects the Fed to cut interest rates further in December, which could help gold prices recover and maintain the psychological level of $2,700/ounce.
In the long term, gold prices are expected to continue to increase due to pressure on the USD devaluation and financial instability in many Western countries.
