Gold price today November 15, 2024: World gold price and domestic gold price decreased sharply

Domestic gold price today November 15, 2024

At the time of survey at 5:00 a.m. on November 15, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 79.8 million VND/tael for buying and 82.1 million VND/tael for selling. The price of 9999 gold rings decreased by 300 thousand VND/tael for buying and 900 thousand VND/tael for selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 80.2-83.2 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 1.1 million VND/tael for buying and 800 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 80-83.5 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC decreased by 700 thousand VND/tael for buying and 500 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 80-83.5 million VND/tael (buy - sell). Compared to yesterday, it decreased by 500 thousand VND/tael in both buying and selling directions.

The latest gold price list today, November 15, 2024 is as follows:

World gold price today November 15, 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 2,557.44 USD/Ounce. Today's gold price decreased by 54.7 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,720 VND/USD), the world gold price is about 80.18 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.32 million VND/tael higher than the international gold price.

Yesterday, the world gold price increased beyond the threshold of 2,600 USD/ounce. However, it immediately decreased again due to profit-taking pressure, when the US announced the October consumer price index (CPI) showing a slight increase in inflation compared to the previous month.

Specifically, the US CPI in October increased 2.6% compared to the same period last year, higher than the 2.4% of the previous month and in line with the forecast. Excluding food and energy prices, the CPI increased 3.3% - unchanged from the previous month and in line with the forecast.

Experts say the CPI's upward trend reflects the impact of the US Federal Reserve's two recent interest rate cuts. This also shows that inflation is still far from the Fed's 2% target, making the possibility of a rate cut low.

The NFIB Research Foundation reported that the US business optimism index rose from 91.5 points (September) to 93.7 points (October). At the same time, the IBD/TIPP economic confidence index in November also rose to 53.2 points, much higher than the previous forecast of 47.3 points.

With CPI and producer price index (PPI) rising, the Fed may have to maintain or even raise interest rates to control inflation. This puts pressure on gold prices, as the strong US dollar increases the cost of trading and storing gold.

This week, the market is awaiting more data on the producer price index (PPI), weekly jobless claims, and retail sales in the US, which is expected to keep gold prices volatile.

The dollar index hit a one-year high, boosting the cost of gold for non-U.S. buyers, while bond yields hit their highest since July.

“Gold is currently heavily influenced by the US dollar and yields, causing a short-term pullback,” said Capital.com analyst Kyle Rodda. While inflation data suggests the Fed could cut rates slightly next month, expectations of higher inflation next year could prompt the Fed to cut rates less frequently.

According to analyst Axel Rudolph at IG in London, the large-scale buying by central banks is a positive sign. In the first half of 2022, gold purchases by these banks reached a historic high of nearly 400 tons - the fastest pace of purchases in 55 years. By July 2024, global gold purchases reached the highest level in nearly 14 years.

Rudolph said this is a big change, as central banks have moved from selling gold to buying heavily over the years, with countries like Russia, China, India, Poland and Hungary in particular increasing their gold reserves significantly.

Fed officials have been cautious about future rate cuts, highlighting potential risks to inflation. St. Louis Fed President Alberto Musalem expects inflation to decline gradually, while Dallas Fed President Logan warned that too much easing could cause inflation to rise again.

Investors are also awaiting data on the producer price index (PPI) and jobless claims, along with remarks from Fed Chairman Jerome Powell later in the day.

The domestic price of SJC gold bars is listed at VND83.5 million/tael (selling) and VND80 million/tael (buying). The selling price of 9999 gold rings at SJC Company is VND81.7 million/tael, the lowest level since September 25.

Over the past week, SJC gold bars have decreased by 6.5 million VND/tael in selling price, while 9999 gold rings have decreased more sharply, up to 7.1 million VND/tael.

This sharp decline has caused many gold buyers ahead of the US presidential election to suffer huge losses, especially when the decline was even stronger on the buying side.

SJC gold bars are only 80 million VND/tael to buy, and 9999 gold rings are 79 million VND/tael to buy.

Thus, if someone bought gold bars at the peak a week ago, if they sell now, they will lose 10 million VND/tael, and if they buy 9999 gold rings, they will also lose the equivalent of 10 million VND/tael.

SJC currently maintains a fairly large difference in the buying and selling price of gold: VND3.5 million/tael for SJC gold bars and VND2.5 million/tael for gold rings. Some other gold companies also maintain a difference of nearly VND3 million/tael, indicating high risk in the context of strong fluctuations in gold prices.

Gold Price Forecast

According to expert Tran Duy Phuong, the world gold price is adjusting after a period of rapid increase. He also pointed out that the sharp decline in the world gold price is a common phenomenon in recent US presidential elections. However, Mr. Phuong believes that the gold price will hardly fall below 2,500 USD/ounce, thanks to supporting factors such as the Fed's possible interest rate cut and many central banks around the world entering a monetary easing cycle.

Mr. Heng Koon How, Head of Market Strategy at UOB Bank Singapore, still maintains a positive outlook on gold, predicting that the price will reach $3,000/ounce in the third quarter of next year.

On the technical side, Mr. Rudolph said that the price of $2,600/ounce could attract investors. However, he also warned that if the price of gold continues to fall and closes below the September 18 low of $2,546.86/ounce, it could lead to a deeper correction.

If gold prices fall below $2,546.86 an ounce, a deeper decline is likely, according to Jim Wyckoff, an analyst at Kitco Metals. The next resistance level is forecast at $2,700 an ounce and the support level is $2,500 an ounce.

Quoc Duong