Gold price today November 19, 2024: SJC gold, world gold and ring gold all increased sharply

Domestic gold price today November 19, 2024

At the time of survey at 4:30 a.m. on November 19, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82 million VND/tael for buying and 83.3 million VND/tael for selling. The price of 9999 gold rings increased by 1 million VND/tael for buying and 600 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 82.5-84 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars increased by 700 thousand VND/tael for buying and 500 thousand VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 81.2-84 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC increased by 900 thousand VND/tael for buying and 500 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is being traded at 81-84 million VND/tael (buy - sell). Compared to yesterday, it increased by 1 million VND/tael in the buying direction - increased by 500 thousand VND/tael in the selling direction.

The latest gold price list today, November 19, 2024 is as follows:

World gold price today November 19, 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 2,607.61 USD/Ounce. Today's gold price increased by 46.14 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,760 VND/USD), the world gold price is about 81.88 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.12 million VND/tael higher than the international gold price.

The domestic price of gold rings is increasing, reflecting the trend of world gold prices. This is mainly due to factors such as the peak season at the end of the year, when the demand for gold increases sharply in many Asian countries, including Vietnam.

This is the time when people buy gold to prepare for holidays, weddings, or as gifts. This habit is not only due to need but also associated with long-standing culture.

Currently, the domestic price of gold rings has reached 83.5 million VND per tael, the highest level since November 13. A notable point is that gold trading enterprises are reducing the gap between buying and selling prices to a common level of less than 2 million VND.

The lower the gap between the buying and selling price of gold, the less risk the gold buyer has. This means that if you buy gold, when you need to sell it, you will lose less value. Therefore, this move from businesses is considered a positive signal, helping to increase investor confidence.

The world gold price today increased by 1.8%, surpassing the 2,600 USD/ounce mark after a sharp decline last week, thanks to the slowdown of the USD. This recovery came after gold experienced its biggest drop since July.

According to expert Yeap Jun Rong, gold prices are in the process of recovering after a sharp decline. He believes that prices may continue to increase slightly in the coming time, thanks to the weakening USD. However, upcoming statements from US Federal Reserve (Fed) officials may affect gold prices, especially when the Fed is expected to keep interest rates unchanged in January 2025.

Fed officials are expected to make several key comments this week, with U.S. economic data, such as stronger-than-expected retail sales in October, prompting the Fed to consider keeping interest rates high for longer.

Despite pressure from interest rates, gold prices have risen about 30% this year, thanks to large purchases from central banks and increased demand as gold becomes a safe asset amid conflicts in the Middle East and Ukraine.

Goldman Sachs predicts that gold prices will reach $3,000/ounce by December 2025. This is a significant increase from the current level, reflecting the sustainable growth trend of the gold market.

The main reasons driving up gold prices include strong demand from global central banks, which are actively stockpiling gold as a safe haven asset, contributing to the rise in gold prices.

In addition, cash flow into gold ETFs is also an important factor helping to maintain and promote gold prices.

Goldman Sachs also said that uncertainty in US trade and financial policy, especially under Trump, could increase the appeal of gold as a safe asset. If trade tensions increase, demand for gold could continue to be pushed up.

Furthermore, concerns about the ability to maintain US fiscal policies could also support gold prices in the coming period.

In addition to gold, other markets such as oil are also expected to fluctuate. Brent crude oil prices may fluctuate between $70 and $85 per barrel, but could also increase if the US government takes stronger measures to limit Iran's oil exports.

Gold price forecast

According to Kitco News' weekly survey, the gold market is currently in a pessimistic mood. According to expert Sean Lusk of Walsh Trading, when gold prices fall, central banks will return to buying, however, the current economic situation in Europe is weakening, causing the euro to depreciate and these countries buy USD to protect their currencies. Therefore, gold prices may continue to move sideways or fall further if there are no important political events.

Forexlive expert Adam Button said that although gold prices have lost most of their gains, he still expects gold prices to stabilize at higher levels in the coming period, as the market awaits changes under the new US administration.

David Morrison from Trade Nation said that while the technical charts have improved, it is still too early to call a bottom in gold.

Gold prices have fallen for three consecutive weeks, posting their biggest drop in three years, said Marc Chandler of Bannockburn Global Forex. However, he forecasts that prices will stabilize and could return to the $2,600-$2,625 an ounce range.

Adam Button predicts gold could trade in the $2,400-$2,500 an ounce range by the end of the year. While gold prices could recover, the market will have to wait and see President Trump’s trade policies and how other countries respond.

Quoc Duong