Gold price today November 22: World and domestic gold prices increase continuously

Domestic gold price today November 22, 2024

At the time of survey at 4:30 a.m. on November 22, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.8 million VND/tael for buying and 85.8 million VND/tael for selling. The price of 9999 gold rings increased by 500 thousand VND/tael for buying and 500 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 85.2-86.2 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 84-86.2 million VND/tael (buy - sell). Compared to yesterday, the price of SJC gold bars at BTMC increased by 800 thousand VND/tael for buying and 500 thousand VND/tael for selling.

At Bao Tin Manh Hai, it is currently trading at 83.7-86.2 million VND/tael (buy - sell). Compared to yesterday, the gold price increased by 800 thousand VND/tael for buying and 500 thousand VND/tael for selling.

The latest gold price list today, November 22, 2024 is as follows:

World gold price today November 22, 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 2,665.25 USD/Ounce. Today's gold price increased by 29.4 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,850 VND/USD), the world gold price is about 83.98 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.22 million VND/tael higher than the international gold price.

The domestic gold ring market continued to record a strong increase, approaching VND86 million/tael, the highest level in the past two weeks. This reflects the connection between domestic gold prices and world gold prices. With a positive long-term outlook and seasonal factors, small adjustments from the international market are unlikely to significantly affect gold prices in Vietnam.

Major banks such as Vietinbank and BIDV have also adjusted the selling price of gold bars by VND500,000/tael to VND86.2 million/tael, in line with the general market trend. Since the State Bank adjusted its policy, domestic gold bar prices have tended to follow world prices more closely, reducing the large difference as before.

In particular, in the current upward trend, many businesses have narrowed the gap between buying and selling prices of gold bars. This helps reduce risks for investors, because the smaller the gap between buying and selling prices, the less loss the buyer will suffer.

However, the gold ring market is facing difficulties in supply. Many gold shops apply measures to limit the quantity and opening hours, even announcing that they will not sell on some days. This causes many obstacles for people who want to buy gold rings.

Ms. Nguyen Phuong Nhi, who lives in Cau Giay District, Hanoi, shared that she has tried to buy gold rings many times but failed. "For the past month, I have tried to buy them whenever I have time, but each time I have failed. Yesterday the store announced that they were not selling, so I came early this morning but still had to leave empty-handed," she said.

Similarly, Ms. Pham Thi Tham, also in Cau Giay district, said that despite lining up early, she was still unable to buy gold rings. "I waited since the store had not opened yet, but when the staff announced that they were not selling, I had to leave because I could not wait any longer," she said.

Gold prices rose for a fourth straight day, buoyed by safe-haven demand amid rising tensions between Ukraine and Russia. Geopolitical tensions are rising as Russian President Vladimir Putin announced he would lower the threshold for using nuclear weapons in response to attacks.

Gold prices surged on concerns about a possible regional conflict and the use of nuclear weapons, according to Kyle Rodda, a financial markets analyst at Capital.com. These concerns were exacerbated by Ukraine’s continued use of British Storm Shadow missiles and U.S. missiles to attack Russia.

Global geopolitical tensions have also increased as the US vetoed a UN Security Council resolution calling for a ceasefire in Gaza, reinforcing gold’s appeal as a safe haven asset, especially amid low interest rates and persistent economic risks.

In addition, the weakening of the US dollar also contributed to the increase in gold prices. As the dollar fell 0.1%, gold became more accessible to international investors. The market is now closely watching the US Federal Reserve's interest rate policy, with expectations of a 0.25% interest rate cut in December.

Despite doubts about the Fed’s ability to cut interest rates, gold remains in a long-term uptrend, driven by fundamentals such as safe-haven demand, economic risks and future looser fiscal policies, said Kyle Rodda.

With the current price increase, investors should pay close attention to global developments. For short-term traders, the price of $2,660/ounce could be a resistance level. If the price breaks through this level, the possibility of further increases is very high. Conversely, if the price of gold falls below $2,550/ounce, there may be a correction, creating opportunities for investors looking for good prices.

For long-term investors, the outlook for gold prices remains very positive, and geopolitical factors, coupled with loose US monetary policy, could return gold prices to recent highs.

Gold Price Forecast

Julia Khandoshko, CEO of European brokerage Mind Money, told Kitco News that the recent decline in gold prices is just a temporary correction and does not change her bullish forecast. She asserted that gold prices will return to their all-time high of $2,800 an ounce in the near term, and she believes that gold could reach $3,000 an ounce by 2025.

According to Khandoshko, the recent price drop actually creates an opportunity for investors to enter the market. She stressed that temporary market fluctuations should not cause investors to overreact, as the overall upward trend in gold prices will continue in the long term.

Sharing the same view, ANZ Bank believes that the US Federal Reserve's (FED) pause in interest rate cuts in December could cause gold prices to fall in the short term, because when interest rates are high, the cost of holding gold - a non-yielding asset - will increase.

Bank of America is also bullish on gold prices in 2024-2025, raising its forecast for gold prices to $3,000 an ounce by 2025. According to Bank of America, the recovery and growth of the Chinese economy, along with changes in monetary policy in major economies, will support continued growth in gold prices. All of these factors combined will create a favorable environment for gold prices to reach $3,000 an ounce by 2025.

Technically, gold is currently facing resistance at $2,700 an ounce, but still finds strong support at $2,622 and $2,600 an ounce. Analysts at Société Générale predict that gold could fluctuate between $2,600 and $2,500 an ounce in the short term due to pressure from the US dollar and rising real interest rates.

Quoc Duong