Gold price today November 26, 2024: World and domestic gold prices both decrease

Domestic gold price today November 26, 2024

At the time of survey at 4:30 a.m. on November 26, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.3 million VND/tael for buying and 85.8 million VND/tael for selling. The price of 9999 gold rings decreased by 1.3 million VND/tael for buying and 800 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 84.5-86 million VND/tael for buying and selling. Compared to yesterday, the price of SJC gold bars decreased by 800 thousand VND/tael for buying and 1 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 84.6-86.6 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 84.6-86.6 million VND/tael (buy - sell). Compared to yesterday, the gold price decreased by 700 thousand VND/tael in the buying direction, decreased by 400 thousand VND/tael in the selling direction.

The latest gold price list today, November 26, 2024 is as follows:

World gold price today November 26, 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 2,660.83 USD/Ounce. Today's gold price decreased by 51.08 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,840 VND/USD), the world gold price is about 83.80 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.80 million VND/tael higher than the international gold price.

Since the beginning of last week, the price of gold rings has continuously increased strongly, from under 83 million VND/tael to nearly 87 million VND. However, today, the world gold price suddenly dropped sharply, negatively affecting the domestic market, causing the price of gold rings to drop sharply by about 1 million VND/tael.

What is special is that while last week gold businesses narrowed the gap between buying and selling prices, today the gap has widened, with buying prices falling more sharply than selling prices. This is not favorable for investors who want to sell gold, because they will have to accept lower prices.

Therefore, if you are planning to trade gold, especially sell, you need to consider carefully before deciding, because the current market situation is quite volatile.

After 5 consecutive sessions of increase, the world gold price has dropped sharply by more than 50 USD/ounce, mainly due to investors selling to take profits.

At the beginning of the trading session, the world spot gold price fell to 2,660.83 USD/ounce. According to expert Matt Simpson from City Index, investors wanted to take advantage of last week's high price (2,711 USD/ounce) to take profits, causing the gold price to be under pressure to decrease.

Short trading hours this week, due to the Thanksgiving holiday in the US, are also the reason why gold prices have had difficulty maintaining the upward momentum from last week.

Meanwhile, physical gold demand in India and China has declined. In India, high domestic gold prices have reduced purchasing power, and trading has been relatively quiet in China and other Asian countries.

Additionally, the announcement that Scott Bessent will be the next US Treasury Secretary, which is expected to reduce uncertainty in US-China trade relations, also added pressure on gold prices.

The US is expected to release some important economic data this week such as the October meeting minutes, adjusted third quarter GDP, and the PCE consumer price index. These are factors that may impact the gold market in the coming time.

The probability of a Fed rate cut in December has dropped to 51% from 62%, according to the CME FedWatch tool. Higher interest rates make gold less attractive because it does not pay interest.

However, gold prices remained supported by geopolitical tensions, particularly concerns about nuclear risks in the Russia-Ukraine conflict, which boosted demand for safe havens. On the geopolitical front, Hezbollah launched rockets into Israel after an Israeli airstrike killed at least 29 people in Beirut.

Elsewhere, Bitcoin rose slightly to $97,511 after hitting a high of $99,830 last week. The currency surged on expectations that President Donald Trump would adopt a more crypto-friendly policy following his landslide election victory.

Gold Price Forecast

Gold prices are forecasted to fluctuate between $2,694 and $2,670 per ounce in the coming time, with resistance levels ranging from $2,728 to $2,745 per ounce.

Experts believe that gold will continue to be in an uptrend until prices remain above $2,550/ounce. However, if prices fall below the support level of $2,650, profit-taking and price correction are likely.

According to Kitco News' weekly gold survey, the market is currently optimistic about the short-term gold price outlook. Experts predict gold prices will fluctuate between $2,690 and $2,715 per ounce in the near term.

Rich Checkan, CEO of Asset Strategies International, said that gold prices could rise this week. Gold prices tend to rise after a sharp sell-off, especially when there are factors such as the US election, tensions between Russia and Ukraine, and strong buying demand when prices are low. Investors are expected to participate in the market more this week.

This week’s roughly 5% gain could make up for earlier losses, said Marc Chandler, chief executive officer at Bannockburn Global Forex. Given the current geopolitical situation, gold could hit $3,000 an ounce next year.

Quoc Duong