World gold prices fall as investors take profits
World gold prices fell today amid expectations of the US government reopening and profit-taking sentiment. Experts recommend buying during corrections.
World gold prices ended the trading session on November 11 with strong fluctuations as investors took profits at high prices, amid expectations of the US government reopening soon. The precious metal market experienced a tug-of-war session, fluctuating strongly between safe-haven buying pressure and short-term profit-taking selling pressure.
In the international market, gold futures for December delivery fell 0.14% to $4,116.30 an ounce.
At the Multi Commodity Exchange (MCX), gold futures for December delivery fell 0.05% to $4,374 an ounce. Gold prices rose sharply at the beginning of the session, but profit-taking pressure soon narrowed profits.
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Gold prices fell from a three-week high on news that the US government is about to reopen and global stocks recovered. However, expectations of a Fed rate cut and a weaker US dollar still support the long-term uptrend of gold prices.
According to experts, gold prices still maintain strong support around 3,870 USD and have surpassed the psychological threshold of 4,100 USD/ounce, showing that the uptrend still has potential.
This week, gold prices are expected to fluctuate within the range of 3,960 - 4,220 USD/ounce. In the short term, gold has support at 4,084 - 4,050 USD and resistance at 4,154 - 4,180 USD.
At the MCX market, gold prices may be supported at $4,330 - $4,302/ounce and face resistance at $4,394 - $4,430/ounce.
Analysts recommend a “buy-on-dips” strategy, buying when prices correct. Investors can buy gold around the $4,354/ounce area with a stop loss of $4,316/ounce, targeting $4,422/ounce.
In the current volatile environment, this strategy helps investors capture the uptrend while still controlling risks, said expert Manoj Kumar Jain.
Domestically, as of 11:30 a.m., the price of SJC gold bars at DOJI Group, SJC, PNJ, and ACB gold bars was listed at 150 - 152 million VND/tael for buying and selling, unchanged in both directions.
SJC gold bar price at Bao Tin Minh Chau and Mi Hong is listed at 150.5-152 million VND/tael (buy - sell), unchanged in both directions.
Phu Quy Gold and Gemstone Group listed the price of SJC gold bars at 149-152 million VND/tael for both buying and selling, the price unchanged from yesterday.
For 9999 gold rings, as of 11:30 a.m., DOJI Group listed the price of Hung Thinh Vuong 9999 round gold rings at 148.5-151.5 million VND/tael (buy - sell), unchanged in both directions compared to yesterday.
Bao Tin Minh Chau listed the price of 9999 plain gold rings at 149.3-152.3 million VND/tael, unchanged in both buying and selling directions compared to yesterday.
The price of Phu Quy 9999 round gold ring is at 148.7-151.7 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to yesterday.
The gap between buying and selling gold at stores is currently at a high level of 1.5 to 3 million VND/tael, increasing the risk for individual investors. Investors with the mentality of buying gold for short-term trading should consider carefully before spending money.