Gold prices fluctuate ahead of the US election, the precious metal craze stirs up excitement among BRICS countries and billionaires, and gold rings continue to fall.

Gold prices today, November 5, 2024: Gold prices fluctuate ahead of the US election; Trump could push the precious metal up to $2,900 per ounce. This is due to central banks, the BRICS group, and billionaires buying heavily. Gold ring prices continue their downward trend.

1. PNJ - Updated: 04/11/2024 22:00 - Website time of source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
Ho Chi Minh City - PNJ	87,700 ▼300K	88,790 ▼360K
Ho Chi Minh City - SJC	87,000 ▼500K	89,000 ▼500K
Hanoi - PNJ	87,700 ▼300K	88,790 ▼360K
Hanoi - SJC	87,000 ▼500K	89,000 ▼500K
Da Nang - PNJ	87,700 ▼300K	88,790 ▼360K
Da Nang - SJC	87,000 ▼500K	89,000 ▼500K
Western Region - PNJ	87,700 ▼300K	88,790 ▼360K
Western Region - SJC	87,000 ▼500K	89,000 ▼500K
Gold jewelry prices - PNJ	87,700 ▼300K	88,790 ▼360K
Gold jewelry prices - SJC	87,000 ▼500K	89,000 ▼500K
Gold jewelry prices - Southeast Vietnam	PNJ	87,700 ▼300K
Gold jewelry prices - SJC	87,000 ▼500K	89,000 ▼500K
Gold jewelry prices - Gold jewelry prices	PNJ Plain Ring 999.9	87,700 ▼300K
Gold jewelry prices - 999.9 gold jewelry	87,600 ▼300K	88,400 ▼300K
Gold jewelry prices - 999 gold jewelry	87,510 ▼300K	88,310 ▼300K
Gold jewelry prices - 99% pure gold jewelry	86,620 ▼290K	87,620 ▼290K
Jewelry gold prices - 916 (22K) gold	80,570 ▼280K	81,070 ▼280K
Jewelry gold price - 750 (18K) gold	65,050 ▼230K	66,450 ▼230K
Jewelry gold price - 680 gold (16.3K)	58,860 ▼210K	60,260 ▼210K
Jewelry gold price - 650 gold (15.6K)	56,210 ▼200K	57,610 ▼200K
Jewelry gold price - 610 gold (14.6K)	52,670 ▼190K	54,070 ▼190K
Jewelry gold prices - 585 Gold (14K)	50,460 ▼180K	51,860 ▼180K
Jewelry gold price - 416 Gold (10K)	35,520 ▼130K	36,920 ▼130K
Jewelry gold price - 375 (9K) gold	31,900 ▼110K	33,300 ▼110K
Jewelry gold price - 333 Gold (8K)	27,920 ▼100K	29,320 ▼100K

Gold price update for today, November 5, 2024

Domestic gold prices fell on November 4th.

Following the slowdown in global gold prices, the prices of SJC gold rings and bars in Vietnam continued their sharp decline on the morning of November 4th.

Specifically, Saigon Jewelry Company (SJC) and DOJI Gold and Jewelry Group announced the price of SJC gold bars at 87-89 million VND/ounce (buying price - selling price), a decrease of 500,000 VND/ounce in both buying and selling prices compared to the closing price of the previous day.

Similarly, DOJI Gold and Gemstone Group listed the price of gold rings at 87.8 - 88.8 million VND/ounce (buying price - selling price), a decrease of 450,000 VND/ounce in both buying and selling prices.

Gold prices today, November 5, 2024: Gold prices fluctuate ahead of the US election; the precious metal craze fuels excitement among BRICS countries and billionaires; gold rings continue to decline. (Source: Livemint)

Summary of gold prices at major domestic gold retailers at the close of trading on the afternoon of November 4th:

Saigon Jewelry Company (SJC): SJC gold bars 87 - 89 million VND/ounce; SJC gold rings 87 - 88.7 million VND/ounce.

Doji Group: SJC gold bars 87 – 89 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 87.6 – 88.8 million VND/ounce.

PNJ system: SJC gold bars: 87 – 89 million VND/ounce; PNJ 999.9 plain gold rings: 87.7 – 88.79 million VND/ounce.

Phu Quy Gold and Silver Group: SJC gold bars: 87.2 - 89 million VND/ounce; Phu Quy 999.9 round gold rings: 87.7 - 88.8 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at 87-89 million VND/ounce. The price of plain round gold rings from Thang Long Gold Dragon is listed at 87.78-88.78 million VND/ounce.

Thus, compared to the morning session of November 4th, the price of gold rings at businesses tended to decrease in the afternoon session of the same day. Specifically, Doji Group listed a decrease of 200,000 VND/ounce in the buying price and kept the selling price unchanged.

According to World & Vietnam Newspaper and information on Kitco News , as of 7:37 PM Vietnam time on November 4th, the world gold price was listed at 2,740.8 USD/ounce, an increase of 4.3 USD/ounce compared to the previous trading session.

Based on the USD exchange rate at Vietcombank on November 4th, 1 USD = 25,465 VND, the world gold price is equivalent to 84.09 million VND per tael.

Global gold prices fluctuated slightly during the November 4th trading session as investors remained cautious ahead of the US presidential election and the Federal Reserve's upcoming decision on interest rates.

Spot gold held steady at $2,738.27 per ounce at 10:53 GMT, after hitting a record high of $2,790.15 per ounce last Thursday.

US gold futures fell 0.1% to $2,747.10 per ounce.

The US presidential election took place on November 5th, with opinion polls showing Democratic candidate Kamala Harris and Republican Donald Trump neck and neck.

"The driver for gold this week will be the US election. In my view, a Fed interest rate cut is unlikely to cause much volatility because the central bank is likely to signal further cuts in line with market expectations," said UBS analyst Giovanni Staunovo .

He added: "We believe that a Trump victory will bring gold prices closer to the $2,900/ounce target faster, while a Harris victory could cause gold prices to temporarily fall."

The US central bank's interest rate decision and a speech by Fed Chairman Jerome Powell will be released this Thursday. Traders are giving near-100% probability of a quarter-point rate cut.

Gold bullion has risen 33% this year and reached several record highs along the way. Traditionally, gold bullion is considered a hedge against economic and political instability and tends to perform well when interest rates are low.

The dollar index (.DXY) fell 0.6%, hitting a two-week low. A weaker greenback makes gold, priced in USD, more attractive to buyers holding other currencies.

In China, the world's leading gold consumer, the Standing Committee of the National People's Congress is meeting from November 4-8. Markets are anticipating the meeting will approve further fiscal stimulus measures.

Meanwhile, Asian gold prices also remained stable in afternoon trading on November 4th. Market analyst Tim Waterer at KCM Trade said that this week's volatility could benefit gold, boosting safe-haven demand and driving up prices. Waterer also suggested that the weakening US dollar has supported the price of the precious metal.

Gold rush: Central banks, BRICS, and billionaires buy in.

According to J Post , gold prices reached record highs as central banks, the BRICS group of emerging economies, and billionaires stockpiled the metal.

As gold prices surge to new record highs and silver nears record highs, a global shift is underway in the world of precious metals. Central banks, BRICS nations, and high-net-worth individuals are buying gold and silver at unprecedented rates, solidifying the metals' status as safe-haven assets amid financial turmoil. However, while the elite consolidate their gold holdings, many ordinary Americans find themselves unable to participate, simply watching from the sidelines as prices continue to rise.

The rise of gold and silver: Who is buying?

The latest data from the World Gold Council highlights that central banks have been buying gold aggressively for years. In 2023 alone, central banks added more than 1,000 tonnes to their reserves – the highest level in over five decades.

The BRICS nations (Brazil, Russia, India, China, and South Africa) have collectively fueled this increase, viewing gold as a hedge against USD volatility. Meanwhile, high-net-worth individuals and institutional investors have increased their holdings, betting on gold's resilience amid inflationary pressures and the risk of currency devaluation.

For billionaires, the appeal of gold is clear: it serves both as a store of value and a hedge against currency instability. A recent report noted that 21% of ultra-high net worth individuals globally have increased their gold holdings over the past two years. This trend is reflected in the activity of sovereign wealth funds and central banks, who view gold as a crucial strategic asset.

Why would the average American miss out?

Unlike the wealthier population, most Americans did not participate in the gold rush. Average households continue to struggle with rising living costs, many relying on monthly wages, leaving little room for purchasing the precious metal. They lack disposable income to buy gold; the majority of their assets are tied up in real estate and basic necessities.

The future of gold

Despite record high prices, analysts believe gold and silver still have room to rise. Limited access to these assets among American households could mean a significant portion of demand remains untapped. According to Fed data, the average household in the world's largest economy holds less than 0.5% of its assets in precious metals, compared to significantly higher percentages in countries like China and India. This disparity suggests that any future price corrections could attract further interest from Americans if economic conditions allow, potentially pushing prices even higher.

Meanwhile, some Americans have turned to alternative investments like Bitcoin, viewing it as a kind of "digital gold." However, traditional investors continue to see the precious metal as the ultimate hedge against economic instability.

As central banks and wealthy investors strengthen their positions in gold and silver, the gap between "haves" and "donors" in the precious metals market widens. For those already invested, the potential for price appreciation remains promising. However, for those on the outside looking in, rising prices mean that opportunities to enter the market may be closing faster than expected.

Source: https://baoquocte.vn/gia-vang-hom-nay-5112024-gia-vang-bien-dong-truc-bau-cu-my-con-sot-quy-kim-khien-brics-va-gioi-ty-phu-suc-soi-vang-nhan-tiep-da-giam-292575.html