Gold price today, November 7, 2024, recorded a market decline after the US election results - Mr. Trump became the 47th President of the country. Michele Schneider, chief strategist at MarketGauge, shared, "gold will ultimately win, no matter who becomes the US president."
| 1. PNJ - Updated: 11/06/2024 23:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 87,000 ▼400K | 88,200 ▼300K |
| HCMC - SJC | 87,000 | 89,000 |
| Hanoi - PNJ | 87,000 ▼400K | 88,200 ▼300K |
| Hanoi - SJC | 87,000 | 89,000 |
| Da Nang - PNJ | 87,000 ▼400K | 88,200 ▼300K |
| Da Nang - SJC | 87,000 | 89,000 |
| Western Region - PNJ | 87,000 ▼400K | 88,200 ▼300K |
| Western Region - SJC | 87,000 | 89,000 |
| Jewelry gold price - PNJ | 87,000 ▼400K | 88,200 ▼300K |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Southeast | PNJ | 87,000 ▼400K |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 87,000 ▼400K |
| Jewelry gold price - Jewelry gold 999.9 | 86,900 ▼400K | 87,700 ▼400K |
| Jewelry gold price - Jewelry gold 999 | 86,810 ▼400K | 87,610 ▼400K |
| Jewelry gold price - Jewelry gold 99 | 85,920 ▼400K | 86,920 ▼400K |
| Jewelry gold price - 916 gold (22K) | 79,930 ▼370K | 80,430 ▼370K |
| Jewelry gold price - 750 gold (18K) | 64,530 ▼300K | 65,930 ▼300K |
| Jewelry gold price - 680 gold (16.3K) | 58,390 ▼270K | 59,790 ▼270K |
| Jewelry gold price - 650 gold (15.6K) | 55,760 ▼260K | 57,160 ▼260K |
| Jewelry gold price - 610 gold (14.6K) | 52,250 ▼240K | 53,650 ▼240K |
| Jewelry gold price - 585 gold (14K) | 50,060 ▼230K | 51,460 ▼230K |
| Jewelry gold price - 416 gold (10K) | 35,230 ▼170K | 36,630 ▼170K |
| Jewelry gold price - 375 gold (9K) | 31,640 ▼150K | 33,040 ▼150K |
| Jewelry gold price - 333 gold (8K) | 27,690 ▼130K | 29,090 ▼130K |
Update gold price today 11/7/2024
Domestic gold prices recorded that SJC gold bars remained stable, while gold rings of all brands simultaneously decreased - recorded at the end of the session on November 6.
Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 87-89 million VND/tael, unchanged from yesterday's closing price.
DOJI gold bar prices in Hanoi and Ho Chi Minh City are listed at VND87 million/tael for buying and VND89 million/tael for selling, unchanged from the previous session.
Meanwhile, for gold rings, SJC 9999 was bought at 86.7 million VND/tael, sold at 88.2 million VND/tael, down 100,000 VND compared to yesterday's closing price. Doji Hung Thinh Vuong 9999 gold rings were bought and sold at a record high of 87.5-88.5 million VND/tael.
PNJ gold bought at 87.3 million VND/tael and sold at 88.4 million VND/tael, down 100,000 VND compared to the previous session.
World gold prices fell after the US election results, Mr. Trump became the 47th President of the country.
According to the World and Vietnam Newspaper at 6:00 p.m. on November 6, the world gold price on the Kitco electronic trading floor was at 2,722.3 - 2,723.3 USD/ounce, down 21.2 USD compared to the previous trading session.
Although gold is often seen as a safe haven during crises, the US election is still seen as a major risk for financial markets in general, including gold.
Currently, gold prices are fluctuating abnormally in a downward direction, reflecting investors' cautious sentiment in the face of the risk of disputed election results and potential political instability.
Besides the election, the gold market is also affected by the monetary policy of the US Federal Reserve (Fed), which is expected to be announced just 2 days after the election.
The upcoming Fed meeting is expected to complicate the gold market picture, making it harder to predict prices. However, experts predict that the Fed will cut interest rates by 25 basis points, a move that could support gold prices by increasing the appeal of non-yielding assets such as precious metals.
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| Gold price today 11/7/2024: Gold price covered in red after US election, how will Mr. Trump change the market? Waiting for new uptrend. (Source: Kitco News) |
Summary of gold prices at major domestic trading brands at closing times on the afternoon of November 6:
Saigon Jewelry Company SJC: SJC gold bars 87 - 89 million VND/tael.
Doji Group: SJC gold bars 87 - 89 million VND/tael.
PNJ system: SJC gold bars 87 - 89 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 87.2 - 89 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 87 - 89 million VND/tael.
"Gold will win in the end"
On Kitco News , Chief Strategist Michele Schneider from MarketGauge once shared that, "gold will ultimately win, no matter who becomes the US president."
In fact, US debt levels are approaching serious levels and are on an unsustainable trajectory following the recent post-Covid-19 pandemic cash injections and economic growth support.
However, according to experts, when Mr. Trump returns to the White House, the policy will be trade protection, tax cuts, especially for the super-rich, large corporations... Money will be pumped out through businesses. Meanwhile, Ms. Harris plans to "pump" money equally to "difficult" Americans and small and medium-sized businesses.
Once the money is pumped out (along with lower interest rates), gold will continue to rise in price. Many forecasts say that gold will reach $3,000/ounce in 2025.
However, gold will be under selling pressure to avoid risks before and immediately after the US election. The market will then gradually stabilize, possibly within the next 1 week - 10 days, and cash flow may then gradually return to gold as the whole world is lowering interest rates.
In a recent report, the World Bank (WB) also assessed that gold is a notable metal in 2025.
Looking further ahead, assessing the gold price outlook for 2025 and 2026, Mr. Bernard Dahdah, a precious metals analyst at Natixis, said that gold prices will be relatively stable at current levels for the next 2 years.
The expert predicts that the price of this precious metal will fluctuate on average between $2,725 in 2025 and $2,775 per ounce in 2026.
"The market mainly needs Western demand combined with a strong recovery of Chinese consumers to push prices up and stay above $3,000 an ounce," said Bernard Dahdah.
Source: https://baoquocte.vn/gia-vang-hom-nay-7112024-gia-vang-chien-thang-sau-bau-cu-my-ong-trump-thay-doi-thi-truong-ra-sao-cho-song-tang-moi-292754.html
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