Gold price today, November 6, 2024, recorded that the world market remained relatively stable while waiting for the results of the 2024 US presidential election. WGC stated that these elections do not have a significant or immediate impact on world gold prices.
| 1. PNJ - Updated: 11/05/2024 23:00 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 87,400 ▼300K | 88,500 ▼290K |
| HCMC - SJC | 87,000 | 89,000 |
| Hanoi - PNJ | 87,400 ▼300K | 88,500 ▼290K |
| Hanoi - SJC | 87,000 | 89,000 |
| Da Nang - PNJ | 87,400 ▼300K | 88,500 ▼290K |
| Da Nang - SJC | 87,000 | 89,000 |
| Western Region - PNJ | 87,400 ▼300K | 88,500 ▼290K |
| Western Region - SJC | 87,000 | 89,000 |
| Jewelry gold price - PNJ | 87,400 ▼300K | 88,500 ▼290K |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Southeast | PNJ | 87,400 ▼300K |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 87,400 ▼300K |
| Jewelry gold price - Jewelry gold 999.9 | 87,300 ▼300K | 88,100 ▼300K |
| Jewelry gold price - Jewelry gold 999 | 87,210 ▼300K | 88,010 ▼300K |
| Jewelry gold price - Jewelry gold 99 | 86,320 ▼300K | 87,320 ▼300K |
| Jewelry gold price - 916 gold (22K) | 80,300 ▼270K | 80,800 ▼270K |
| Jewelry gold price - 750 gold (18K) | 64,830 ▼220K | 66,230 ▼220K |
| Jewelry gold price - 680 gold (16.3K) | 58,660 ▼200K | 60,060 ▼200K |
| Jewelry gold price - 650 gold (15.6K) | 56,020 ▼190K | 57,420 ▼190K |
| Jewelry gold price - 610 gold (14.6K) | 52,490 ▼180K | 53,890 ▼180K |
| Jewelry gold price - 585 gold (14K) | 50,290 ▼170K | 51,690 ▼170K |
| Jewelry gold price - 416 gold (10K) | 35,400 ▼120K | 36,800 ▼120K |
| Jewelry gold price - 375 gold (9K) | 31,790 ▼110K | 33,190 ▼110K |
| Jewelry gold price - 333 gold (8K) | 27,820 ▼100K | 29,220 ▼100K |
Update gold price today 11/6/2024
Domestic gold price recorded SJC gold bar price did not fluctuate.
Currently, large enterprises still anchor the price of gold bars at 87 - 89 million VND/tael (buy - sell). Four state-owned banks (BIDV, Agribank, Vietinbank and Vietcombank) also announced selling gold bars online to people, at 89 million VND/tael.
SJC reduced the price of 99.99 gold rings, type 1 - 5, by 100,000 VND - 300,000 VND in both buying and selling prices, bringing the price down to 86.9 - 88.4 million VND/tael.
Phu Nhuan Jewelry Joint Stock Company (PNJ) also reduced the price of gold rings by 300,000 VND for buying to 87.4 million VND/tael and by 290,000 VND for selling to 88.5 million VND/tael.
Similarly, Bao Tin Minh Chau adjusted down 300,000 VND in both directions of trading plain round gold rings. Currently, the buying and selling price of this item is at 87.48 - 88.48 million VND/tael.
World gold prices remained stable as investors were cautious and did not make major investment decisions ahead of the US presidential election on November 5 (local time) and the US Federal Reserve's (Fed) policy meeting this weekend.
According to the World and Vietnam Newspaper at 6:00 p.m. on November 5, the world gold price on the Kitco exchange was at 2,737.5 - 2,738.5 USD/ounce, up 2.4 USD compared to the previous trading session.
The US presidential election race remains tight, with Democratic candidate Kamala Harris and Republican candidate Donald Trump neck and neck in the polls. The results may not be known for days after the polls close.
Gold prices are likely to rise regardless of who wins as both candidates appear unwilling to cut spending and want to increase it, said Marex analyst Edward Meir.
Gold may be volatile in the short term, but the target of $3,000 an ounce by 2025 is achievable, especially with continued government spending increases, Meir said.
Markets will also be paying attention to the Fed's interest rate decision due on November 7, along with remarks from Chairman Jerome Powell and other officials.
Markets are pricing in a 25 basis point rate cut this week, according to the CME FedWatch tool. That would be the Fed's second rate cut this year.
The World Gold Council (WGC) pointed out that the US elections do not have a significant or immediate impact on world gold prices.
Regardless of who wins the election, however, geopolitical risks remain elevated in the short term, which has investors hedging their portfolios, which could be a reason for the rise in gold prices.
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| Gold price today November 6, 2024: Will gold prices 'break the rules' after the US election? Will the market go up no matter who is president? Gold rings fell sharply. (Source: Market Times) |
Summary of gold prices at major domestic trading brands at closing times on the afternoon of November 5:
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.
Why is gold loved?
Professional investors tend to look down on gold for good reason: Gold doesn't generate returns.
Billionaire investor Warren Buffett says the people betting on gold are those who are fearful of other assets. He believes that group is growing.
According to experts Dirk Baur and Lai Hoang at the University of Western Australia, among US institutional investors managing more than $100 million in assets, only 25% own shares in gold exchange-traded funds (ETFs), and only 1.5% of those companies' assets are in gold.
All of this helps explain why gold holdings in ETFs have not increased, even as the price of the precious metal has risen.
But today, many believe that the global economy is actually in a downturn compared to just a few years ago and there are more compelling reasons to believe in gold.
More than two-thirds of family offices invest in gold, according to data provider Campden Wealth. Much of the demand comes from Asia, where China and India account for 20% of the world’s economic output but account for half of the physical gold consumers buy.
Germans and Swiss are the only Europeans who share this trend.
In China, the real estate crisis has prompted those with capital to look for new investment options.
Purchases of gold bars and coins rose 44% in the first half of this year compared to the same period in 2023. As India gets richer, more people have the money to buy gold. As a result, gold-backed lending has taken off.
Lender Muthoot Finance has seen its share price nearly triple in the past five years.
According to the WGC, since the beginning of 2022, central banks in China, Türkiye and India have bought 316, 198 and 95 tonnes of gold respectively.
Instead of investing in ETFs, central banks mainly accumulate physical gold and make sure they have gold on hand.
Central bank demand for gold is unlikely to decline in the near term.
In a survey of investors conducted by Invesco Asset Management this year, none of the 51 central banks expected to reduce their allocation to gold in their reserves over the next three years, and 37% expected to increase it. About 56% of central banks believe gold helps counter “weaponization” and 70% see it as a hedge against inflation.
Source: https://baoquocte.vn/gia-vang-hom-nay-6112024-gia-vang-co-pha-le-sau-bau-cu-my-thi-truong-se-di-len-du-ai-la-tong-thong-vang-nhan-rot-manh-292654.html
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