Gold prices today, November 2nd, 2024: World gold prices broke their streak of consecutive record-breaking days, falling from near $2,800/ounce. The domestic market unexpectedly saw a "strange development" on the first day of the month, with prices falling sharply, prompting many to rush to buy. Has the optimism surrounding gold prices diminished?
| 1. PNJ - Updated: 01/11/2024 23:30 - Website time of source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 88,000 ▼400K | 89,150 ▼350K |
| Ho Chi Minh City - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Hanoi - PNJ | 88,000 ▼400K | 89,150 ▼350K |
| Hanoi - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Da Nang - PNJ | 88,000 ▼400K | 89,150 ▼350K |
| Da Nang - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Western Region - PNJ | 88,000 ▼400K | 89,150 ▼350K |
| Western Region - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Gold jewelry prices - PNJ | 88,000 ▼400K | 89,150 ▼350K |
| Gold jewelry prices - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Gold jewelry prices - Southeast Vietnam | PNJ | 88,000 ▼400K |
| Gold jewelry prices - SJC | 87,500 ▼500K | 89,500 ▼500K |
| Gold jewelry prices - Gold jewelry prices | PNJ Plain Ring 999.9 | 88,000 ▼400K |
| Gold jewelry prices - 999.9 gold jewelry | 87,900 ▼400K | 88,700 ▼400K |
| Gold jewelry prices - 999 gold jewelry | 87,810 ▼400K | 88,610 ▼400K |
| Gold jewelry prices - 99% pure gold jewelry | 86,910 ▼400K | 87,910 ▼400K |
| Jewelry gold prices - 916 (22K) gold | 80,850 ▼370K | 81,350 ▼370K |
| Jewelry gold price - 750 (18K) gold | 65,280 ▼300K | 66,680 ▼300K |
| Jewelry gold price - 680 gold (16.3K) | 59,070 ▼270K | 60,470 ▼270K |
| Jewelry gold price - 650 gold (15.6K) | 56,410 ▼260K | 57,810 ▼260K |
| Jewelry gold price - 610 gold (14.6K) | 52,860 ▼240K | 54,260 ▼240K |
| Jewelry gold prices - 585 Gold (14K) | 50,640 ▼230K | 52,040 ▼230K |
| Jewelry gold price - 416 Gold (10K) | 35,650 ▼170K | 37,050 ▼170K |
| Jewelry gold price - 375 (9K) gold | 32,010 ▼150K | 33,410 ▼150K |
| Jewelry gold price - 333 Gold (8K) | 28,020 ▼130K | 29,420 ▼130K |
Gold price update for today, November 1, 2024
World gold prices fell on the first day of November, dropping from a peak of nearly $2,800.
After holding above $2,600 per ounce at the start of the month's first trading session, gold once again faced strong selling pressure, as prices failed to sustain gains at their all-time record high of $2,800 per ounce.
According to World & Vietnam Newspaper , at 5:45 PM on November 1st (Hanoi time), the world gold price traded on the Kitco electronic exchange at 2,746.20 - 2,747.20 USD/ounce , an increase of 2.9 USD/ounce compared to the previous trading session, after several consecutive sessions of decline.
Investors are now once again wondering whether this is the long-awaited correction, or just a minor dip followed by a quick buy-out.
Thus, after a series of consecutive days reaching record highs, world gold prices have reversed sharply downwards, from an all-time high of $2,789 per ounce to $2,746 per ounce.
Some analysts note that better-than-expected economic data over the weekend could put pressure on gold in the near future. Ahead of official government figures, for example, private sector payroll data showed strong job growth last month. Ricardo Evangelista, Senior Analyst at ActivTrades, said: "These numbers could shift market sentiment around gold. Strong data would reduce the likelihood of a large Fed interest rate cut, which could fuel a sell-off in Treasury bonds, pushing yields higher and boosting USD demand."
It's not just economic data putting pressure on the gold market. Alex Kuptsikevich, Head of Market Analysis at FxPro , also noted that gold's momentum indicators are in overbought territory. "A correction signal begins when the asset returns from overbought territory; before this point, going against the trend is challenging, as prices can fluctuate sharply due to short-term margin calls," he said.
According to Alex Kuptsikevich, "Based on weekly data, the RSI has crossed the 80 mark. This is only the sixth time in the last 15 years. Corrections have always followed, with the lowest point being a 5% correction in April of this year. On other occasions, the retracement has been between 8% and 20%."
Domestic gold prices have plummeted across the country.
Following the global gold price trend, after a series of continuous price increases, the price of gold has decreased by approximately 500,000 VND/ounce for SJC gold bars and by 400-500,000 VND/ounce for gold rings, depending on the brand.
Amidst the sharp drop in prices, the domestic market is experiencing unusual developments, quite different from the past few months. Instead of announcing they had run out of gold to sell and were only buying as they did yesterday, on the afternoon of November 1st, many large gold shops in Hanoi simultaneously opened for sales without issuing queue numbers and without limiting the number of buyers per day. Therefore, during the sharp decline at the beginning of the month, many customers took advantage of the opportunity to buy.
At the close of trading on the afternoon of November 1st, SJC gold bars were uniformly listed at 87.5 - 89.5 million VND/ounce (buying price - selling price) at leading precious metal trading establishments such as Saigon Jewelry Company and the four Big4 banks.
The price of 9999 pure gold rings also saw significant adjustments on the first day of the month. Gold rings at Saigon Jewelry Company (SJC) were listed at 87.4 - 88.9 million VND/ounce; Bao Tin Minh Chau Company listed them at 88.18 - 89.18 million VND/ounce.
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| Gold prices today, November 2, 2024: Gold prices are undergoing a correction - an opportunity to buy now, 'unusual developments' in the domestic market? (Source: Kitco News) |
Summary of SJC gold bar prices and gold ring prices at major domestic gold trading brands at the closing times of the first trading session of November (November 1st ):
Saigon Jewelry Company: SJC gold bars 87.5 - 89.5 million VND/ounce; SJC gold rings 87.4 - 88.9 million VND/ounce.
Doji Group: SJC gold bars 87.5 - 89.5 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 88.25-89.25 million VND/ounce.
PNJ system: SJC gold bars priced at 87.5 - 89.5 million VND/ounce; PNJ 999.9 plain gold rings priced at 88 - 89.15 million VND/ounce.
Phu Quy Gold and Silver Group: SJC gold bars: 87.5 - 89.5 million VND/ounce; Phu Quy 999.9 round gold rings: 88.60 - 89.80 million VND/ounce.
At Bao Tin Minh Chau, SJC gold prices are listed at 87.5 - 89.5 million VND/ounce; plain gold rings are traded at 88.18 - 89.18 million VND/ounce.
Has the outlook for gold prices become less optimistic?
Global gold prices have risen for five consecutive weeks due to the crisis in the Middle East and the potentially volatile US election. Gold prices have increased by more than 32% this year, driven by safe-haven demand stemming from tensions between Israel and Iran in the Middle East, a 0.5 basis point interest rate cut by the US central bank, and a tense race for the White House.
Some analysts have noted that, since the summer, gold's corrections have been relatively shallow, but the rebounds have been too strong. For example, the gold sell-off earlier this month pushed prices down to $80, before renewed buying triggered a rally to $2,800.
Despite rising risks in the market, David Morrison, Senior Market Analyst at Trade Nation, said the gold market may not be ready for a sharp correction.
"Gold is definitely in need of a correction, or at least a reasonable consolidation phase. Gold has risen 40% since mid-February, from $1,990 to $2,790, in a fairly direct way," analyst Morrison explained.
However, "at current levels, gold is not yet overbought like it was in April. Therefore, prices could rise a little more before reaching a 'decisive point'," the Trade Nation expert commented.
Some other analysts suggest they don't expect a significant correction in gold until prices reach $3,000 per ounce, a key psychological level. This would represent an all-time high adjusted for inflation.
Meanwhile, while gold is expected to experience some short-term volatility, many analysts continue to view lower prices as a buying opportunity. Analysts have noted that the gold bull market remains well-supported by strong fundamentals, as geopolitical uncertainty remains high.
Meanwhile, many analysts remain optimistic about gold as the Fed begins a new easing cycle. Despite strong economic data this week, the market still expects the Fed to cut interest rates by 25 basis points at its next two meetings and for most of 2025.
Currently, investors remain cautious ahead of next week's US presidential election and are closely monitoring geopolitical developments to make investment decisions.
In the medium and long term, Daniel Pavilonis, senior market strategist at RJO Futures, believes that gold is being supported by several factors and has significant room for further gains. He predicts that the price of gold could reach $2,850 per ounce this year.
According to Dow Jones Newswires, global central banks, particularly in emerging markets, have been aggressively buying gold as they continue to work toward reducing their reliance on the US dollar, a trend that will continue to support gold prices.
Source: https://baoquocte.vn/gia-vang-hom-nay-2112024-gia-vang-dang-duoc-dieu-chinh-manh-co-hoi-mua-vao-ngay-luc-nay-dien-bien-la-o-thi-truong-trong-nuoc-292182.html
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