Gold price breaks 9-month growth streak, is the possibility of sustainable growth "at risk"?

Gold price today November 30, 2024: World gold prices cannot continue to increase continuously for the past 9 months. Domestic gold prices fluctuate erratically, experts warn that the market will maintain the possibility of adjustment in the coming time.

1. PNJ - Updated: 11/29/2024 23:00 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	83,600 ▲200K	84,700 ▲200K
HCMC - SJC	83,300 ▲400K	85,800 ▲400K
Hanoi - PNJ	83,600 ▲200K	84,700 ▲200K
Hanoi - SJC	83,300 ▲400K	85,800 ▲400K
Da Nang - PNJ	83,600 ▲200K	84,700 ▲200K
Da Nang - SJC	83,300 ▲400K	85,800 ▲400K
Western Region - PNJ	83,600 ▲200K	84,700 ▲200K
Western Region - SJC	83,300 ▲400K	85,800 ▲400K
Jewelry gold price - PNJ	83,600 ▲200K	84,700 ▲200K
Jewelry gold price - SJC	83,300 ▲400K	85,800 ▲400K
Jewelry gold price - Southeast	PNJ	83,600 ▲200K
Jewelry gold price - SJC	83,300 ▲400K	85,800 ▲400K
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	83,600 ▲200K
Jewelry gold price - Jewelry gold 999.9	83,500 ▲200K	84,300 ▲200K
Jewelry gold price - Jewelry gold 999	83,420 ▲200K	84,220 ▲200K
Jewelry gold price - Jewelry gold 99	82,560 ▲200K	83,560 ▲200K
Jewelry gold price - 916 gold (22K)	76,820 ▲180K	77,320 ▲180K
Jewelry gold price - 750 gold (18K)	61,980 ▲150K	63,380 ▲150K
Jewelry gold price - 680 gold (16.3K)	56,070 ▲130K	57,470 ▲130K
Jewelry gold price - 650 gold (15.6K)	53,550 ▲130K	54,950 ▲130K
Jewelry gold price - 610 gold (14.6K)	50,170 ▲120K	51,570 ▲120K
Jewelry gold price - 585 gold (14K)	48,070 ▲120K	49,470 ▲120K
Jewelry gold price - 416 gold (10K)	33,820 ▲80K	35,220 ▲80K
Jewelry gold price - 375 gold (9K)	30,360 ▲70K	31,760 ▲70K
Jewelry gold price - 333 gold (8K)	26,570 ▲70K	27,970 ▲70K

Update gold price today 11/30/2024

World gold prices did not fluctuate much, although the USD fell from its two-year peak.

The price of gold in the world market last week made some experts skeptical about the possibility of sustainable increase in the price of this precious metal, saying that gold prices are simply benefiting from the temporary geopolitical tension in Eastern Europe.

According to the World & Vietnam Newspaper , at 9:00 p.m. on November 29 (Hanoi time), the world gold price listed on the Kitco electronic floor was at 2,646.20 - 2,647.20 USD/ounce , up 10.6 USD/ounce compared to the previous trading session.

Hedging demand was the main driver of gold’s rise this week as the Russia-Ukraine military conflict heated up as more dangerous weapons were deployed by both sides against each other. Gold rose even as the US dollar strengthened as the greenback also played its role as a “safe haven”.

A report by Swiss bank UBS said that the recent sharp increase in gold prices has reinforced the precious metal's role as a "favorite hedge against geopolitical tensions".

UBS maintains its target of $2,900 an ounce for gold prices through the end of 2025, partly because gold is also an asset that helps investors preserve value against “political pressures including high levels of public debt.”

On a more cautious note, Naeem Aslam, chief investment officer at Zaye Capital Markets, said he would not be surprised if gold prices enter a consolidation phase as the yellow metal has rallied strongly in recent times despite the rising trend of the US dollar and US stocks.

“It’s unusual for both risk assets and safe havens to rally. The main reason here is that investors are reacting to the increased geopolitical tensions between Russia and Ukraine, but are still optimistic that things won’t get out of hand because they think the US president-elect can ease those tensions.”

“The rally in gold is largely driven by safe-haven demand… Barring further escalation in Eastern Europe, further upside in gold prices could be limited until the market gets more clarity on Trump’s policies and the Fed’s interest rate path,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Domestic gold prices fluctuate constantly.

Experts predict that domestic gold prices will continue to adjust in the coming time.

SJC gold bar price decreased by more than 1 million VND after 1 week of trading, reaching nearly 86 million VND/tael.

The price of plain round gold rings increased slightly to 85 million VND/tael.

Gold price today 11/30/2024: Gold price, the possibility of sustainable increase

Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of the trading session on November 29:

Saigon Jewelry Company SJC: SJC gold bars 82.9 - 85.4 million VND/tael; SJC gold rings 82.5 - 84.4 million VND/tael.

Doji Group: SJC gold bars 82.9 - 85.4 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.5 - 84.7 million VND/tael.

PNJ system: SJC gold bars 82.9 - 85.4 million VND/tael; PNJ 999.9 plain gold rings at 83.4 - 8.45 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 82.9 - 85.4 million VND/tael; Phu Quy 999.9 round gold rings: 82.60 - 84.60 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 82.9 - 85.4 million VND/tael; plain gold rings are traded at 83.38 - 84.73 million VND/tael.

Gold price officially stopped increasing?

Gold's nine-month winning streak is now under threat, says Forex.com expert James Stanley

Gold posted its strongest weekly performance since the regional banking crisis of 2023 last week, but the yellow metal's nine-month winning streak is under threat as the month ends, according to James Stanley, senior market strategist at Forex.com.

“Last week was a breakout week for gold. Spot gold rose 5.98%, a clear and decisive response from buyers after the pullback that occurred around the November open.”

However, there are some geopolitical drivers behind the move as escalating Russia-Ukraine tensions have drawn buyers back in and while key support remains in place, the momentum is not a sure thing as December approaches, said Stanley.

“Gold rallied every day last week before opening this week with a strong pullback,” said strategist Stanley, adding that while bulls were in control last week, this week has been a different story.

“The initial move after the weekly open tested the price above $2,720 but sellers quickly took hold of that level, sending the price down to the previous support zone at $2,660-$2,666/oz,” he wrote.

“After a bounce from that zone, sellers are ready to take the price lower with resistance at the previous support level, taken from $2,685.

And then when the US markets opened on Monday, sellers made a big push, dropping just above $2,600, which is where the sell-off finally started to slow down a bit.”

He noted that throughout the trading session of the first two days of the week, “it was all about the $2,617-$2,621 area, which finally helped cool the support level before the bulls made another shot to regain control of the situation.

Source: https://baoquocte.vn/gia-vang-hom-nay-30112024-gia-vang-ngat-chuoi-tang-9-thang-kha-nang-di-len-ben-vung-gap-rui-ro-295511.html