| 1. PNJ – Updated: 28/11/2024 21:16 – Website time of source – ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City – PNJ | 83,400 ▼100K | 84,500 |
| Ho Chi Minh City – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Hanoi – PNJ | 83,400 ▼100K | 84,500 |
| Hanoi – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Da Nang – PNJ | 83,400 ▼100K | 84,500 |
| Da Nang – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Western Region – PNJ | 83,400 ▼100K | 84,500 |
| Western Region – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Gold jewelry prices – PNJ | 83,400 ▼100K | 84,500 |
| Gold jewelry prices – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Gold jewelry prices – Southeast Vietnam | PNJ | 83,400 ▼100K |
| Gold jewelry prices – SJC | 82,900 ▼100K | 85,400 ▼100K |
| Gold jewelry prices – Gold jewelry prices | PNJ Plain Ring 999.9 | 83,400 ▼100K |
| Gold jewelry prices – 999.9 gold jewelry | 83,300 ▼100K | 84,100 ▼100K |
| Gold jewelry prices – 999 gold jewelry | 83,220 ▼100K | 84,020 ▼100K |
| Gold jewelry prices – 99% pure gold jewelry | 82,360 ▼100K | 83,360 ▼100K |
| Jewelry gold price – 916 Gold (22K) | 76,640 ▼90K | 77,140 ▼90K |
| Jewelry gold prices – 750 (18K) gold | 61,830 ▼70K | 63,230 ▼70K |
| Jewelry gold price – 680 gold (16.3K) | 55,940 ▼70K | 57,340 ▼70K |
| Jewelry gold price – 650 gold (15.6K) | 53,420 ▼60K | 54,820 ▼60K |
| Jewelry gold price – 610 gold (14.6K) | 50,050 ▼60K | 51,450 ▼60K |
| Jewelry gold prices – 585 Gold (14K) | 47,950 ▼60K | 49,350 ▼60K |
| Jewelry gold price – 416 Gold (10K) | 33,740 ▼40K | 35,140 ▼40K |
| Jewelry gold price – 375 (9K) gold | 30,290 ▼40K | 31,690 ▼40K |
| Jewelry gold price – 333 Gold (8K) | 26,500 ▼40K | 27,900 ▼40K |
Gold price update for today, November 29, 2024
World gold prices frequently fluctuate, rising and falling in line with the US dollar, but they rarely change significantly.
After a strong recovery last week, world gold prices reversed course and fell again as expectations of a US Federal Reserve (Fed) interest rate cut in December faded. However, surprisingly, gold prices on the evening of November 28th surged nearly $20 higher than in the morning, reaching $2,646 per ounce.
According to the World & Vietnam Newspaper , at 9:00 PM on November 28th (Hanoi time), the world gold price listed on the Kitco electronic exchange was at... 2,646.20 – 2,647.20 USD/ounce , up 10.6 USD/ounce from the previous trading session.
Global gold prices have been fluctuating sharply in recent days. Gold prices recovered as the US dollar index cooled down in the international market and US government bond yields also fell. The current USD index is trading around 106.2 points, a sharp drop from its nearly three-year peak of 107.5 points.
According to analysts, the US market is entering the Thanksgiving holiday period, resulting in weak trading demand and purchasing power. Despite a recovery, the price of gold is still far below its historical peak of $2,790 per ounce. The precious metals market is closely monitoring the Fed's actions, particularly the possibility of interest rate cuts next year.
Analysts note that the drop in spot gold prices earlier this week wiped out the gains from the last trading day of the previous week. The decline occurred as investors took profits after a five-day winning streak and President-elect Donald Trump chose billionaire Scott Bessent as Treasury Secretary.
According to analysts, billionaire Bessent is considered a "fiscal hawk," so his choice could ease concerns about the federal deficit and the implementation of the new president's plans. Additionally, expectations of a December interest rate cut continue to decline, with CME's Fedwatch tool showing the money market pricing in only a 56% chance of a December cut, down from 62% last week.
Analysts at UBS Bank believe that gold prices will continue to fluctuate amid competing signals regarding inflation, interest rates, geopolitics, and upcoming US trade policy.
Domestic gold prices fluctuated sharply after a turbulent week.
Over the past month, the price of SJC gold and gold rings in Vietnam has dropped sharply by 4-5 million VND per tael. Excluding the high buy-sell spread, gold buyers are suffering double losses of 6-7 million VND per tael. Currently, most stores have stopped selling SJC gold bars. Buying plain gold rings at this time is also quite difficult. Many stores still limit their daily sales and do not announce opening hours in advance.
The price of SJC gold bars closed the trading session on November 28th in a state of fluctuation, with little change compared to the previous trading session. Saigon Jewelry Company (SJC) and some major gold trading businesses are currently listing SJC gold prices at 82.9 - 85.4 million VND/ounce (buying price - selling price).
The buy-sell price spread is very high, around 2 million VND per tael. This price difference is a factor that investors need to consider when participating in the gold market. It directly affects profitability, especially in the short term.
The price of plain gold rings decreased by approximately 200,000 – 500,000 VND/ounce for both buying and selling, depending on the business.
At the close of trading on November 28th, the price of 9999 pure gold rings at DOJI Group was 83.5 - 84.7 million VND/ounce. Bao Tin Minh Chau listed the price of gold rings at 83.38 - 84.73 million VND/ounce.
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| Gold prices today, November 29, 2024: World gold prices surprise, 'reversing course' to surge sharply at the last minute; does the market still have room for further price increases? (Source: Kitco) |
Summary of SJC gold bar prices and plain gold ring prices at major domestic gold trading brands at the close of trading last week (November 23):
Saigon Jewelry Company (SJC): SJC gold bars 82.9 - 85.4 million VND/ounce; SJC gold rings 85 - 86.5 million VND/ounce.
Doji Group: SJC gold bars 82.9 - 85.4 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 83.5 - 84.7 million VND/ounce.
PNJ system: SJC gold bars are priced at 82.9 - 85.4 million VND/ounce; PNJ 999.9 plain gold rings are priced at 85.5 - 86.8 million VND/ounce.
Phu Quy Gold and Silver Group: SJC gold bars: 82.9 – 85.4 million VND/ounce; Phu Quy 999.9 round gold rings: 85.6 – 86.8 million VND/ounce.
At Bao Tin Minh Chau, SJC gold prices are listed at 82.9 - 85.4 million VND/ounce; plain gold rings are traded at 83.38 - 84.73 million VND/ounce.
Does gold still have strong momentum?
Commodity analysts at UBS predict that gold price volatility will continue and that prices will reach $2,900 per ounce by 2025 due to geopolitical and financial concerns.
"We see significant room for gold prices to rise, targeting $2,900 per ounce by the end of 2025," said experts at UBS Bank. In their view, gold remains a useful hedge against geopolitical tensions and financial concerns.
Joni Teves, UBS's precious metals strategist, said in late October that gold still had strong support and even with prices near $2,800 an ounce at the time, investor allocation to gold remained relatively low.
“We remain optimistic about gold. We think the outlook is quite positive going into next year. The Fed’s monetary easing will continue to support gold and the fundamentals also remain positive. We expect central bank buying to continue and we think that demand for physical gold will remain strong even as prices continue to rise,” according to strategist Joni Teves.
UBS analysts also believe that investors still have ample room to build gold positions. "Overall, the market hasn't yet invested enough in gold and therefore still has room for further allocation," added expert Teves.
Spot gold turned positive today and is trading around $2,628.84 per ounce, up 0.12% on the day, and even after the price drop following the US presidential election, the yellow metal is still up 27.4% by 2024.
Over the past weekend and into this week, gold experienced a sharp decline following news that Israel and Hezbollah had agreed on a 60-day ceasefire. Expectations of easing tensions in the Middle East weighed on gold. However, geopolitical tensions are only one factor impacting gold. Furthermore, the ceasefire is only temporary. The Middle East is just one of several hotspots. Meanwhile, inflation is also a significant factor affecting the precious metal.
The world is currently witnessing the end of a monetary tightening cycle. Many countries, including the US, have begun a cycle of lowering interest rates.
Trump announced he would impose a 25% tariff on all goods from Mexico and Canada, as well as an additional 10% tariff on products from China. This announcement signals the beginning of the Trump 2.0 era. Trade wars are likely to erupt, driving up commodity prices and accelerating inflation. High inflation creates a favorable environment for gold.
Most experts predict that gold will remain on an upward trend. However, the commodity is likely to continue experiencing significant volatility as the world becomes increasingly complex. Trump's policies and statements are likely to continue impacting markets, causing sharp fluctuations in commodity prices.
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