World gold price on November 21: Increased continuously for three sessions, reaching a one-week peak

DNVN - On November 20, global gold prices continued to increase for the third consecutive session, reaching the highest level of the week, as increased geopolitical instability due to escalating tensions between Russia and Ukraine boosted demand for safe assets.

At 1:42 a.m. on November 21, Vietnam time, the spot gold price increased by 0.6% to $2,647.43/ounce, after hitting its highest peak since November 11 earlier in the session. US gold futures also increased by 0.8% to $2,651.70/ounce.

Peter Grant, vice president and senior metals strategist at Zaner Metals, said the tensions in Ukraine have increased demand for safe-haven assets like gold. However, he warned that the strength of the US dollar could limit the gold price rally in the near term.

The dollar rebounded after three days of declines, limiting gold’s gains by making the precious metal more expensive for international buyers. Gold posted its biggest weekly decline in more than three years last week as the dollar index hit a one-year high.

Investors are now focused on speeches from several Federal Reserve officials this week. Market expectations for a December rate cut have fallen sharply to 55.7% from 82.5% a week ago.

According to ANZ Bank, the Fed's delay of a December rate cut could put short-term pressure on gold prices. However, factors such as the monetary easing cycle, macroeconomic and geopolitical uncertainties, along with stable physical gold demand, will maintain positive sentiment in the gold market.

Many brokerage firms believe that tax proposals from US President-elect Donald Trump will increase volatility in global markets, push up inflation, thereby limiting the ability of major central banks to loosen monetary policy.

Gold is still seen as an effective hedge against inflation, but higher interest rates reduce the appeal of the non-yielding asset.

Meanwhile, in other precious metals markets, spot silver fell 0.9% to $30.92 an ounce. Platinum fell 1.8% to $956.87 an ounce, while palladium also fell 1.8% to $1,016.73 an ounce.

In the domestic market, on the morning of November 21, Saigon Jewelry Company listed the price of SJC gold at 82.70 - 85.92 million VND/tael (buy - sell).

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-21-11-tang-lien-tuc-ba-phien-cham-dinh-mot-tuan/20241121083704524