Gold prices today, November 22, 2024: World gold prices have been pushed up to a key resistance level of $2,650 per ounce. Domestic gold prices maintain a streak of four consecutive days of increases, closely following the developments in the global gold market. Is the upward trend returning, and are speculators once again eagerly hunting for gold?
| 1. PNJ - Updated: 22/11/2024 14:00 - Website time of source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 85.100 ▲500K | 86.100 ▲500K |
| Ho Chi Minh City - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Hanoi - PNJ | 85.100 ▲500K | 86.100 ▲500K |
| Hanoi - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Da Nang - PNJ | 85.100 ▲500K | 86.100 ▲500K |
| Da Nang - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Western Region - PNJ | 85.100 ▲500K | 86.100 ▲500K |
| Western Region - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Gold jewelry prices - PNJ | 85.100 ▲500K | 86.100 ▲500K |
| Gold jewelry prices - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Gold jewelry prices - Southeast Vietnam | PNJ | 85.100 ▲500K |
| Gold jewelry prices - SJC | 84,700 ▲1,000K | 86,700 ▲500K |
| Gold jewelry prices - Gold jewelry prices | PNJ Plain Ring 999.9 | 85.100 ▲500K |
| Gold jewelry prices - 999.9 gold jewelry | 84,900 ▲400K | 85,700 ▲400K |
| Gold jewelry prices - 999 gold jewelry | 84,810 ▲390K | 85,610 ▲390K |
| Gold jewelry prices - 99% pure gold jewelry | 83,940 ▲390K | 84,940 ▲390K |
| Jewelry gold prices - 916 (22K) gold | 78,100 ▲360K | 78,600 ▲360K |
| Jewelry gold price - 750 (18K) gold | 63,030 ▲300K | 64,430 ▲300K |
| Jewelry gold price - 680 gold (16.3K) | 57,030 ▲280K | 58,430 ▲280K |
| Jewelry gold price - 650 gold (15.6K) | 54,460 ▲260K | 55,860 ▲260K |
| Jewelry gold price - 610 gold (14.6K) | 51,030 ▲250K | 52,430 ▲250K |
| Jewelry gold prices - 585 Gold (14K) | 48,890 ▲240K | 50,290 ▲240K |
| Jewelry gold price - 416 Gold (10K) | 34,400 ▲160K | 35,800 ▲160K |
| Jewelry gold price - 375 (9K) gold | 30,890 ▲150K | 32,290 ▲150K |
| Jewelry gold price - 333 Gold (8K) | 27,030 ▲130K | 28,430 ▲130K |
Gold price update for today, November 22, 2024
Global gold prices have been pushed up to another key resistance level despite some selling pressure.
Gold prices resumed their upward trend for the third consecutive session, with a total gain of nearly $90 per ounce since the beginning of the week. Gold speculators are gaining momentum as the market sees some mild safe-haven demand, more short-selling, and bargain hunting mid-week.
Gold's recovery after last week's significant sell-off has led a group of analysts to increasingly assert that the precious metal's rally is far from over.
According to World & Vietnam Newspaper , at 7:15 PM On November 21st (Hanoi time), the world gold price listed on the Kitco electronic exchange was at 2,664.90 - 2,665.90 USD/ounce , an increase of 15.30 USD/ounce compared to the previous trading session.
Market participants became less anxious after Russia announced it would lower its threshold for using nuclear weapons against enemies. The market breathed a sigh of relief after Russian Foreign Minister Sergei Lavrov stated that Russia would "do everything possible" to avoid nuclear war. However, the strengthening US dollar limited gold's upward momentum.
Mind Money CEO Julia Khandoshko said the recent correction in gold has now created an opportunity for investors to enter the market. She added that the sell-off was simply a natural part of a broader cycle. "The overall uptrend in gold will continue despite temporary market fluctuations. And investors shouldn't be overly concerned; these fluctuations shouldn't be overreacted to," the Mind Money leader said.
The recent gold sell-off began after Americans voted to support Donald Trump's return to the White House. Analysts note that Trump's proposed "America First" policies have created new momentum for US bond yields and the dollar, creating two significant drags on the precious metal.
Key external markets are seeing a sharp rise in the USD index. Nymex crude oil futures edged higher, trading around $69.75 per barrel. Meanwhile, the benchmark 10-year US Treasury yield is currently at 4.41%. US stock indices fell in mid-session.
Technically, December gold buyers and sellers are back on the same technical playing field in the short term. However, buyers have momentum as the bearish trend on the daily bar chart has been negated. The next upside price target for buyers is to create a close above the solid resistance level at $2,700.00. The next downside price target for sellers in the short term is to push futures prices below the solid technical support level at the November low of $2,541.50.
Domestic gold prices have risen sharply in both buying and selling directions.
Overall, the buying price increased by 600,000 to 1,000,000 VND per tael, while the selling price increased by 400,000 to 500,000 VND per tael. At major stores in Hanoi, many people were looking to buy gold, but most stores limited the quantity sold and the opening hours each day; some even announced they were not selling any gold at all.
At Saigon Jewelry Company, the buying price of SJC gold bars doubled compared to the selling price, causing the buy-sell spread to narrow to around 2.2 - 2.5 million VND, closing the session at 83.7 - 86.2 million VND/ounce.
The four banks in the Big4 group (Vietcombank, BIDV, Agribank, VietinBank) only bought, not sold, closing the trading session at 86.2 million VND/ounce (buying price).
The price of 9999 pure gold rings continues to be adjusted upwards, reaching a new price level.
Bao Tin Minh Chau listed the price of gold rings at 84.83 - 85.78 million VND/ounce; DOJI Group listed it at 84.5 - 85.5 million VND/ounce; PNJ Company listed it at 84.6 - 85.6 million VND/ounce; Saigon Jewelry Company listed it at 84.6 - 85.6 million VND/ounce.
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| Gold prices today, November 22, 2024: Gold prices continue their upward trend, sparking bargain hunting; there's no reason to revise forecasts. (Source: Kitco News) |
Summary of SJC gold bar prices and plain gold ring prices at major domestic gold trading brands at the close of trading on November 21st:
Saigon Jewelry Company (SJC): SJC gold bars 83.7 - 86.2 million VND/ounce; SJC gold rings 84.6 - 85.6 million VND/ounce.
Doji Group: SJC gold bars 83.7 – 86.2 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 84.5 – 85.5 million VND/ounce.
PNJ system: SJC gold bars are priced at 84.6 - 85.6 million VND/ounce; PNJ 999.9 plain gold rings are priced at 84.6 - 85.6 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at 84 - 86.2. million VND/ounce; plain gold rings are trading at 84.83 - 85.78 million VND/ounce.
Will gold prices continue to rise in the long term?
ANZ Bank predicts that if the US Federal Reserve (Fed) keeps interest rates unchanged in December, gold prices will face short-term pressure. However, given the Fed's continued monetary easing cycle, coupled with current economic and political uncertainties and demand for physical gold, gold will likely continue to rise in the long term.
Earlier this week, Goldman Sachs reiterated its forecast that gold prices would reach $3,000 per ounce, and they are not the only ones predicting a record high by 2025.
"The current drop in gold is a correction, not a reason to revise the forecast," asserted Julia Khandoshko. Accordingly, it is only a matter of time before gold rises back to its all-time high of $2,800 reached last month. She expects the price of gold to reach $3,000 per ounce by 2025.
"Despite current short-term volatility, the long-term outlook for gold remains unchanged. The key factors driving gold's growth, such as geopolitical tensions, the increasingly powerful role of the East, and global inflation, remain unchanged and continue to push the price of this metal higher," Julia analyzed.
“These trends will not be altered by the outcome of the US election. Even if there is short-term euphoria in markets like cryptocurrencies, it will not change the overall trend.”
Analysts have noted that while gold has risen significantly this year, many investors remain on the sidelines. Demand from Western investors only began to pick up as the Fed prepared to begin its current easing cycle.
Stock brokerage firms predict that President-elect Donald Trump's import tariff policies will cause volatility across global markets, fuel inflation, and prevent major central banks from aggressively cutting interest rates. Gold is considered a traditional hedge against inflation. However, high interest rates will reduce the attractiveness of the precious metal.
Source: https://baoquocte.vn/gia-vang-hom-nay-22112024-gia-vang-tiep-tuc-tang-nhanh-cuoc-san-hang-gia-hoi-bat-dau-chua-co-ly-do-de-dieu-chinh-du-bao-ve-vang-294560.html
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