Gold price today 11/5/2024: Gold price fluctuates before the US election, Mr. Trump can push the precious metal to 2,900 USD/ounce. The reason why central banks, BRICS group and billionaires are rushing to buy. Gold price continues to decline.
| 1. PNJ - Updated: 11/04/2024 22:00 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 87,700 ▼300K | 88,790 ▼360K |
| HCMC - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Hanoi - PNJ | 87,700 ▼300K | 88,790 ▼360K |
| Hanoi - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Da Nang - PNJ | 87,700 ▼300K | 88,790 ▼360K |
| Da Nang - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Western Region - PNJ | 87,700 ▼300K | 88,790 ▼360K |
| Western Region - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Jewelry gold price - PNJ | 87,700 ▼300K | 88,790 ▼360K |
| Jewelry gold price - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Jewelry gold price - Southeast | PNJ | 87,700 ▼300K |
| Jewelry gold price - SJC | 87,000 ▼500K | 89,000 ▼500K |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 87,700 ▼300K |
| Jewelry gold price - Jewelry gold 999.9 | 87,600 ▼300K | 88,400 ▼300K |
| Jewelry gold price - Jewelry gold 999 | 87,510 ▼300K | 88,310 ▼300K |
| Jewelry gold price - Jewelry gold 99 | 86,620 ▼290K | 87,620 ▼290K |
| Jewelry gold price - 916 gold (22K) | 80,570 ▼280K | 81,070 ▼280K |
| Jewelry gold price - 750 gold (18K) | 65,050 ▼230K | 66,450 ▼230K |
| Jewelry gold price - 680 gold (16.3K) | 58,860 ▼210K | 60,260 ▼210K |
| Jewelry gold price - 650 gold (15.6K) | 56,210 ▼200K | 57,610 ▼200K |
| Jewelry gold price - 610 gold (14.6K) | 52,670 ▼190K | 54,070 ▼190K |
| Jewelry gold price - 585 gold (14K) | 50,460 ▼180K | 51,860 ▼180K |
| Jewelry gold price - 416 gold (10K) | 35,520 ▼130K | 36,920 ▼130K |
| Jewelry gold price - 375 gold (9K) | 31,900 ▼110K | 33,300 ▼110K |
| Jewelry gold price - 333 gold (8K) | 27,920 ▼100K | 29,320 ▼100K |
Update gold price today 11/5/2024
Domestic gold price on November 4 decreased.
Along with the slowing trend of world gold prices, domestic SJC gold ring and gold bar prices continued to decline sharply on the morning of November 4.
Specifically, Saigon Jewelry Company (SJC), DOJI Jewelry Group announced the price of SJC gold bars at 87-89 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling directions compared to the previous session's closing price.
Similarly, DOJI Gold and Gemstone Group listed the price of gold rings at 87.8 - 88.8 million VND/tael (buy - sell), down 450 thousand VND/tael in both buying and selling directions.
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| Gold price today November 5, 2024: Gold price fluctuates before US election, precious metal fever makes BRICS and billionaires excited, gold rings continue to decline. (Source: Livemint) |
Summary of gold prices at major domestic trading brands at closing times on the afternoon of November 4:
Saigon Jewelry Company SJC: SJC gold bars 87 - 89 million VND/tael; SJC gold rings 87 - 88.7 million VND/tael.
Doji Group: SJC gold bars 87 - 89 million VND/tael; 9999 round rings (Hung Thinh Vuong) 87.6 - 88.8 million VND/tael.
PNJ system: SJC gold bars 87 - 89 million VND/tael; PNJ 999.9 plain gold rings: 87.7 - 88.79 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 87.2 - 89 million VND/tael; Phu Quy 999.9 round gold rings: 87.7 - 88.8 million VND/tael.
The price of SJC gold at Bao Tin Minh Chau is listed at 87 - 89 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 87.78 - 88.78 million VND/tael.
Thus, compared to the morning session of November 4, the afternoon session of the same day, the price of gold rings at businesses tended to decrease, in which, Doji Group listed a decrease of 200 thousand VND/tael in the buying direction and remained the same in the selling direction.
According to the World & Vietnam Newspaper , information on Kitco News , as of 7:37 p.m. Vietnam time on November 4, the world gold price was listed at 2,740.8 USD/ounce, an increase of 4.3 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on November 4, 1 USD = 25,465 VND, world gold price is equivalent to 84.09 million VND/tael.
World gold prices fluctuated slightly in the trading session on November 4 as investors were cautious ahead of the US presidential election and the upcoming decision of the Federal Reserve (Fed) on interest rates.
Spot gold held steady at $2,738.27 an ounce at 10:53 GMT, after hitting a record high of $2,790.15 an ounce last Thursday.
US gold futures fell 0.1% to $2,747.10 an ounce.
The US presidential election takes place on November 5, with polls showing Democratic candidate Kamala Harris and Republican Donald Trump in a neck-and-neck race.
"The driver for gold this week will be the US election. In my view, the Fed rate cut is unlikely to cause much volatility as the bank is likely to signal further cuts as expected by the market," said UBS analyst Giovanni Staunovo .
“We believe a Trump victory would move gold closer to its target of $2,900/oz more quickly, while a Harris victory could temporarily push gold lower,” he added.
The US central bank's interest rate decision and a speech by Fed Chairman Jerome Powell are due this Thursday, with traders pricing in a near 100% chance of a quarter-point rate cut.
Gold bullion has risen 33% this year, hitting multiple record highs along the way. Bullion is traditionally seen as a hedge against economic and political uncertainty and tends to perform well when interest rates are low.
The dollar index (.DXY) fell 0.6% to a two-week low. A weaker greenback makes dollar-priced gold more attractive to buyers holding other currencies.
In China, the world's top gold consumer, the Standing Committee of the National People's Congress meets from November 4 to 8. Markets are expecting the meeting to approve more fiscal stimulus measures.
Meanwhile, Asian gold prices were also stable in the afternoon trading session on November 4. Market analyst Tim Waterer at KCM Trade said that this week's fluctuations could be beneficial for gold, boosting demand for gold to preserve assets, pushing up gold prices. Waterer also said that the depreciation of the US dollar has supported the price of the precious metal.
Gold Rush: Central Banks, BRICS and Billionaires Buy In
Gold prices hit record highs as central banks, BRICS and billionaires stock up on the metal, according to J Post .
As gold prices soar to new record highs and silver inches closer to a record high, a global shift is taking place in the world of precious metals. Central banks, BRICS nations, and high-net-worth individuals are buying gold and silver at an unprecedented pace, cementing the metals’ status as safe havens amid financial turmoil. But while the elites are consolidating their gold holdings, many ordinary Americans find themselves unable to participate, watching from the sidelines as prices continue to rise.
The Rise of Gold and Silver: Who's Buying?
The latest data from the World Gold Council highlights that central banks have been buying gold heavily for years. In 2023 alone, central banks added more than 1,000 tonnes to their reserves - the highest level in more than five decades.
The BRICS (Brazil, Russia, India, China and South Africa) nations have collectively driven the surge, seeing gold as a hedge against the volatility of the US dollar. Meanwhile, high-net-worth individuals and institutional investors have been ramping up their holdings, betting on gold’s resilience amid inflationary pressures and the risk of currency devaluation.
For billionaires, the appeal of gold is clear: it serves as both a store of value and a hedge against currency volatility. A recent report found that 21% of ultra-high net worth individuals globally have increased their gold holdings over the past two years. This trend is reflected in the activity of sovereign wealth funds and central banks, which view gold as an important strategic asset.
Why are ordinary Americans missing out?
Unlike their wealthier counterparts, most Americans are not participating in the gold rush. Average households continue to struggle with rising living costs, with many living paycheck to paycheck, leaving little money to buy precious metals. They do not have the disposable income to buy gold; much of their wealth is tied up in real estate and basic expenses.
The Future of Gold
Despite record highs, analysts believe gold and silver still have room to grow. Limited access to these assets among American households could mean that a significant portion of demand remains untapped. According to data from the Fed, the average household in the world’s largest economy holds less than 0.5% of its assets in precious metals, compared with significantly higher percentages in countries like China and India. This disparity suggests that any future price correction could attract additional interest from Americans if economic conditions warrant, potentially pushing prices even higher.
Meanwhile, some Americans have turned to alternative investments like Bitcoin, viewing it as a kind of “digital gold.” However, traditional investors continue to view the precious metal as the ultimate hedge against economic uncertainty.
As central banks and wealthy investors increase their positions in gold and silver, the gap between the “haves” and “have-nots” in the precious metals market is widening. For those already invested, the upside potential remains promising. But for those on the outside looking in, rising prices mean the window of opportunity to enter the market may be closing faster than expected.
Source: https://baoquocte.vn/gia-vang-hom-nay-5112024-gia-vang-bien-dong-truoc-bau-cu-my-con-sot-quy-kim-khien-brics-va-gioi-ty-phu-suc-soi-vang-nhan-tiep-da-giam-292575.html
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