Gold price today November 19, 2024, gold price increased sharply after recording losses in the previous 6 sessions. The policies that Mr. Donald Trump once announced are likely to cause inflation, which will benefit the precious metal. Gold ring price goes up. A BRICS country becomes the world's second largest gold trading center.
| 1. PNJ - Updated: 11/18/2024 22:30 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 81,800 ▲900K | 83,200 ▲600K |
| HCMC - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Hanoi - PNJ | 81,800 ▲900K | 83,200 ▲600K |
| Hanoi - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Da Nang - PNJ | 81,800 ▲900K | 83,200 ▲600K |
| Da Nang - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Western Region - PNJ | 81,800 ▲900K | 83,200 ▲600K |
| Western Region - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Jewelry gold price - PNJ | 81,800 ▲900K | 83,200 ▲600K |
| Jewelry gold price - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Jewelry gold price - Southeast | PNJ | 81,800 ▲900K |
| Jewelry gold price - SJC | 81,000 ▲1000K | 84,000 ▲500K |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 81,800 ▲900K |
| Jewelry gold price - Jewelry gold 999.9 | 81,700 ▲900K | 82,500 ▲900K |
| Jewelry gold price - Jewelry gold 999 | 81,620 ▲900K | 82,420 ▲900K |
| Jewelry gold price - Jewelry gold 99 | 80,780 ▲900K | 81,780 ▲900K |
| Jewelry gold price - 916 gold (22K) | 75,170 ▲820K | 75,670 ▲820K |
| Jewelry gold price - 750 gold (18K) | 60,630 ▲680K | 62,030 ▲680K |
| Jewelry gold price - 680 gold (16.3K) | 54,850 ▲610K | 56,250 ▲610K |
| Jewelry gold price - 650 gold (15.6K) | 52,380 ▲590K | 53,780 ▲590K |
| Jewelry gold price - 610 gold (14.6K) | 49,080 ▲550K | 50,480 ▲550K |
| Jewelry gold price - 585 gold (14K) | 47,010 ▲520K | 48,410 ▲520K |
| Jewelry gold price - 416 gold (10K) | 33,070 ▲370K | 34,470 ▲370K |
| Jewelry gold price - 375 gold (9K) | 29,690 ▲340K | 31,090 ▲340K |
| Jewelry gold price - 333 gold (8K) | 25,980 ▲300K | 27,380 ▲300K |
Update gold price today 11/19/2024
Domestic gold prices on the afternoon of November 18 continued the upward trend of the morning session. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 81.7 - 83 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both buying and selling compared to the beginning of the morning session.
Saigon Jewelry Company (SJC) announced the price of gold rings at 80.8 - 83.1 million VND/tael (buy - sell), an increase of 200 thousand VND/tael for buying and an increase of 100 thousand VND/tael for selling compared to the closing price early this morning.
Meanwhile, the price of SJC gold bars remained unchanged. Saigon Jewelry Company (SJC) and DOJI Jewelry Group announced the price of SJC gold bars at 81 - 84 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the closing price on the morning of November 18.
According to records, on the afternoon of November 18, at Bao Tin Minh Chau gold shop, on Tran Nhan Tong street, Hanoi, the number of people lining up to buy gold was quite large. According to Bao Tin Minh Chau staff, each day the shop only issues 100 gold purchase vouchers and each voucher can only buy and trade 2 taels of gold.
Every day Bao Tin Minh Chau sells about 40 taels of gold, however, according to observations, it is not enough to meet the demand in the market, people still line up to receive gold purchase vouchers.
Experts recommend that, given the unpredictable developments of gold prices, investors and people should consider carefully when trading and regularly monitor gold prices on official channels to make the most correct decisions.
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| Gold price today November 19, 2024: Gold price reversed to increase, people rushed to buy, BRICS country became the second largest gold trading center in the world. (Source: Shutterstock) |
Summary of gold prices at major domestic trading brands at closing times on the afternoon of November 18:
Saigon Jewelry Company SJC: SJC gold bars 81 - 84 million VND/tael; SJC gold rings 80.9 - 83.1 million VND/tael.
Doji Group: SJC gold bars 81 - 84 million VND/tael; 9999 round rings (Hung Thinh Vuong) 82.4 - 83.7 million VND/tael.
PNJ system: SJC gold bars 81 - 84 million VND/tael; PNJ 999.9 plain gold rings: 81.8 - 83.2 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 81.2 - 84.0 million VND/tael; Phu Quy 999.9 round gold rings: 81.8 - 83.5 million VND/tael.
The price of SJC gold at Bao Tin Minh Chau is listed at 81.2 - 84.0 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 82.03 - 83.48 million VND/tael.
Thus, compared to the early afternoon of November 18, the closing price of gold rings at businesses tended to increase, in which, DOJI Gold and Gemstone Group listed an increase of 700 thousand VND/tael in both buying and selling, while the price of gold bars was stable.
According to the World & Vietnam Newspaper , information on Kitco News , as of 6:14 p.m. Vietnam time on November 18, the world gold price was listed at 2,592.9 USD/ounce, an increase of 29.6 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on November 18, 1 USD = 25,502 VND, world gold price is equivalent to 79.67 million VND/tael.
World gold price recovers after 6 sessions of decline
Gold prices recovered on November 18 after recording losses in the previous six sessions, with gains fueled by a pause in the US dollar's rally, while investors await comments from US Federal Reserve officials for more clarity on the trajectory of interest rates.
Spot gold rose 1.2% to $2,591.43 an ounce at 10:27 GMT, off a two-month low hit last Thursday. US gold futures rose 1% to $2,595.80 an ounce.
Gold prices last week saw their biggest weekly drop in more than three years as expectations of a less aggressive Fed rate cut boosted the greenback.
However, the dollar remained below a one-year high after rising 1.6% last week. A weaker dollar makes bullion cheaper for buyers holding other currencies.
“We can look to the US dollar as it has played a significant part in the current gold correction... There is clearly some opportunistic buying going on to support the market,” said independent analyst Ross Norman .
As 2024 winds down, we're going to see volatility in gold prices and there's going to be some liquidation and profit-taking, regardless of what the Fed does next December."
Recent US economic data has dampened expectations of a Fed rate cut in December. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which pays no interest, less attractive.
"The inauguration of US President-elect Donald Trump is likely to see the US dollar continue to strengthen, which is negative for gold in the short to medium term. However, as the policies he has announced are likely to be significantly inflationary in the long term, this should be positive for the precious metal," said Michael Langford , chief investment officer at Scorpion Minerals.
Earlier on November 18, IG market strategist Yeap Jun Rong said gold prices will recover slightly after the recent sharp sell-off and the market could see some further gains as the US dollar reverses.
BMI analysts predict gold prices will fluctuate between $2,200 and $2,600 per ounce from Q4/2024 to Q1/2025.
UAE becomes the world's second largest gold trading center
The United Arab Emirates (UAE) has overtaken London to become the world's second-largest gold trading center. Switzerland is the No. 1 spot.
The UAE is best positioned to become a global gold trading hub as a new economic corridor opens between members of the BRICS group of emerging economies.
This will turn the UAE into an “alternative” to traditional gold trading hubs, according to a new report by the Dubai Multi Commodities Centre (CMCC), a commodities exchange and free trade zone in the UAE.
“We have seen historic changes in the precious metals market, as Western sanctions forced central banks to buy record amounts of gold and many countries reconsidered their dependence on the US dollar,” said Ahmed Bin Sulayem , Chairman and CEO of DMCC.
We are seeing a new gold corridor forming across Asia, with Dubai at its centre – evidenced by the UAE’s rise to become the world’s second-largest gold trading centre last year.”
The UAE gold trade is valued at more than $129 billion. The impression among traders is that BRICS will recast established norms in trade relations and in the movement of goods between member states.
With the presence of China and India – the largest and second largest gold consumers – in BRICS, there will be changes in the way this metal is traded and transported in the future.
Apart from BRICS, the UAE also has a CEPA agreement with India, which has also meant a significant increase in bullion imports from there, with a 5% import duty on imports into India. The South Asian nation’s import duty on metals from other markets is now 6%, after being reduced from 15% earlier this year.
India may import up to 160 tonnes of gold from the UAE in the 2024-25 financial year.
In the report, DMCC noted that “geopolitical challenges” — including sanctions against Russia — have “shaken up the global financial economy.” This has led countries to “‘reconsider’ their dependence on the US dollar and the safety of their gold holdings.” As a result, central banks have stepped up gold purchases and repatriated US bullion reserves to diversify their reserve assets away from the greenback, with some even using gold instead of the US dollar in trade transactions,” the DMCC report noted. “This shift is pushing gold prices to unprecedented levels, creating a ripple effect across the global economy.”
Source: https://baoquocte.vn/gia-vang-hom-nay-19112024-gia-vang-dao-chieu-tang-nguoi-dan-do-xo-mua-vao-quoc-gia-brics-tro-thanh-trung-tam-giao-dich-vang-lon-thu-second-the-gioi-294188.html
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