Gold prices keep falling, "seize the opportunity to buy now"? The future of gold and USD under Mr. Trump?

Gold price today 11/8/2024: World gold prices are struggling at this low level, analysts believe that there is a possibility that prices will continue to adjust in the short term. Domestic gold prices fluctuate violently, "plummeting without brakes", continuously decreasing. Should we consider this lower price as an opportunity to accumulate gold?

1. PNJ - Updated: 11/07/2024 23:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	82,500 ▼4500K	83,800 ▼4400K
HCMC - SJC	81,000 ▼6000K	85,500 ▼3500K
Hanoi - PNJ	82,500 ▼4500K	83,800 ▼4400K
Hanoi - SJC	81,000 ▼6000K	85,500 ▼3500K
Da Nang - PNJ	82,500 ▼4500K	83,800 ▼4400K
Da Nang - SJC	81,000 ▼6000K	85,500 ▼3500K
Western Region - PNJ	82,500 ▼4500K	83,800 ▼4400K
Western Region - SJC	81,000 ▼6000K	85,500 ▼3500K
Jewelry gold price - PNJ	82,500 ▼4500K	83,800 ▼4400K
Jewelry gold price - SJC	81,000 ▼6000K	85,500 ▼3500K
Jewelry gold price - Southeast	PNJ	82,500 ▼4500K
Jewelry gold price - SJC	81,000 ▼6000K	85,500 ▼3500K
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	82,500 ▼4500K
Jewelry gold price - Jewelry gold 999.9	82,400 ▼4500K	83,200 ▼4500K
Jewelry gold price - Jewelry gold 999	82,320 ▼4490K	83,120 ▼4490K
Jewelry gold price - Jewelry gold 99	81,470 ▼4450K	82,470 ▼4450K
Jewelry gold price - 916 gold (22K)	75,810 ▼4120K	76,310 ▼4120K
Jewelry gold price - 750 gold (18K)	61,150 ▼3380K	62,550 ▼3380K
Jewelry gold price - 680 gold (16.3K)	55,330 ▼3060K	56,730 ▼3060K
Jewelry gold price - 650 gold (15.6K)	52,830 ▼2930K	54,230 ▼2930K
Jewelry gold price - 610 gold (14.6K)	49,500 ▼2750K	50,900 ▼2750K
Jewelry gold price - 585 gold (14K)	47,420 ▼2640K	48,820 ▼2640K
Jewelry gold price - 416 gold (10K)	33,360 ▼1870K	34,760 ▼1870K
Jewelry gold price - 375 gold (9K)	29,950 ▼1690K	31,350 ▼1690K
Jewelry gold price - 333 gold (8K)	26,210 ▼1480K	27,610 ▼1480K

Update gold price today 11/8/2024

World gold prices fell to their lowest level in weeks immediately after Republican candidate Donald Trump's victory to become the new president of the United States.

In the international market, each ounce of gold "evaporated" by 100 USD in the past 24 hours, the Dollar Index is currently at a 4-month high. The world gold price fell to its lowest level in more than three weeks on November 7. Gold hit a record high of 2,790.15 USD/ounce last week, but has since fallen by more than 130 USD/ounce.

According to the World & Vietnam Newspaper , at 6:00 p.m. on November 7 (Hanoi time), the world gold price traded on the Kitco electronic floor was at 2,666.20 - 2,667.20 USD/ounce , up 7.2 USD/ounce compared to the previous trading session. The gold futures price on the US market also decreased by 0.4%, trading at 2,665.20 USD/ounce.

The main factor behind the decline in gold prices was the US election results. The victory of former President Donald Trump has prompted a market shift, as investors are now speculating on the future policy stance of the US Federal Reserve (Fed).

Traders are expecting a 25 basis point rate cut at the end of the November meeting, but Mr Trump’s economic policies, which are seen as potentially inflationary, could lead to a slower rate cut. This uncertainty around the Fed’s rate path is weighing on gold prices.

In addition, a stronger US dollar and the possibility of rising US Treasury yields due to concerns about inflation and rising fiscal deficits have reduced the appeal of gold.

Gold, which is seen as a hedge against economic and geopolitical uncertainty, becomes less attractive when interest rates rise, as it does not offer any yield.

Investors continued to closely monitor the Fed’s interest rate decision during the trading session on November 7. This combination of political and economic developments has caused a major shift in market sentiment, affecting the attractiveness of gold.

Domestic gold prices fluctuated violently and plummeted continuously.

Gold prices have dropped by 5 million VND/tael since early morning and continue to drop, causing the number of people coming to precious metal trading points to increase dramatically. Fearing that prices will drop further, many people have decided to sell to take profits, accepting small profits. However, many gold shops have taken action - simultaneously stopping buying both SJC gold rings and gold bars.

The closing price of SJC gold bars on the afternoon of November 7 was listed simultaneously at leading precious metal trading establishments such as Saigon Jewelry Company and 4 banks in the Big4 group at 81.0 - 85.5 million VND/tael (buy - sell).

The price of 9999 round smooth gold rings continued to decrease sharply, surprising many investors. After only a few hours, this type of gold "evaporated" millions of VND per tael. It is currently around 81.0 - 84.0 million VND/tael. Doji Group currently lists the price of 9999 gold rings at 81.5 - 83.8 million VND/tael; PNJ applies the price of 82.9 - 84.0 million VND/tael; SJC Company has the price of 81.7 - 84.0 million VND/tael; Bao Tin Minh Chau adjusted it to 81.5 - 84.0 million VND/tael.

Gold price today 11/8/2024: Gold price plunges to multi-week low, 'seize the opportunity to buy now'? The future of gold and USD under Mr. Trump? (Source: Kitco)

Summary of SJC gold bar prices and gold ring prices at major domestic trading brands at the closing time of trading session on November 7:

Saigon Jewelry Company: SJC gold bars 81.00 - 85.50 million VND/tael; SJC gold ring 881.7-84.0 million VND/tael.

Doji Group: SJC gold bars 81.00 - 85.50 million VND/tael; 9999 round rings (Hung Thinh Vuong) 81.5 - 83.8 million VND/tael.

PNJ system: SJC gold bars 81.00 - 85.50 million VND/tael; PNJ 999.9 plain gold rings at 82.9 - 84.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 81.00 - 85.50 million VND/tael; plain gold rings are traded at 81.5 - 84.0 million VND/tael.

Gold price drops, should I buy now?

Precious metals plunged as the dollar rose after Donald Trump was elected US President. Trump’s victory led many experts to predict that it could boost inflation, making the Fed more hawkish. The Dollar Index hit a four-month high as investors bet that Trump’s aggressive import tax policy would accelerate US inflation, forcing interest rates to remain high for a while longer.

Another important event to watch is the Fed’s two-day November policy meeting (November 6-7) with the announcement from the FOMC and a press conference by Fed Chairman Jerome Powell. Most analysts believe the Fed will cut its key interest rate by another 0.25%, especially after the weak US jobs report released last Friday.

As gold struggles at these lows, analysts believe there is a chance that prices will continue to correct in the short term. Kelvin Wong, senior market analyst for Asia Pacific at OANDA , said the impact of Trump's economic policies could lead to slower rate cuts, which would continue to weigh on gold. However, a larger US budget deficit and persistent fiscal concerns could eventually push investors back to gold as a safe-haven asset.

Peter Fung, head of trading at Wing Fung Precious Metals , remains bullish on gold in the long term, predicting prices could hit $3,000 an ounce next year. The expert noted that gold continues to attract buyers looking for protection against risks such as trade wars and economic uncertainty.

The current decline in gold prices presents a buying opportunity for long-term investors. Renisha Chainani, Head of Research at Augmont - Gold for All , recommends taking advantage of these lower prices as an opportunity to accumulate gold. Chainani noted that gold has broken through key support levels at $2,720 an ounce and is now looking towards $2,620 an ounce and possibly $2,500 an ounce. These levels could be attractive for those looking to invest for the future.

Gold's long-term value as a hedge against uncertainty remains intact and lower prices could be seen as an attractive entry point for those looking to protect their assets, said the expert at Augmont - Gold for All.

Source: https://baoquocte.vn/gia-vang-hom-nay-8112024-gia-vang-giam-khong-ngung-chop-co-hoi-mua-ngay-tuong-lai-cua-va-usd-duoi-thoi-ong-trump-292864.html