Gold price today 11/2/2024: Gold price is being strongly adjusted

Gold price today November 2, 2024: World gold price breaks the streak of consecutive record-setting days, leaving the peak of nearly 2,800 USD/ounce. The domestic market suddenly had a "strange development" on the first day of the month, prices dropped sharply, many people rushed to buy. Is gold price less optimistic?

1. PNJ - Updated: 11/01/2024 23:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	88,000 ▼400K	89,150 ▼350K
HCMC - SJC	87,500 ▼500K	89,500 ▼500K
Hanoi - PNJ	88,000 ▼400K	89,150 ▼350K
Hanoi - SJC	87,500 ▼500K	89,500 ▼500K
Da Nang - PNJ	88,000 ▼400K	89,150 ▼350K
Da Nang - SJC	87,500 ▼500K	89,500 ▼500K
Western Region - PNJ	88,000 ▼400K	89,150 ▼350K
Western Region - SJC	87,500 ▼500K	89,500 ▼500K
Jewelry gold price - PNJ	88,000 ▼400K	89,150 ▼350K
Jewelry gold price - SJC	87,500 ▼500K	89,500 ▼500K
Jewelry gold price - Southeast	PNJ	88,000 ▼400K
Jewelry gold price - SJC	87,500 ▼500K	89,500 ▼500K
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	88,000 ▼400K
Jewelry gold price - Jewelry gold 999.9	87,900 ▼400K	88,700 ▼400K
Jewelry gold price - Jewelry gold 999	87,810 ▼400K	88,610 ▼400K
Jewelry gold price - Jewelry gold 99	86,910 ▼400K	87,910 ▼400K
Jewelry gold price - 916 gold (22K)	80,850 ▼370K	81,350 ▼370K
Jewelry gold price - 750 gold (18K)	65,280 ▼300K	66,680 ▼300K
Jewelry gold price - 680 gold (16.3K)	59,070 ▼270K	60,470 ▼270K
Jewelry gold price - 650 gold (15.6K)	56,410 ▼260K	57,810 ▼260K
Jewelry gold price - 610 gold (14.6K)	52,860 ▼240K	54,260 ▼240K
Jewelry gold price - 585 gold (14K)	50,640 ▼230K	52,040 ▼230K
Jewelry gold price - 416 gold (10K)	35,650 ▼170K	37,050 ▼170K
Jewelry gold price - 375 gold (9K)	32,010 ▼150K	33,410 ▼150K
Jewelry gold price - 333 gold (8K)	28,020 ▼130K	29,420 ▼130K

Update gold price today 11/1/2024

World gold prices fell on the first day of November, falling from a peak of nearly $2,800.

After holding support above $2,600 an ounce entering the first trading session of the month, gold once again witnessed strong selling pressure, as prices failed to sustain gains at an all-time record high of $2,800 an ounce.

According to The Gioi & Viet Nam Newspaper , at 5:45 p.m. on November 1 (Hanoi time), the world gold price traded on the Kitco electronic floor was at 2,746.20 - 2,747.20 USD/ounce , up 2.9 USD/ounce compared to the previous trading session, after many consecutive sessions of decline.

Investors are now once again wondering whether this is the long-awaited correction, or just a minor dip that the market quickly bought back.

Thus, after a series of consecutive peaks, the world gold price has turned around and dropped sharply, from an all-time high of 2,789 USD/ounce to 2,746 USD/ounce.

Some analysts note that better-than-expected economic data over the weekend could put pressure on gold in the near term. Ahead of official government figures, for example, private payrolls data showed strong job gains last month. “These numbers could change the market sentiment around gold,” said Ricardo Evangelista, senior analyst at ActivTrades . “Strong data would reduce the likelihood of an aggressive rate cut by the Fed, which could trigger a sell-off in Treasuries, pushing yields higher and boosting demand for the dollar.”

It's not just economic data that's weighing on the gold market. Alex Kuptsikevich, chief market analyst at FxPro , also noted that gold's momentum indicators are in overbought territory. "A correction signal starts when the asset returns from overbought territory; before this point, it's challenging to go against the trend, as prices can be volatile due to margin calls on short positions," he said.

According to Alex Kuptsikevich, “On a weekly basis, the RSI has crossed the 80 mark. This is only the sixth time in the past 15 years. Corrections have always followed, with the lowest being a 5% correction in April of this year. On other occasions, the retracements have been between 8% and 20%.”

Domestic gold prices plummeted nationwide.

Following the world gold price, after a series of days of continuous price increases, the gold price has decreased by about 500 thousand VND/tael for SJC gold bars and decreased by 400-500 thousand VND/tael for gold rings, depending on the brand.

Amid the price decline, the domestic market has seen strange developments, completely different from the past few months. Instead of announcing that there was no more gold to sell and only buy like yesterday, on the afternoon of November 1, many large gold shops in Hanoi simultaneously opened for sale without issuing numbers and without limiting the number of buyers per day. Therefore, during the sharp decline at the beginning of the month, many customers took advantage of the opportunity to buy.

The closing price of SJC gold bars on the afternoon of November 1 was listed simultaneously at leading precious metal trading establishments such as Saigon Jewelry Company and 4 banks in the Big4 group at 87.5 - 89.5 million VND/tael (buy - sell).

The price of 9999 round smooth gold rings was also adjusted strongly on the first day of the month. Gold rings at Saigon Jewelry Company (SJC) were listed at 87.4 - 88.9 million VND/tael; Bao Tin Minh Chau Company listed at 88.18 - 89.18 million VND/tael.

Gold price today 11/2/2024: Gold price is being adjusted - opportunity to buy now, 'strange developments' in the domestic market? (Source: Kitco News)

Summary of SJC gold bar prices and gold ring prices at major domestic trading brands at the closing times of the first trading session of November (November 1 ):

Saigon Jewelry Company: SJC gold bars 87.5 - 89.5 million VND/tael; SJC gold rings 87.4 - 88.9 million VND/tael.

Doji Group: SJC gold bars 87.5 - 89.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 88.25 - 89.25 million VND/tael.

PNJ system: SJC gold bars 87.5 - 89.5 million VND/tael; PNJ 999.9 plain gold rings at 88 - 89.15 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 87.5 - 89.5 million VND/tael; Phu Quy 999.9 round gold rings: 88.60 - 89.80 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 87.5 - 89.5 million VND/tael; plain gold rings are traded at 88.18 - 89.18 million VND/tael.

Gold prices have lost some optimism?

Gold prices have risen for five consecutive weeks due to the Middle East crisis and the potentially uncertain US election. Gold prices have increased more than 32% this year due to safe-haven demand stemming from tensions between Israel and Iran in the Middle East, the US central bank cutting interest rates by 0.5 basis points and the tense race for the White House.

Some analysts have noted that gold’s corrections since the summer have been shallow but the rebounds have been strong. For example, a sell-off earlier this month sent prices down to $80 before fresh buying sparked a rally to $2,800.

Despite the rising risks in the market, David Morrison, Senior Market Analyst at Trade Nation, said the gold market may not be ready for a sharp correction.

"Gold is definitely due for a correction, or at least a reasonable consolidation period. Gold has rallied 40% since mid-February, from $1,990 to $2,790, in a fairly straightforward way," Morrison said.

However, "at current levels, gold is not as overbought as it was in April. Therefore, prices may rise a bit more before reaching the 'decisive point'," the Trade Nation expert commented.

Some other analysts said they do not expect to see a significant correction in gold until prices rise to $3,000 an ounce, a key psychological level that would represent an all-time high adjusted for inflation.

Meanwhile, while gold is expected to see some volatility in the short term, many analysts continue to view lower prices as a buying opportunity. Analysts have noted that the gold bull market remains well supported by strong fundamentals as geopolitical uncertainty remains high.

Meanwhile, many analysts remain bullish on gold as the Fed embarks on a new easing cycle. Despite strong economic data this week, markets still expect the Fed to cut rates by 25 basis points at its next two meetings and through most of 2025.

Currently, investors remain cautious ahead of the US presidential election next week and closely monitor geopolitical developments to make investment decisions.

In the medium and long term, Daniel Pavilonis, senior market strategist at RJO Futures, said that gold is supported by many factors and has a lot of room to increase. He predicted that gold prices could reach $2,850/ounce this year.

According to Dow Jones Newswires, global central banks, especially in emerging markets, have been actively buying as they continue to move towards reducing their dependence on the USD, a trend that will continue to support gold prices.

Source: https://baoquocte.vn/gia-vang-hom-nay-2112024-gia-vang-dang-duoc-dieu-chinh-manh-co-hoi-mua-vao-ngay-luc-nay-dien-bien-la-o-thi-truong-trong-nuoc-292182.html