Gold price today, November 17, 2024, gold price has decreased by nearly 5%, marking the sharpest weekly decline in nearly 3 years. Strong pessimism prevails. There is still light at the end of the tunnel because the excitement after the US election is about to end. Gold ring price and SJC are on the decline.
| 1. PNJ - Updated: 11/17/2024 02:02 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 80,900 | 82,600 |
| HCMC - SJC | 80,000 | 83,500 |
| Hanoi - PNJ | 80,900 | 82,600 |
| Hanoi - SJC | 80,000 | 83,500 |
| Da Nang - PNJ | 80,900 | 82,600 |
| Da Nang - SJC | 80,000 | 83,500 |
| Western Region - PNJ | 80,900 | 82,600 |
| Western Region - SJC | 80,000 | 83,500 |
| Jewelry gold price - PNJ | 80,900 | 82,600 |
| Jewelry gold price - SJC | 80,000 | 83,500 |
| Jewelry gold price - Southeast | PNJ | 80,900 |
| Jewelry gold price - SJC | 80,000 | 83,500 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 80,900 |
| Jewelry gold price - Jewelry gold 999.9 | 80,800 | 81,600 |
| Jewelry gold price - Jewelry gold 999 | 80,720 | 81,520 |
| Jewelry gold price - Jewelry gold 99 | 79,880 | 80,880 |
| Jewelry gold price - 916 gold (22K) | 74,350 | 74,850 |
| Jewelry gold price - 750 gold (18K) | 59,950 | 61,350 |
| Jewelry gold price - 680 gold (16.3K) | 54,240 | 55,640 |
| Jewelry gold price - 650 gold (15.6K) | 51,790 | 53,190 |
| Jewelry gold price - 610 gold (14.6K) | 48,530 | 49,930 |
| Jewelry gold price - 585 gold (14K) | 46,490 | 47,890 |
| Jewelry gold price - 416 gold (10K) | 32,700 | 34,100 |
| Jewelry gold price - 375 gold (9K) | 29,350 | 30,750 |
| Jewelry gold price - 333 gold (8K) | 25,680 | 27,080 |
Update gold price today 11/17/2024
Domestic gold prices fell sharply last week.
On the morning of November 11, domestic SJC gold ring and gold bar prices continued to decrease.
Specifically, Saigon Jewelry Company (SJC), DOJI Jewelry Group announced the price of SJC gold bars at 82 - 85.5 million VND/tael (buy - sell), keeping the listed price for buying and decreasing 1 million VND/tael for selling compared to the previous session's closing price.
Similarly, the price of gold rings also decreased. Saigon Jewelry Company SJC announced the price of gold rings at 82 - 84.5 million VND/tael (buy - sell), keeping the listed price for buying and decreasing 300 thousand VND/tael for selling compared to the previous session's closing price.
After 3 consecutive mid-week declines, on November 15, while the world gold price was quiet after hitting a two-month low, the domestic gold ring price on the morning of November 15 increased slightly, while the SJC gold bar price remained unchanged.
Specifically, Saigon Jewelry Company (SJC) announced the price of gold rings at 79.1 - 81.8 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the closing price on November 14; the price of SJC gold bars at 80 - 83.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling compared to the closing price on November 14.
 |
| Gold price today November 17, 2024: Gold price plummets, too early to call the bottom; US post-election excitement is about to end, see 'light at the end of the tunnel'? (Source: Shutterstock) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of November 16:
Saigon Jewelry Company SJC: SJC gold bars 80 - 83.5 million VND/tael; SJC gold rings 79.8 - 82.3 million VND/tael.
Doji Group: SJC gold bars 80 - 83.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 81.0 - 82.7 million VND/tael.
PNJ system: SJC gold bars 80 - 83.5 million VND/tael; PNJ 999.9 plain gold rings at 80.9 - 82.6 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 80.3 - 83.5 million VND/tael; Phu Quy 999.9 round gold rings: 80.7 - 82.7 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 80 - 83.5 million VND/tael; plain gold rings are traded at 81.03 - 82.68 million VND/tael.
According to the World and Vietnam Newspaper , at 4:20 p.m. on November 16 (Vietnam time), the world gold price at goldprice.org was at 2,562.86 USD/ounce, down 5.52 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on November 16, 1 USD = 25,512 VND, world gold price is equivalent to 78.78 million VND/tael.
World gold prices plummet
World gold prices continued to fall sharply this week, pressured by a strong combination of euphoria after the US presidential election, predictions that the US Federal Reserve (Fed) will cut interest rates less, a soaring USD and a relatively calm geopolitical environment.
As of the morning of November 16, Vietnam time, the spot gold price decreased by 0.1% to 2,565.49 USD/ounce. The precious metal has decreased by more than 4% this week. The US gold futures price decreased by 0.1% to 2,570.10 USD/ounce.
As precious metals investors watched gold prices slide from a high of $2,800 an ounce just two weeks ago to just over $2,500 an ounce this week, analysts and traders have been working to contextualize the extent of the move and try to determine a possible near-term floor for the precious metal.
And while gold holders are reassured to hear that all the medium- and long-term drivers behind bullion remain in place, they are still worried to see gold prices continue to fall day by day.
“Gold has fallen nearly 5% this week alone, marking its biggest weekly decline in nearly three years,” noted Alex Kuptsikevich, senior market analyst at FxPro. “From its peak, the metal has now lost more than $250 an ounce, or about 9%, making this the longest downturn since the beginning of the month.”
The latest Kitco News weekly gold survey shows strong bearish sentiment from industry professionals, while retail traders have also become more concerned about the precious metal's near-term outlook.
“Gold is correcting as expected,” said Mark Leibovit of VR Metals/Resource Letter. “The risk is $2,300 an ounce. The long-term outlook of $3,700 an ounce remains intact.”
“Up,” said Darin Newsom , senior market analyst at Barchart.com. “The excitement/panic surrounding the most recent U.S. presidential election may be coming to an end, meaning the reality of the upcoming market turmoil is setting in. With this, gold could find renewed safe-haven appeal as investors hedge against other market sectors, most notably equities.”
David Morrison , senior market analyst at Trade Nation, said that while the near-term technical picture has improved somewhat, it is still too early to call a bottom.
“Up,” said James Stanley , senior market strategist at Forex.com. “Gold has been hit hard this week and I think it’s profit taking from the overall move. There was support at $2,550 an ounce on Thursday and that held into the end of the week. I think $2,500 an ounce could be important next week but I don’t expect the Trump administration to bring less debt, so I think there’s still room for gold to go up.”
“It’s stable,” said Adrian Day , chairman of Adrian Day Asset Management. “It may take a little while for gold to find its footing.”
This week, 12 analysts participated in the Kitco News Gold Survey, and once again, only a handful of Wall Streeters see the precious metal rising in the near term. Only three experts, or 25%, expect gold prices to rise next week, while six analysts, or 50%, predict another decline. The remaining three analysts, or 25%, see continued consolidation with a bearish bias.
Meanwhile, 181 votes were cast in Kitco’s online poll, with Main Street sentiment slipping further into bearish territory, though still significantly higher than that of industry professionals. Seventy-eight retail traders, or 43%, predicted gold prices would rise next week, while another 71, or 39%, expected the yellow metal to trade lower. The remaining 32 investors, or 18% of the total, expected gold prices to trend sideways in the near term.
Marc Chandler , managing director at Bannockburn Global Forex, noted that gold prices fell for a third consecutive week, with the nearly 4.5% drop the biggest in three and a half years.
“Gold prices fell below $2,600 an ounce. However, they stabilized before the weekend,” he said.
"It's no coincidence that the dollar's rally also stalled before the weekend. I think the consolidation phase will continue into next week. Gold could potentially return to the $2,600-$2,625/oz range," Chandler added.
Adam Button , chief currency strategist at Forexlive.com, said that gold prices have fallen enough and he expects them to stabilize in a slightly higher range than current levels as the market looks ahead to the new year and looks forward to what the new US administration will bring.
Alex Kuptsikevich , senior market analyst at FxPro, sees technical support rising to meet gold prices, but believes it could still fall further in the near term.
However, he pointed out that despite this sharp decline, “the recent rally in gold since October means that even a drop to $2,400 an ounce would be a correction, taking prices back to the 200-day moving average. At the current rate of decline, gold could reach that level before the end of the year.”
And Kitco senior analyst Jim Wyckoff expects gold prices to continue to weaken next week. “Steadily falling as the chart has turned bearish in the short term,” he said.
Source: https://baoquocte.vn/gia-vang-hom-nay-17112024-gia-vang-lao-doc-qua-som-de-goi-la-day-su-phan-khich-hau-bau-cu-my-sap-ket-thuc-thay-anh-sang-cuoi-duong-ham-293925.html
Comment (0)