Gold price "lost its brakes", the world may fall below 2,500 USD, take this opportunity to buy?

Gold price today November 15, 2024: World gold price has plummeted for 4 consecutive sessions, heading towards the support level of 2,500 USD. Domestically, gold bar and gold ring prices have not seen a bottom yet. With long-term support and limited supply, is the gold price around 2,600 USD/ounce a buying opportunity?

1. PNJ - Updated: 11/14/2024 23:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	80,000 ▼800K	81,900 ▼500K
HCMC - SJC	80,000 ▼500K	83,500 ▼500K
Hanoi - PNJ	80,000 ▼800K	81,900 ▼500K
Hanoi - SJC	80,000 ▼500K	83,500 ▼500K
Da Nang - PNJ	80,000 ▼800K	81,900 ▼500K
Da Nang - SJC	80,000 ▼500K	83,500 ▼500K
Western Region - PNJ	80,000 ▼800K	81,900 ▼500K
Western Region - SJC	80,000 ▼500K	83,500 ▼500K
Jewelry gold price - PNJ	80,000 ▼800K	81,900 ▼500K
Jewelry gold price - SJC	80,000 ▼500K	83,500 ▼500K
Jewelry gold price - Southeast	PNJ	80,000 ▼800K
Jewelry gold price - SJC	80,000 ▼500K	83,500 ▼500K
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	80,000 ▼800K
Jewelry gold price - Jewelry gold 999.9	79,900 ▼800K	80,700 ▼800K
Jewelry gold price - Jewelry gold 999	79,820 ▼800K	80,620 ▼800K
Jewelry gold price - Jewelry gold 99	78,990 ▼800K	79,990 ▼800K
Jewelry gold price - 916 gold (22K)	73,520 ▼730K	74,020 ▼730K
Jewelry gold price - 750 gold (18K)	59,280 ▼600K	60,680 ▼600K
Jewelry gold price - 680 gold (16.3K)	53,630 ▼540K	55,030 ▼540K
Jewelry gold price - 650 gold (15.6K)	51,210 ▼520K	52,610 ▼520K
Jewelry gold price - 610 gold (14.6K)	47,980 ▼490K	49,380 ▼490K
Jewelry gold price - 585 gold (14K)	45,960 ▼470K	47,360 ▼470K
Jewelry gold price - 416 gold (10K)	32,320 ▼330K	33,720 ▼330K
Jewelry gold price - 375 gold (9K)	29,010 ▼300K	30,410 ▼300K
Jewelry gold price - 333 gold (8K)	25,380 ▼270K	26,780 ▼270K

Update gold price today 11/15/2024

World gold prices have fallen sharply for four consecutive sessions, heading towards the support level of 2,500 USD/ounce .

Gold is currently trading around $2,556 an ounce, down 8% from its all-time high in late October. At one point, the precious metal was trading at around $2,550 an ounce, its lowest level in nearly two months.

Gold has been under pressure recently as the precious metal often reacts negatively to rising US government bond yields and a stronger US dollar. The reason is that the US consumer price index (CPI) in October increased by 2.6% compared to the same period last year. Economists say that the rate of inflation cooling is slowing, which could cause the US Federal Reserve (Fed) to reduce the number of monetary easing sessions next year.

Recorded by World & Vietnam Newspaper , at 18:00 On November 14 (Hanoi time), the world gold price listed on the Kitco electronic floor was at 2,683.70 - 2,684.70 USD/ounce , down 22.4 USD/ounce compared to the previous trading session.

The decline in international gold prices stemmed from fluctuations in investor sentiment after Donald Trump was re-elected as US President. Global investors were concerned that inflation would rise due to new trade tariffs imposed on China, along with the risk of a rising US fiscal deficit and public debt. These factors pushed up long-term US bond yields, thereby increasing the strength of the USD.

“Gold has struggled following the re-election of Donald Trump as US President and with concerns such as the threat of World War III waning,” said Nicky Sheils, Head of Metals Research & Strategy at MKS PAMP, adding that the upside opportunity for the precious metal is on hold until the current market euphoria subsides.

Meanwhile, surveying the markets a week after Mr Trump's victory, Ms Shiels said "the herd mentality has been awakened" with Bitcoin aiming for a record $100,000, the US dollar rising, while "the air seems to have run out" in the commodities and precious metals space.

There are similarities in how markets have responded to Trump's first victory in US politics in 2016 to today, Ms. Shiels noted. "Trump has a lot of ideas that can get the support of the majority in the Republican Party and the House of Representatives. So Bitcoin, Tesla, USD, tech, stocks are all going up... Stocks have made a gain in the past week that took a month to achieve under Trump 1.0 during the 5%+ rally in 2016. Correspondingly, gold's current 5% decline is also in line with what happened in 2016.

Domestic gold prices have lost control and have not seen a bottom yet.

Affected by the sharp decline in world gold prices, domestic gold ring and gold bar prices continued to lose another 500,000 VND to more than 1 million VND/tael in just one day.

Compared to the record level at the end of October, the domestic gold price has decreased by 7-8.5 million VND/tael, equivalent to about 8%. Notably, the purchase price has decreased more sharply than the selling price, causing the gap between the purchase price and the selling price to widen.

The price of SJC gold bars at major brands has been adjusted down by VND500,000/tael compared to yesterday. Saigon Jewelry Company and 4 banks in the Big4 group (Vietcombank, BIDV, Agribank, VietinBank) simultaneously lowered the price of SJC gold bars to VND80 - 83.5 million/tael (buy-sell). The buy-sell difference continues to be very high at VND3.5 million.

The price of 9999 round plain gold rings also dropped sharply, losing from 600,000 - 1.3 million VND/tael depending on the trader.

Currently, Saigon Jewelry Company (SJC) is trading gold rings at 79 - 81.7 million VND/tael; DOJI Group also reduced the price to 79.8 - 82.1 million VND/tael; At PNJ, the price of gold rings is 80 - 81.9 million VND/tael; Bao Tin Minh Chau listed the price of rings at 80.42 - 82.42 million VND/tael.

Gold price today November 15, 2024: Gold price 'lost its brakes', the world may fall below 2,500 USD, take this opportunity to buy? (Source: Kitco)

Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of the trading session on November 14:

Saigon Jewelry Company SJC: SJC gold bars 80 - 83.5 million VND/tael; SJC gold rings 79 - 81.7 million VND/tael.

Doji Group: SJC gold bars 80 - 83.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 79.8 - 82.1 million VND/tael.

PNJ system: SJC gold bars 80 - 83.5 million VND/tael; PNJ 999.9 plain gold rings at 80 - 81.9 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 80.42 - 82.42 million VND/tael.

Gold price may drop to $2,500, should you buy?

Nicky Sheils says there is a convergence of information in the precious metals market. For example, ETFs turned net sellers as US stocks; the Fed and central banks turned hawkish in just one week; Trump backing Bitcoin; China’s economic stimulus measures are not impressive; China is in no rush to buy gold; the geopolitical situation is strangely quiet as a potential Ukraine-Russia peace deal removes more risk premiums; inflation is coming but not now…

Additionally, gold was overvalued too quickly. Gold prices rose in a straight line throughout 2024, attracting many participants. When prices fell to $200, positions and participants became anxious at the lows and overly optimistic at the highs. The precious metals market is now, while not a straight line lower, but has shifted from a bull market to a neutral/deleveraged/bearish market.

Central bank purchases and increased investor demand have pushed gold prices to record highs, but the recent pullback casts doubt on the yellow metal’s ability to continue its rally. However, gold’s outlook remains strong, with both fundamental and technical support in the medium to long term, according to Axel Rudolph, senior technical analyst at IG in London .

With long-term support and limited supply, gold around $2,600 an ounce is a buying opportunity, according to Rudolph. The expert said that $2,600 an ounce could be attractive to investors because "the uptrend line from February to November is now providing support."

It is possible that, in a sustained downtrend, gold prices could fall further, leading to a deeper correction. But “over the long term, the precious metal’s durability as a store of value across centuries of economic cycles continues to attract investors seeking stability in times of uncertainty,” Rudolph concluded.

“We’re targeting $2,500 an ounce, but there could be other scenarios,” said analyst Nicky Sheils .

Meanwhile, according to the technical chart, gold's next resistance level is $2,700 and the support level is $2,500/ounce," said market analyst Jim Wyckoff at Kitco Metals .

Mr. Heng Koon How, Head of Market Strategy, UOB Bank Singapore, commented that in the short term, gold prices may continue to fluctuate due to the impact of the stronger USD. In the long term, central banks around the world, especially China, are expected to increase their gold reserves to reduce their dependence on the USD. President-elect Trump's policies may also boost gold demand from individual investors, as they seek safe haven assets against rising risks.

"Long-term bulls or those on the sidelines should continue to hold," Sheils said on whether it's worth jumping into the market now.

Source: https://baoquocte.vn/gia-vang-hom-nay-15112024-gia-vang-mat-branh-the-gioi-co-the-roi-xuong-duoi-2500-usd-nam-co-hoi-nay-de-mua-vao-293690.html