Gold price at the time of "buying the rumor and selling the truth", what do experts predict about the market this week?

Gold price today 11/11/2024: World gold prices experienced the strongest recession after many months of record "sublimation". Domestic gold prices "fell dramatically" following the world market, buyers from the beginning of the week could lose up to 7 million VND/tael in a week. Is the forecast for gold prices this week not optimistic?

1. PNJ - Updated: 11/10/2024 23:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	83,400	85,200
HCMC - SJC	82,000	85,800
Hanoi - PNJ	83,400	85,200
Hanoi - SJC	82,000	85,800
Da Nang - PNJ	83,400	85,200
Da Nang - SJC	82,000	85,800
Western Region - PNJ	83,400	85,200
Western Region - SJC	82,000	85,800
Jewelry gold price - PNJ	83,400	85,200
Jewelry gold price - SJC	82,000	85,800
Jewelry gold price - Southeast	PNJ	83,400
Jewelry gold price - SJC	82,000	85,800
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	83,400
Jewelry gold price - Jewelry gold 999.9	83,300	84,100
Jewelry gold price - Jewelry gold 999	83,220	84,020
Jewelry gold price - Jewelry gold 99	82,360	83,360
Jewelry gold price - 916 gold (22K)	76,640	77,140
Jewelry gold price - 750 gold (18K)	61,830	63,230
Jewelry gold price - 680 gold (16.3K)	55,940	57,340
Jewelry gold price - 650 gold (15.6K)	53,420	54,820
Jewelry gold price - 610 gold (14.6K)	50,050	51,450
Jewelry gold price - 585 gold (14K)	47,950	49,350
Jewelry gold price - 416 gold (10K)	33,740	35,140
Jewelry gold price - 375 gold (9K)	30,290	31,690
Jewelry gold price - 333 gold (8K)	26,500	27,900

Update gold price today 11/11/2024

World gold prices suffered their biggest weekly drop in six months.

The gold market suffered its most significant weekly decline since May, marking a significant change from its recent record high. The precious metal hit a record high of $2,801.80 last week and has since experienced a significant correction, with December gold futures down $54.30, or 1.98%.

According to The Gioi & Viet Nam Newspaper , at the end of last week's trading session (November 8), 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 can be attributed to several key factors. The US Federal Reserve’s 25 basis point interest rate cut, combined with an inconclusive election and the notable strength of the US dollar, created a “perfect storm” for gold to decline. The most significant move occurred on November 6 – the day after the US presidential election – when the world gold price gradually fell by $100. Although the precious metal market recovered strongly on November 7 – jumping to $46, unfortunately, this increase was only temporary, as the closing day of the week (November 8) saw another double-digit decline. In addition, the strength of the US dollar was also a major factor in the decline of gold prices last week.

The precious metal saw significant upside momentum last month due to the volatility surrounding the US presidential election. Speculation surrounding the election results has had a significant impact on economic trading.

According to analysts, the famous saying in financial markets is very true in times like these - "Buy the rumor and sell the news". Gold prices have recently surged to an all-time high as investors bought into the rumors surrounding the US election. The coming days may see some selling based on perceived facts in the market. In this context, investors should be cautious when pursuing the gold market - do not be mistaken that there are still many "value opportunities" in the market.

Domestic gold prices plummeted following world price developments.

At the end of the week, the price of gold bars dropped to 85.8 million VND/tael, while gold rings were traded at 84.8 million VND/tael. People will lose up to 7 million VND/tael of gold after only 1 week if they buy 1 tael of SJC gold at the beginning of the week at 89 million VND/tael and sell it today at 82 million VND/tael due to the difference in buying and selling prices.

The price of SJC gold bars started the new week from the price listed at Saigon Jewelry Company and 4 banks in the Big4 group at 82-85.8 million/tael (buy-sell). The difference between buying and selling is very high at 3.8 million VND.

The price of 9999 round smooth gold rings also fluctuated strongly last week. Currently, Saigon Jewelry Company listed it at 82 - 84.8 million VND/tael; Doji Group listed it at 83.35 - 85.15 million VND/tael; At PNJ, it was 83.4 - 85.2 million VND/tael...

Gold price today 11/11/2024: Gold price at the time of 'buying the rumor and selling the truth', what do experts predict about the market this week? (Source: Kitco)

Summary of SJC gold bar prices and plain round gold ring prices at major domestic trading brands at the closing time of last weekend's trading session (November 9):

Saigon Jewelry Company SJC: SJC gold bars 82 - 85.8 million VND/tael; SJC gold rings 82 - 84.8 million VND/tael.

Doji Group: SJC gold bars 82 - 85.8 million VND/tael; 9999 round rings (Hung Thinh Vuong) 83.35 - 85.15 million VND/tael.

PNJ system: SJC gold bars 82 - 85.8 million VND/tael; PNJ 999.9 plain gold rings at 83.4 - 85.2 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 82.3 - 85.8 million VND/tael; Phu Quy 999.9 round gold rings: 83.4 - 85.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 82.3 - 85.8 million VND/tael; plain gold rings are traded at 83.32 - 85.12 million VND/tael.

Gold price forecast this week?

Analysts warn that as the gold market has undergone a sharp correction, any remaining bears should not get too excited, as the fear of missing out (FOMO) continues to grow in the market. We are seeing dips being bought aggressively.

The latest Kico News gold market survey shows that the sharp sell-off last week has pushed most of Wall Street into a pessimistic outlook.

- Of the 14 analysts who participated in the survey, only 3 experts (equivalent to 21%) predicted that gold prices will increase next week, while 9 analysts (64%) predicted that prices will decrease, and the remaining 2 (14%) predicted that gold will consolidate sideways.

- Of the 249 respondents who participated in the online poll, 114 retail traders (46%) predicted gold prices to rise this week, while 91 (36%) predicted the yellow metal would fall, with the remaining 44 investors (18%) predicting gold will trend sideways in the coming period.

Gold prices are likely to fall as election risks fade. In fact, both Wall Street and Main Street investors are bearish on gold this week as risk assets continue to dominate.

Adrian Day, President of Adrian Day Asset Management, said that the continued downward adjustment of gold prices will not be a disadvantage because some investors are still taking profits, moreover, the gold market is still reacting to the re-election of Donald Trump as US President, bringing optimism about economic growth, a stronger USD and the stock market continuously hitting new highs. Mr. Adrian Day predicted that the downward trend of gold prices could last about 6 weeks.

December gold futures have yet to end their short-term downtrend on the daily close, opening the door for fresh selling early this week, said Darin Newsom, senior market analyst at Barchart.com .

Renowned commodities investor Dennis Gartman said he has become more cautious on the precious metal, as gold continues to attract more investor interest than other commodities. However, despite any short-term weakness, gold’s long-term fundamentals remain well supported.

Because despite the geopolitical turmoil created during this election cycle, gold continues to be well supported as the US economy and labor market slows.

The U.S. economy added just 12,000 jobs in October, well below expectations of 100,000. Part of the weakness can be attributed to the upheaval caused by hurricanes in southern states. But beyond the upheaval, the sharp downward revisions in August and September suggest that the U.S. labor market appears to be cooling.

Meanwhile, inflation continued to rise last week. The core Personal Consumption Expenditures Index, the US central bank's preferred measure of inflation, showed consumer prices remained at 2.7% over the past three months.

The Fed is deadlocked and will continue to cut rates as the labor market weakens. While they may not be as aggressive as they would like, higher inflation means real interest rates will fall, hurting the dollar and supporting gold.

Analyzing current technical indicators, technical analyst Gary S. Wagner, managing director of The Gold Forecast, said that gold appears to be preparing for continued weakness in the short term. However, the long-term outlook remains clearly bullish, suggesting that the current price action represents a temporary correction rather than a fundamental shift in market sentiment.

In addition, in fact, the buying momentum still exists as central banks still want to use gold to diversify assets and gradually escape dependence on the USD; the Fed and other major central banks will continue to loosen monetary policy in the context of a slowing economy, which will be reasons for gold to take off in the medium and long term.

Source: https://baoquocte.vn/gia-vang-hom-nay-11112024-gia-vang-o-thoi-diem-mua-tin-don-ban-su-that-chuyen-gia-du-bao-ve-thi-truong-tuan-nay-293243.html