DNVN - In the trading session on November 12, the world gold price fell to its lowest level since September 20, 2024 due to the stronger USD and optimism about US economic growth after the presidential election.
Specifically, the spot gold price lost 0.7% to $2,600.93/ounce at 2:23 a.m. on November 13 (Vietnam time). During the session, the gold price fell by 1% to $2,589.59/ounce - the lowest level since September 20, 2024. The gold futures price in the US decreased by 0.4%, closing at $2,606.30/ounce.
The dollar index rose to its highest level in more than four months, making gold more expensive for holders of other currencies. Bitcoin also rose as investors bet on a breakout after Donald Trump takes office in January 2025. U.S. government bond yields also rose.
Despite the decline in gold prices during the session, Daniel Pavilonis, market strategist at RJO Futures, said that gold prices are still in a long-term uptrend. Current US fiscal policy is expected to lead to inflation, and if inflation continues to rise, gold will benefit from this trend.
Technically, the gold market could be preparing for a rally, with support around $2,600 an ounce, Pavilonis predicted.
This week, investors will pay attention to important US economic data, such as the October 2024 Consumer Price Index (CPI), released on November 13, along with speeches from Federal Reserve Chairman Jerome Powell and other central bank officials.
Following the Fed’s recent decision to cut interest rates by 25 basis points to a range of 4.5-4.75%, traders are forecasting a 59% chance of another rate cut by December 2024. Before Trump’s election victory, the probability was around 80%.
In Vietnam, in the session of November 12, Saigon Jewelry Company listed the price of SJC gold in Hanoi at 80.60 - 84.10 million VND/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-13-11-giam-sau-cham-day-trong-gan-hai-thang/20241113090444711
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