Gold price this present day November 3, 2024 on the world market closed the week with an building up. America election and the Middle East warfare are expected to push gold prices to new peaks.
Uncertainty surrounding the United States election, tensions throughout the Middle East and expectations that the United States Federal Reserve (Fed) will scale back interest rates in November are parts causing world gold prices to increase sharply.
Analysts say that the impending US presidential election has higher the decision for for secure haven gold. Opinion polls show that Donald Trump and his opponent Kamala Harris are nevertheless competing fiercely. The possibility of additional fiscal stimulus are key parts driving gold prices higher.
Mr. Ole Hansen, a qualified at Saxo Monetary establishment, mentioned that the United States presidential election is affecting the gold market. Precious metals are a gorgeous option to hedge risks ahead of the election. Problems that US debt will continue to increase are also parts that create momentum for gold prices throughout the with regards to long term.
In line with the United States Department of Industry, the personal expenditures price index (PCE) in September higher by means of 2.1% over the identical duration last 365 days. The Fed is predicted to cut back interest rates by means of every other 25 basis problems (0.25%) at next week’s meeting.
Global gold price chart last week. Provide: KC
In line with CME’s FedWatch software, {the marketplace} is forecasting a few 95% chance that the Fed will scale back interest rates by means of 25 basis problems at its November meeting.
Additionally, slowing growth in Western economies and stimulus measures performed to boost China’s monetary growth create the most productive setting for gold in a decade.
Global gold prices closed the weekend session at 2,735 USD/ounce. Gold futures price in December 2024 is purchasing and promoting at 2,749 USD/ounce.
On November 2, the price of 9999 gold bars at SJC used to be as soon as 87.5 million VND/tael (acquire) and 89.5 million VND/tael (advertise). Doji listed at 87.5 million VND/tael (acquire) and 89.5 million VND/tael (advertise).
SJC lists the price of gold rings of types 1-5 at most efficient 87.4-88.9 million VND/tael (acquire – advertise). At Doji, the buying and selling price of gold rings of kind 1-5 is most efficient 88-89 million VND/tael.
Gold price forecast
Consumers rushing to buy gold has pushed gold prices up 34% this 365 days. In line with the Global Gold Council’s (WGC) quarterly report, the entire price of globally gold name for exceeded $100 billion for the main time throughout the third quarter. Global gold name for moreover reached an all-time high throughout the quarter, with 1,313 rather a lot, up 5% year-on-year.
WGC believes that with the craze of reducing interest rates in Western central banks, gold prices will continue to be supported throughout the with regards to long term.
In line with Joseph Cavatoni, strategist at WGC, the Fed’s easing cycle utterly changes the landscape of gold prices. A steady easing cycle drives consumers once more to gold. {The marketplace} nevertheless has many possible choices to increase prices.
Dominik Sperzel, purchasing and promoting director at Heraeus Metals Germany, predicts that gold prices will touch 3,000 USD next 365 days, on account of concerns about probabilities in emerging economies, purchasing power of gold ETFs and market adjustments. school after the election.
Theo vietnamnet.vn
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