Gold prices nowadays November 10, 2024 on the international market ended the week with a sharp decrease. House gold prices moreover plummeted.
The gold market ended the week with its sharpest decline since Would possibly. International gold prices reached a record of 2,801.8 USD/ounce final week. After many downward adjustments, December gold futures prices diminished via 1.98% compared to final week.
Final the week, international gold value traded at 2,683 USD/ounce. Gold futures value in December 2024 is purchasing and promoting at 2,694 USD/ounce.
In line with professionals, the Federal Reserve (Fed) cut back interest rates via 25 basis problems, mixed with the usa presidential election and a stronger USD,… are the primary elements affecting gold prices.
International gold value chart final week. Provide: KC
Right through the week, Republican candidate Donald Trump received, becoming the next president of america. If no longer anything else changes, Donald Trump will officially be sworn in as US president in early 2025.
In an instant afterward, the Fed cut back interest rates via 0.25 percentage problems, loosening monetary protection further as inflation in the world’s largest financial device endured to cool. After the Fed’s selection, a chain of other number one central banks moreover moved to control interest rates.
A stronger USD is also the primary factor causing gold prices to fall this week. USD better 0.64% this week. The USA Buck Index (DXY), measuring buck fluctuations with 6 number one currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 104,833 problems.
In line with Joe Cavatoni, senior market strategist at the International Gold Council, correct after the election, the usa deficit is of additional fear than ever to international patrons, institutions and banks. The central government is having a look at the usa, having a look at what the Trump control does to impact debt.
Cavatoni mentioned that global gold name for is affected by the speed of USD devaluation. Gold fell sharply as soon as the field found out that Trump would be the next president.
The house gold market moreover fluctuates strongly in line with international characteristics. On November 9, the price of 9999 gold bars at SJC was once as soon as 82 million VND/tael (acquire) and 85.8 million VND/tael (advertise). Doji listed at 82 million VND/tael (acquire) and 85.8 million VND/tael (advertise).
SJC lists the price of gold rings of sorts 1-5 at most straightforward 82-84.8 million VND/tael (acquire – advertise). At Doji, the buying and selling value of gold rings of sorts 1-5 is most straightforward 83.35-85.15 million VND/tael.
Gold value forecast
Alex Kuptsikevich, senior market analyst at FxPro, mentioned gold prices out of place 3% on the day of the usa presidential election results. General, from the peak in late October to the brand new low, the loss exceeds 5%.
In line with Colin Cieszynski, strategist at SIA Wealth Keep an eye on, what happens to gold prices beneath the 12 months 2,000 scenario. After there’s a brand new US president, it’s no longer related who it’s, there’ll most straightforward be a winner, there will probably be sure risks to {the marketplace}. Mainly, gold prices are nevertheless purchasing and promoting throughout the range of 2,600-2,780 USD/ounce.
“I don’t believe there will probably be a large correction in gold prices,” Cieszynski mentioned. He mentioned that gold prices aren’t going to return to the 2,000 USD/ounce mark, on the other hand can retest the 2,500 USD/ounce mark and the gold value will continue to decrease next week.
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