Gold price today November 17, 2024: After a record plunge, plain rings suddenly increased again

Gold prices today, November 17, 2024, on the world market ended the week of decline. The stronger USD and the economic policy outlook under Donald Trump negatively impacted gold prices.

The world gold price closed the trading week at 2,562 USD/ounce. The December 2024 gold futures price traded at 2,570 USD/ounce.

From a peak of $2,800 an ounce two weeks ago, the world gold price has fallen to $2,500 an ounce. This week alone, the world gold price fell nearly 5%, marking the sharpest weekly decline in nearly three years.

Gold has lost more than $250, or about 9%, from its peak, according to Alex Kuptsikevich, senior market analyst at FxPro. Technically, there are strong bearish signals on the weekly chart.

World gold price chart this week. Photo: Kitco

According to this analyst, in 2009, gold prices recorded a 15% drop from peak to trough, after which demand pushed gold prices up. The price increase lasted for nearly 2 years but there were also short-term declines. In 2011, the initial drop in gold was nearly 20%. In the next 4 years, gold prices lost 45% of their value compared to the peak.

According to Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, the downward pressure on gold prices in the past few days was due to the strengthening of the US dollar and expectations of changes in monetary policy from the US Federal Reserve (Fed).

Traders and investors are concerned that the gold market may face even tougher times in the coming period as the Fed is in no hurry to change monetary policy when new economic data comes in.

However, gold is still seen as a safe haven asset during global economic uncertainties, such as trade disputes and geopolitical tensions. Investors may seek refuge in gold in case of increased instability.

According to recently released US economic data, the US producer price index report for October increased 0.2% compared to the previous month, in line with market expectations.

Retail sales rose 0.4% month-on-month in October, slightly above traders' expectations for a 0.3% rise and following a revised 0.8% gain in the September report.

On November 16, the price of 9999 gold bars at SJC was 80 million VND/tael (buy) and 83.5 million VND/tael (sell). Doji listed it at 80 million VND/tael (buy) and 83.5 million VND/tael (sell).

SJC listed the price of gold rings of type 1-5 at only 79.8-82.3 million VND/tael (buy - sell). At Doji, the price of gold rings of type 1-5 is only 81-82.7 million VND/tael.

Last week, the price of domestic branded gold rings continued to decrease sharply, at one point "flying" the 79 million VND/tael mark. The decline only ended on Friday when plain rings rebounded strongly.

Gold price forecast

According to experts, the weekly chart closing below the lowest level could lead to a deeper correction in gold prices. Market analyst Carlo Alberto De Casa said that gold prices were affected after Mr. Trump was elected US president.

The gold market could enter a short-term bear market if there are no supportive factors. Mr. Trump’s fiscal and interest rate policies increase the strength of the US dollar, reducing the safe-haven demand for gold.

The future of gold prices depends largely on the policies of the Trump administration and the Fed's decisions in the coming time.

In the long term, Axel Rudolph, senior technical analyst at IG in London, said gold prices still have support from fundamental and technical factors, including central bank buying.

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