On the morning of November 18, the world gold price continued to decline today, after experiencing many consecutive declines and falling below the threshold of 2,600 USD/ounce last week.
The world gold price today is listed on Kitco at 2,562 USD/ounce, down 3 USD/ounce compared to early this morning.
Gold prices continued to fall due to pressure from many factors such as the strength of the greenback, the hawkish moves of the US Federal Reserve (Fed) and a relatively calm geopolitical environment.
The latest Kitco News weekly gold survey shows bearish sentiment. Sean Lusk, senior analyst at Walsh Trading, said the dollar and bond yields continue to rise, putting pressure on gold prices.
The expert expects that as gold prices fall, central banks will return to the market to buy. But Europe continues to weaken, putting pressure on the euro and buying dollars to hedge against depreciation. Therefore, gold prices may remain flat or fall for a while longer if there are no geopolitical factors.
According to Lusk, central banks like China and the EU will pump in growth stimulus, which could boost interest in the gold market in the future.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on November 18, the price of gold bars at Doji and SJC was listed at 80 - 83.5 million VND/tael (buy - sell), down 500,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 79.8 - 82.1 million VND/tael, down 1.1 million VND/tael.
+ International gold price
The world gold price listed on Kitco is at 2,562 USD/ounce, down 3 USD/ounce compared to early this morning. Gold futures last traded at 2,567 USD/ounce.
Gold Price Forecast
The gold market is expected to be quieter this week as few important economic data are released. The news to be expected will be data on housing and building permits in the US, home sales and the University of Michigan consumer sentiment survey. In addition, the market is also waiting for comments from some Fed officials to assess the speed and extent of upcoming interest rate cuts.
Kitco senior analyst Jim Wyckoff said that technical charts show gold prices will continue to weaken this week.
Meanwhile, Darin Newsom, senior market analyst at Barchart.com, said that the excitement and anxiety surrounding the US presidential election is gradually fading, which means that market turmoil is coming and investors will flock to gold as a safe haven to hedge against risks.
Source: https://baolangson.vn/gia-vang-hom-nay-18-11-du-bao-tiep-tuc-suy-yeu-5028799.html
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