Gold price today November 17, the world awaits important economic data
The world spot gold price in the Asian market at 6:15 a.m. this morning, November 17 (Vietnam time) was trading at around 4,101 USD/ounce, a sharp increase of 21 USD/ounce compared to the closing price of last week.
According to Kitco News, some analysts believe that the gold sell-off due to expectations of interest rate changes has caused a general decline in the market, along with Bitcoin and stocks also losing value.
Although the 43-day US government shutdown has ended, some economists worry that economic data collection has been severely affected. The lack of quality data is forcing the US Federal Reserve to maintain a neutral stance on monetary policy, likely leaving interest rates unchanged next month.
According to the CME FedWatch Tool, the market sees a less than 50% chance of a rate cut in December, compared with a more than 90% chance last month of a rate cut.
James Stanley, senior market strategist at Forex.com, said he is bullish on gold but does not expect a breakout this week.
“I think we are entering a consolidation and accumulation period very similar to the last two months of 2024 or May to August of this year, which were the breakout periods for gold. However, I am still bullish because I don’t think the fundamental market context has changed much. I think what we are seeing now is just profit taking after a really strong run,” said Mr. Stanley.
Mr. Stanley also said that the gold price above 4,000 USD/ounce is still an important resistance level and only when it falls below the resistance level of 3,895 USD/ounce, then investors need to be cautious.
Notably, the gold market’s movements are expected to depend on economic data this week, with the Empire State Manufacturing Survey due on Monday and the Federal Open Market Committee meeting minutes released on Wednesday.
Next, on Thursday, the market awaits data from the Philly Federal Reserve manufacturing survey, weekly jobless claims and US existing home sales. Finally, on Friday, the S&P flash PMI and the University of Michigan revised consumer sentiment will be released.
Domestic gold price is “unmoving” but will it continue the world’s upward trend?
Gold price today, November 17, recorded SJC gold and rings stabilizing again after continuously falling sharply in previous sessions.
Accordingly, the price of SJC gold bars at Doji Group in Hanoi and Ho Chi Minh City markets is trading at around 149 – 151 million VND/tael (buy – sell), stable in both buying and selling prices compared to the same time yesterday. The difference between buying and selling is 2 million VND/tael.
At Bao Tin Minh Chau, today SJC gold price is traded at 149 – 151 million VND/tael (buy – sell), stable price in both buying and selling compared to the same time yesterday. The difference between the 2 buying and selling directions for each tael is 2 million VND/tael.
SJC gold bar price at Phu Quy is trading around 148 – 151 million VND/tael (buy – sell), stable in both buying and selling prices compared to the same time yesterday. The difference between buying and selling is 3 million VND/tael.
For gold rings, the price of the Thang Long Dragon Gold plain round ring at Bao Tin Minh Chau is traded at 150 – 153 million VND/tael (buy – sell), stable in both buying and selling prices compared to the same time yesterday. The difference in buying and selling prices is 3 million VND.
The price of Doji Hung Thinh Vuong 9999 gold rings of Doji Group in Hanoi market is traded at 149.5 – 152.5 million VND/tael, stable in both buying and selling prices compared to the same time yesterday. The difference between the two buying and selling prices is 3 million VND.
The price of 999.9 round smooth gold rings at Phu Quy Company is trading around 149.7 – 152.7 million VND/tael, stable in both buying and selling prices compared to the same time yesterday. The difference between buying and selling is 3 million VND/tael.
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