The world gold market recorded a consecutive week of decline due to strong selling pressure. The world gold price plummeted from a peak of nearly 2,800 USD/ounce to around 2,550 USD/ounce.

Alex Kuptsikevich, senior market analyst at FxPro, said that gold prices could face further pressure from other factors and bottom out at $2,400 an ounce before the end of 2024.

Technically, recent signals show that gold prices have not stopped falling as the excess buying has not been "sold out". He believes that gold will have another round of price decline as the sell-off sentiment has not ended.

Forecasting gold prices in the next 10 days, some economic experts believe that after the sell-off pressure, gold will find it difficult to find momentum to increase prices again, when positive factors no longer exist.

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The rate of gold price decline will slow down in the next 10 days. Photo: Minh Hien

Naeem Aslam, chief investment officer at Zaye Capital Markets, attributed the weakness in the precious metal to the strength of the US dollar, which is also the main reason why investors are no longer interested in holding gold.

In the coming period, gold may face changes in monetary policy from the US Federal Reserve (Fed). The US Central Bank will not rush to cut interest rates further to adapt to the economic policies of President-elect Donald Trump.

“Interest rates and the strength of the US dollar will drag gold prices down further in the coming time,” said Naeem Aslam.

In the short term, investors are interested in what the price of gold will be in the next 10 days. According to analysts, in the coming days, investors will not put money into Bitcoin when the price of this cryptocurrency is very high, over 100,000 USD. This price is quite good for profit taking, investors will choose other investment channels, gold can recover thanks to that.

Experts say that holding above $2,550/ounce after the end of the week is a signal that gold is unlikely to fall further at the pace it did last week. Many predict that in the next 10 days, gold prices will not increase again, but will begin a slower decline cycle, possibly stopping at $2,500/ounce.

Another important factor is that concerns about economic policies related to high tax increases on goods by President-elect Donald Trump will boost the USD, making gold lose its appeal.

But the fear will gradually decrease, combined with other positive factors such as rising inflation during Donald Trump's term, pushing investors to put more effort into gold to find a safe haven.

In addition, geopolitical instability in the Middle East and other regions of the world remains complicated. Regardless of the conflict, it also encourages investors to pour money into gold to find shelter.

In the domestic market, investors rushed to buy at the bottom when gold prices plummeted in the last session of last week, causing gold prices to suddenly recover, with plain round gold rings increasing by 1.2 million VND/tael.

On November 16, the price of 9999 gold bars at SJC was VND80 million/tael (buy) and VND83.5 million/tael (sell). Doji listed it at VND80 million/tael (buy) and VND83.5 million/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 was only 81-82.7 million VND/tael.

Gold price today, November 15, 2024, fluctuated, plain rings jumped up by 1.2 million VND . Gold price today, November 15, 2024, domestic plain round rings suddenly increased again, 1.2 million VND per tael (buy) for Doji and 300,000 VND for SJC. In the international market, gold prices recovered but were still below 2,600 USD/ounce.