The world gold price closed the trading week at $2,562/ounce. The December 2024 gold futures price traded at $2,570/ounce. From the peak of $2,800/ounce two weeks ago, the world gold price has fallen to $2,500/ounce. This week alone, the world gold price fell nearly 5%, marking the sharpest weekly decline in nearly 3 years. Alex Kuptsikevich, senior market analyst at FxPro, said that from the peak, the gold price has lost more than $250, equivalent to about 9%. Technically, a strong bearish signal appeared 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 rally lasted for nearly 2 years, but there were also short-term declines. In 2011, gold initially fell by nearly 20%. In the next 4 years, gold prices lost 45% of their value from their 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 stronger 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 more difficult times in the coming period because the Fed is in no hurry to change monetary policy when new economic data is available. However, gold is still considered 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 uncertainty. 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 in October increased 0.4% compared to the previous month, slightly higher than traders' expectations of a 0.3% increase and following a large revised increase of 0.8% in the September report. 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 VND79.8-82.3 million/tael (buy - sell). At Doji, the buying and selling price of gold rings of type 1-5 is only at 81-82.7 million VND/tael. Last week, the price of domestic branded gold rings continued to decrease sharply, at times "flying" to 79 million VND/tael. The decline only ended on Friday when the plain rings rebounded strongly. Gold price forecast According to experts, the weekly chart closing below the lowest level could lead to a deeper adjustment 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 period of decline in the short term if there are no supporting factors. Mr. Trump's fiscal and interest rate policies increase the strength of the USD, reducing the demand for safe haven 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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