At the end of the trading session on November 20, the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 82.7-85.7 million VND/tael (buy - sell), an increase of 700,000 VND/tael in both directions compared to the previous session.

Gold ring prices continue to soar after nearly 2 weeks of downward pressure.

On the afternoon of November 20, Saigon Jewelry Company (SJC) listed the price of 1-5 ring gold at only 82.7-84.9 million VND/tael (buy - sell), an increase of 700,000 VND/tael in buying and 900,000 VND in selling compared to the previous session. Doji listed the price of 9999 round plain gold rings at 84.3-85.3 million VND/tael (buy - sell), an increase of 500,000 VND in both directions.

Thus, gold bars increased by 2.7 million VND after 3 days, while plain rings increased by more than 3 million.

World gold prices in the session on November 20 were under pressure to sell for profit after rising sharply to 2,640 USD earlier and pressure from a strong USD. However, prices tended to increase again.

By 8:00 p.m. on November 20 (Vietnam time), the spot gold price on the world market today recovered to 2,640 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,638 USD/ounce.

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Gold prices skyrocket. Photo: HH

The world gold price on the night of November 20 was about 28% higher (577 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 81.9 million VND/tael, including taxes and fees, about 3.8 million VND/tael lower than the domestic gold price as of the end of the afternoon session on November 20.

Gold prices in the international market have turned to increase again after being under strong profit-taking pressure and a strong USD. SJC gold bars increased by 2.7 million VND after 3 days, while plain rings increased by more than 3 million VND.

Gold surged despite heavy selling pressure and a strong US dollar.

The DXY index - measuring the greenback's fluctuations against six other major currencies - jumped to 106.7 points on the evening of November 20 (Vietnam time), compared to 105.82 points on November 12, or 105.4 points on the evening of November 6 and 103.7 points on the evening of November 5.

Gold prices rose due to soaring demand for bargains amid rising tensions between Russia and Ukraine. President-elect Donald Trump is unlikely to end the Ukraine conflict soon after taking office on January 20.

Gold price forecast

Demand for gold at the bottom increased rapidly as investors believed that the conflict in Ukraine and the Middle East was unlikely to cool down soon.

While the Biden administration and Europe are strongly supporting Ukraine, it is unlikely that Trump will be able to take measures to defuse the conflict.

In the Middle East, the situation is perhaps even more complicated due to the nature of land and religious disputes.

Money is pouring into the US dollar and gold, instead of risky assets.

This is a very strong supporting factor for precious metals.

Technical analysis shows that gold prices are being hindered by the psychological level of $2,700/ounce but are being strongly supported at $2,622 and especially the psychological level of $2,600/ounce.

Investors had previously hoped that Mr. Trump could end the Ukraine conflict within 24 hours as he had announced after his election on November 5. Expectations that geopolitical tensions would ease in many regions pushed gold down, from a peak of $2,789/ounce recorded on October 30 to $2,540 on November 14.

Gold prices are falling freely: Will plain rings fall to 70 million or increase again? The world financial market has fluctuated strongly after Donald Trump won the election. Gold prices are falling freely to the threshold of 2,600 USD, plain gold rings are down to 80 million VND/tael. How long will the gold price fall and when will it increase again?