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 VND82.7-85.7 million/tael (buy - sell), an increase of VND700,000/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 Limited (SJC) listed the price of 1-5 gold rings at only VND82.7-84.9 million/tael (buy - sell), an increase of VND700,000/tael in buying and VND900,000 in selling compared to the previous session. Doji listed the price of 9999 round gold rings at VND84.3-85.3 million/tael (buy - sell), an increase of VND500,000 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 of November 20 were under pressure to sell to take profits 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/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,638/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 on the international market have rebounded after being under strong profit-taking pressure earlier 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.

Gold surges 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 increased demand for buying at the bottom amid rising tensions between Russia and Ukraine. President-elect Donald Trump is unlikely to end the conflict in Ukraine soon after taking office on January 20.

Gold Price Forecast

Gold price dip demand is increasing rapidly as investors believe that the conflict in Ukraine and the Middle East is 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 disputes over land and religion.

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 threshold of $2,700/ounce but are being strongly supported at $2,622 and especially the psychological threshold of $2,600/ounce.

Previously, investors expected that Mr. Trump could end the conflict in Ukraine within 24 hours as he announced after his election on November 5. Expectations that geopolitical tensions would cool down 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 will they increase again? The world financial market has fluctuated strongly after Donald Trump won the election. Gold prices have fallen freely to the threshold of 2,600 USD, plain gold rings are down to 80 million VND/tael. How long will the gold price plummet and when will it increase again?