On November 23, the domestic gold ring price continued to be adjusted upward. Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 85-86.5 million VND/tael (buy - sell), an increase of 400 thousand VND/tael in both buying and selling compared to the previous session.

Similarly, Doji Gold and Gemstone Group raised the price of 9999 gold rings to 85.6-86.6 million VND/tael (buy - sell), an increase of 400 thousand VND/tael in both directions compared to the previous session.

SJC 9999 gold price increased by 300 thousand VND/tael in both buying and selling compared to the previous session's close.

The price of 9999 gold bars at SJC is 85 million VND/tael (buy) and 87 million VND/tael (sell). Doji listed it at 85 million VND/tael (buy) and 87 million VND/tael (sell).

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Domestic gold prices increase sharply. Photo: Chi Hieu

The world gold price closed the week at $2,690/ounce. The gold futures price for December 2024 on the Comex New York floor was at $2,693/ounce.

The global gold market ended the week with the strongest price increase since October 2023. Gold prices increased by 5.4% since the beginning of the week. The main fluctuations in gold prices were driven by safe-haven demand after the Russia-Ukraine conflict escalated.

Investors are increasingly looking for safe havens for their assets amid rising geopolitical tensions. According to Alex Kuptsikevich, senior analyst at FxPro, the geopolitical crisis in the Middle East and the Russia-Ukraine conflict remain key factors in the gold price recovery.

Gold prices are also supported by peak demand in Asia as the year-end festive season approaches. Major markets such as China and India are expected to continue to see strong demand for physical gold this year.

Markets have been fluctuating recently in anticipation of the next move by the US Federal Reserve (Fed). Mr. Trump has been angry and criticized the Fed for not loosening monetary policy. In 2025, President-elect Donald Trump and Fed Chairman Jerome Powell are likely to clash over monetary policy.

The chance of a rate cut in December has dropped to 50-50, compared with a near-certainty previously, according to CME Group's FedWatch index.

Gold Price Forecast

According to Lukman Otunuga, Chief Market Analyst at FXTM, in the current context, gold prices still have room to rise. Geopolitical tensions are escalating, gold continues to benefit from the dovish sentiment from the Fed.

Gold prices are trading less than 4% away from an all-time high, a level that could be tested if geopolitical tensions spark a wave of risk aversion.

The PCE report and economic data next week could influence the outlook for gold. If weak data bolsters the case for a December rate cut by the Fed, gold bulls could get a fresh boost.

He believes that gold prices need to ensure a close above $2,700/ounce, from which they can break out to $2,750/ounce and $2,790/ounce. If they fall below $2,700/ounce, they could trigger a sell-off, falling below $2,660/ounce.