At the close of trading on November 26th (Vietnam time), the price of SJC 9999 gold bars in Vietnam, as listed by Saigon Jewelry Company Limited (SJC) and Doji Gold and Jewelry Group in Hanoi and Ho Chi Minh City, was 82.7-85.2 million VND/ounce (buy-sell), a decrease of 1.9 million VND/ounce in the selling price and a decrease of 1.4 million VND/ounce compared to the previous trading session.

The price of gold rings also dropped sharply.

On the afternoon of November 26th, SJC listed the price of gold rings (1-5 tael) at 82.1-84.2 million VND/tael (buy - sell), a decrease of 1.9 million VND/tael (buying price) and a decrease of 1.4 million VND (selling price) compared to the previous session.

Doji listed the price of 9999 pure gold rings at 82.3-84.4 million VND/ounce (buy - sell), a decrease of 2 million VND in the buying price and a decrease of 1.4 million VND in the selling price.

By 8 PM on November 26th (Vietnam time), the spot price of gold on the world market had recovered slightly to $2,632 per ounce, after falling to nearly $2,610 per ounce earlier. Gold futures for February 2025 on the Comex New York exchange were at $2,658 per ounce.

World gold prices on the night of November 26th were approximately 27.6% higher (US$569/ounce) than at the beginning of 2024. World gold prices, converted using the bank's USD exchange rate, were VND 81.7 million/ounce, including taxes and fees, which is about VND 3.5 million/ounce lower than domestic gold prices as of the end of the afternoon on the same day.

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The price of SJC gold bars and plain gold rings fell sharply on November 26. Photo: MH

Gold prices on the international market rebounded quite rapidly after a sharp drop in the Asian market. SJC gold bars and plain gold rings fell sharply, but there were few buyers.

Gold rebounded primarily due to strong bargain-hunting demand, after the commodity plummeted from $2,720 per ounce last weekend to near the key support level of $2,600 per ounce on the afternoon of November 26 in Asian markets.

Gold remains in an uptrend in the medium and long term due to geopolitical tensions that are unlikely to end quickly and the fact that the US Federal Reserve (Fed) and many other central banks have only recently begun a cycle of lowering interest rates.

This cycle could last 1-2 years. It will cause the USD to depreciate and inflation could increase in the US as well as globally. This is a very supportive environment for gold.

Gold prices rose again due to the continued escalation of tensions in Ukraine. Specifically, Russian forces launched an unprecedentedly rapid offensive in over two years, gaining control of hundreds of square kilometers of territory in November, further increasing pressure on Ukraine.

Russia launched a major counterattack in Kursk, regaining 40% of the territory that Ukraine once controlled there.

Russia also launched an unprecedented number of unmanned aerial vehicles (UAVs) into Ukraine on the night of November 25th and the early morning of November 26th.

In the Middle East, Israel warned Hezbollah ahead of the ceasefire decision, stating it would show no lenience in protecting its security interests and was ready to take strong action if the ceasefire in Lebanon was violated.

Gold price forecast

Forecasting future gold trends, Darin Newsom from Barchart suggests that gold prices may experience short-term downward corrections. However, in the long term, Newsom believes gold will continue to appreciate.

Nitesh Shah, Head of Commodity and Macroeconomics Research at WisdomTree, also predicted on Kitco that gold will rise in 2025 and reach $2,850 per ounce by the fourth quarter of next year.

Investors are awaiting the minutes of the Fed's November FOMC meeting to analyze signals regarding US monetary policy. This week, the US will release revised GDP data and core PCE personal consumption expenditure figures.

Gold prices plummet, losing 2.5 million VND overnight: Will they fall further? World gold prices unexpectedly dropped by $80 USD, equivalent to a decrease of 2.5 million VND per tael in a single day – the sharpest decline in nearly four years. What caused this dramatic drop in gold prices, and how long will the downward trend continue?