At the close of trading on November 27th (Vietnam time), the price of SJC 9999 gold bars in Vietnam was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 83-85.5 million VND/ounce (buy-sell), an increase of 300,000 VND/ounce in both buying and selling prices compared to the previous session.

Gold ring prices rose sharply. SJC listed gold rings weighing 1-5 taels at 82.7-84.6 million VND/tael (buy - sell), an increase of 600,000 VND/tael in the buying price and 400,000 VND in the selling price compared to the previous session.

Doji listed the price of 9999 pure gold rings at 83.9-84.9 million VND/ounce (buy - sell), an increase of 600,000 VND in the buying price and 500,000 VND in the selling price.

World gold prices on the US market on November 27 (evening of November 27 in Vietnam time) rose sharply again, surpassing the $2,650/ounce mark.

Specifically, as of 8 PM on November 27th (Vietnam time), the spot price of gold on the world market recovered to $2,652 per ounce. Gold futures for February 2025 on the Comex New York exchange were at $2,678 per ounce.

World gold prices on the night of November 27th were approximately 28.6% higher (US$589/ounce) than at the beginning of 2024. World gold prices, converted using the bank's USD exchange rate, were VND 82.3 million/ounce, including taxes and fees, which is about VND 3.2 million/ounce lower than domestic gold prices as of the end of the trading session on November 27th.

Global gold prices surged again on the night of November 27th (Vietnam time) due to the weakening US dollar. The DXY index (measuring the fluctuations of the US dollar against a basket of six major world currencies) fell 0.6% to 106.37 points. In the previous few sessions, the DXY had reached 107.7 points at one point.

President-elect Donald Trump issued a threat of tariffs on social media, targeting three countries: China, Mexico, and Canada, causing investor concern and shaking financial markets.

Mr. Trump announced he would impose a 25% tariff on all goods from Mexico and Canada, as well as an additional 10% tariff on products from China.

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The price of SJC gold bars and plain gold rings surged again on November 27th. Photo: MH

This statement signals the beginning of the Trump 2.0 era. Trade wars are likely to erupt, driving up commodity prices and accelerating inflation. High inflation creates a favorable environment for gold.

Over the weekend and into this week, gold experienced a sharp decline following news that Israel and Hezbollah had agreed on a 60-day ceasefire. The anticipated easing of tensions in the Middle East weighed heavily on gold prices.

Gold price forecast

However, geopolitical tensions are only one of the factors affecting gold. Moreover, the ceasefire agreement is only temporary. The Middle East is just one of the hotspots. Meanwhile, inflation is also a significant factor impacting the precious metal.

The world is currently witnessing the end of a monetary tightening cycle. Many countries, including the US, have begun a cycle of lowering interest rates.

The minutes of the US Federal Reserve (Fed), released on the night of November 26th (Vietnam time), mentioned the need for a gradual interest rate cut in the US. However, it also noted signs of a loss of control by Fed Chairman Jerome Powell, with members of the board uncertain about what the long-term interest rate target should be.

Market signals suggest there is nearly a 60% chance the Fed will cut interest rates for the third consecutive time at its December meeting. The Fed may also cut rates several more times in 2025.

The US dollar will face downward pressure despite expectations of a strengthening US economy after Trump's inauguration. Gold prices are likely to continue to be supported and maintain the uptrend that has lasted from the end of 2023 until now.

Most experts predict that gold will remain on an upward trend. However, the commodity is likely to continue experiencing significant volatility as the world becomes increasingly complex. Trump's policies and statements are likely to continue impacting markets, causing sharp fluctuations in commodity prices.

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