Gold price today November 2: Domestic and international prices both slightly decreased

On the morning of November 2, domestic and world gold prices both decreased slightly compared to yesterday morning's trading session.

The world spot gold price fell 11 USD to 2,736.5 USD/ounce. Gold futures last traded at 2,746 USD/ounce, down 10.9 USD compared to early yesterday morning.

Experts said the recovery in the US dollar put strong pressure on gold prices, causing the precious metal to lose 0.2% on the day after falling 1.5% on Thursday. The US dollar regained its previous losses and rose 0.4%, making gold less attractive.

Gold's losses were somewhat limited by the jobs report released on Friday, which showed that 12,000 jobs were created in October, the smallest increase since December 2020. U.S. job growth last month was affected by disruptions from hurricanes and strikes by aerospace workers. However, the unemployment rate remained stable and economists expect the Fed to cut interest rates by 25 basis points at its meeting next week.

World gold price today decreased slightly. (Illustration photo)

Now, the risk of a major U.S. election and a bad jobs report could prompt the Fed to cut rates, according to Bob Haberkorn, senior market strategist at RJO Futures. After the report, economists were pricing in a 100% chance of a 25 basis point rate cut next week, up from 91% previously.

Despite the fall in gold prices, experts still believe that the precious metal is on track to reach $3,000 an ounce in the next six months amid a worsening US labor market and renewed demand from exchange-traded funds. Accordingly, global gold exchange-traded funds, which have recorded capital outflows for three consecutive years amid high interest rates, saw capital inflows in September for the fifth consecutive month.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on November 2, the price of gold bars at Doji and SJC was listed at 87.5 million VND/tael for buying and 89.5 million VND/tael for selling, down 500,000 VND/tael in both buying and selling directions compared to yesterday.

Meanwhile, the price of SJC 9999 gold rings is listed at 87.4 million VND/tael for buying and 88.9 million VND/tael for selling, down 300,000 VND in both directions compared to yesterday.

PNJ brand gold ring price is listed at 88 million VND/tael for buying and 89.15 million VND/tael for selling, down 400,000 VND for buying and 350,000 VND for selling compared to yesterday.

+ International gold price

The world gold price listed on Kitco was at 2,736.5 USD/ounce, down 11 USD/ounce. Gold futures last traded at 2,746 USD/ounce, down 10.9 USD compared to early this morning.

Gold Price Forecast

The outcome of the US election will have an impact on gold, according to Kelvin Wong, senior market analyst at OANDA. He believes that spot gold will soon face resistance at $2,800 an ounce, followed by $2,826 an ounce.

Meanwhile, Goldman Sachs recently lowered its gold price forecast from $3,080/ounce to $3,000/ounce by December 2025. However, the bank's experts remain optimistic, predicting a 7% increase from Western exchange-traded funds.

Source