The central exchange rate on November 26, 2024 announced by the State Bank is 24,295 VND/USD, an increase of 3 VND compared to the previous trading session. The USD price at commercial banks this morning (November 26) was commonly listed at 25,167 VND/USD (buy) and 25,506 VND/USD (sell).

At 8:31 a.m. today (November 26, Vietnam time), the world spot gold price was at 2,625.2 USD/ounce, down 53.1 USD/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at 2,650.2 USD/ounce.

On the morning of November 26 , the world gold price converted to USD bank price was over 81.5 million VND/tael, including tax and fees, about 3.8 million VND/tael lower than the domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (November 25, Vietnam time) was trading at 2,678.3 USD/ounce, down 1.4% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,688.5 USD/ounce.

At the beginning of the trading session on November 25 (US time), the world gold price continued to decline due to profit-taking activities of investors. Gold was also negatively affected after Mr. Donald Trump chose billionaire investor Scott Bessent as the US Treasury Secretary in the new administration.

According to analysts, Mr. Scott Bessent is not a tough person in the trade confrontation with China, causing political risks to cool down, which will be disadvantageous for gold prices.

Lukman Otunuga, chief market analyst at FXTM, said that gold has more room to rise in the current environment. In addition to escalating geopolitical tensions, gold continues to benefit from the dovish sentiment of the US Federal Reserve (Fed). The market is currently pricing in a 55.9% chance of the Fed cutting interest rates next month.

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World gold prices continue to plummet. Photo: HH

Slowing global growth suggests central banks around the world will continue to ease interest rates. Lower real yields globally will improve the opportunity cost of holding gold.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said that amid rising geopolitical risks, there has been little selling activity in the market, as gold is a safe haven asset. Therefore, gold is unlikely to fall in the near term.

In the domestic market, at the end of the session on November 25, the price of 9999 gold bars at SJC was 84.6 million VND/tael (buy) and 86.6 million VND/tael (sell). Doji listed it at 84.6 million VND/tael (buy) and 86.6 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 84-85.6 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.3-85.8 million VND/tael (buy - sell).

Gold Price Forecast

Darin Newsom, an expert from Barchart, predicts that gold prices may correct lower in the short term. In the long term, he still believes that the upward trend of gold prices will continue until the end of this year.

Experts at CPM Group predict that gold prices could reach $2,730 an ounce in the next two weeks, thanks to economic and political factors. Experts warn that there may be profit-taking in December.

Marc Chandler, Director of Bannockburn Global Forex, predicts that gold prices could reach $3,000 an ounce by 2025. He believes that geopolitical factors will be the main driving force for gold in the coming time.