At the end of the trading session on November 26 (Vietnam time), the domestic price of SJC 9999 gold bars was listed by Saigon Jewelry Company Limited (SJC) and Doji Jewelry Group in Hanoi and Ho Chi Minh City at VND82.7-85.2 million/tael (buy - sell), down VND1.9 million/tael in the selling direction and down VND1.4 million/tael compared to the previous session.

Gold ring prices also fell sharply.

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

Doji listed the price of 9999 round smooth gold rings at 82.3-84.4 million VND/tael (buy - sell), down 2 million VND for buying and down 1.4 million VND for selling.

At 8:00 p.m. on November 26 (Vietnam time), the spot gold price on the world market today recovered slightly to $2,632/ounce, after falling to nearly $2,610/ounce earlier. Gold for February 2025 delivery on the Comex New York floor was at $2,658/ounce.

The world gold price on the night of November 26 was about 27.6% higher (569 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 81.7 million VND/tael, including taxes and fees, about 3.5 million VND/tael lower than the domestic gold price as of late afternoon of the same day.

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

Gold prices on the international market have rebounded quite quickly after the plunge in the Asian market. SJC gold bars and plain rings have fallen sharply but there are few buyers.

Gold rose again mainly due to high bottom-fishing demand, after this commodity fell from the threshold of 2,720 USD/ounce last weekend to near the important support threshold of 2,600 USD/ounce on the afternoon of November 26 in the Asian market.

Gold is still determined to be in an upward trend in the medium and long term as geopolitical tensions cannot end quickly and the US Federal Reserve (Fed) as well as many central banks of new countries have just started the interest rate reduction cycle.

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

Gold prices also rose again due to the continued escalation of tensions in Ukraine. Accordingly, Russian forces attacked at an unprecedented speed in more than 2 years, controlling hundreds of square kilometers of territory in November, increasing the 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 evening of November 25 and early morning of November 26.

In the Middle East, Israel warned Hezbollah ahead of a ceasefire, saying it would be uncompromising in protecting its security interests and was ready to take strong action if the ceasefire in Lebanon was violated.

Gold Price Forecast

Forecasting the gold trend in the coming time, Darin Newsom from Barchart said that gold prices may have some short-term corrections. However, in the long term, Newsom believes that gold will continue to increase in price.

WisdomTree's head of commodity and macroeconomic research, Nitesh Shah, also predicted on Kitco that gold will rise in 2025 and reach $2,850 an ounce in the fourth quarter of next year.

Investors are awaiting the minutes of the Fed's November FOMC meeting for clues on U.S. monetary policy. This week, the U.S. will release revised GDP data and core PCE data.

Gold price plummets the most, losing 2.5 million in 1 night: Will it continue to decrease? World gold price suddenly plummeted, losing 80 USD, equivalent to a decrease of 2.5 million VND/tael in a day, the sharpest decrease in nearly 4 years. What is the reason for the shocking drop in gold price and how long will the decline continue?