At the end of the trading session on November 27 (Vietnam time), the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND83-85.5 million/tael (buy - sell), an increase of VND300,000/tael in both buying and selling compared to the previous session.

The price of gold rings increased more strongly. SJC listed the price of gold rings of type 1-5 at only 82.7-84.6 million VND/tael (buy - sell), an increase of 600,000 VND/tael in buying and 400,000 VND in selling compared to the previous session.

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

The world gold price in the session of November 27 on the US market (evening of November 27, Vietnam time) increased rapidly again to above the threshold of 2,650 USD/ounce.

Specifically, at 8:00 p.m. on November 27 (Vietnam time), the spot gold price today on the world market recovered to $2,652/ounce. Gold for February 2025 delivery on the Comex New York floor was at $2,678/ounce.

The world gold price on the night of November 27 was about 28.6% higher (589 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 82.3 million/tael, including taxes and fees, about VND 3.2 million/tael lower than the domestic gold price as of the end of the afternoon session on November 27.

World gold prices rose sharply again on the night of November 27 (Vietnam time) due to the decline of the USD. The DXY index (measuring the fluctuations of the greenback against a basket of 6 major currencies in the world) decreased by 0.6% to 106.37 points. In the previous sessions, the DXY had reached 107.7 points.

President-elect Donald Trump's threat of tariffs on social media, targeting three countries: China, Mexico, and Canada, has caused concern among investors and shaken financial markets.

Mr. Trump announced that he would impose a 25% tax on all goods from Mexico and Canada, as well as increase the tax by 10% on products from China.

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The price of SJC gold bars and plain rings increased sharply again in the session of November 27. Photo: MH

The announcement signals the start of Trump 2.0. Trade wars are likely to erupt, driving up commodity prices and accelerating inflation. High inflation is a good environment for gold.

Gold took a huge dive late last week and early this week after news broke that Israel and Hezbollah had agreed to a 60-day ceasefire. Expectations of a thaw in Middle East tensions sent gold plunging.

Gold Price Forecast

However, geopolitical tensions are only one factor affecting gold. Moreover, the ceasefire is only temporary. The Middle East is only one of the hot spots. Meanwhile, inflation is also an important factor affecting the precious metal.

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

The minutes of the US Federal Reserve (Fed) released on the night of November 26 (Vietnam time) mentioned that the US needs to lower interest rates gradually. However, it also recorded signs of a loss of control by Fed Chairman Jerome Powell, with members of the council uncertain about what the long-term interest rate target will be.

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

The USD will be under downward pressure even though the US economy is expected to improve after Mr. Trump takes office. Gold prices may continue to be supported and maintain the uptrend that has lasted from the end of 2023 until now.

Most experts predict that gold will continue to rise. However, this commodity is likely to continue to fluctuate strongly as the world becomes more complex. Mr. Trump’s policies and policy statements will likely continue to impact markets, causing commodity prices to fluctuate sharply.

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?