The world gold price traded at 20:30 on November 8 (Vietnam time) at 2,694 USD/ounce, down 0.39% compared to the beginning of the session. The gold futures price for December 2024 traded at 2,701 USD/ounce.

World gold prices fell in the early trading session in the US market after the results of the US presidential election and the decision to lower interest rates by the US Federal Reserve (Fed), a long-awaited move.

The Federal Open Market Committee just cut interest rates by 25 basis points. Rates are currently trading in a range of 4.5-4.75%. The US central bank did not provide much guidance on the future path of monetary policy. According to the Fed, the economy continues to grow at a solid pace.

Fed Chairman Jerome Powell said the outcome of the presidential election will have no short-term impact on US monetary policy.

During his first term, Mr. Trump often pressured Chairman Jerome Powell and his colleagues to lower interest rates. Powell was nominated by Mr. Trump to be the Fed Chairman. Mr. Powell's term will end in early 2026.

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World gold prices fall. Photo: Kitco

Earlier, the gold market fell after Republican Donald Trump declared victory in the US presidential election. Trump's tariff policy is considered inflationary.

Mr. Trump does not want to maintain a strong USD to gain an advantage in international trade, but he also does not want to lose the position of the greenback - the soft power of the US. A stronger USD also puts pressure on gold, thereby causing prices to fall sharply.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 104.66 points.

On November 8, the price of 9999 gold bars at SJC was 82 million VND/tael (buy) and 86 million VND/tael (sell). Doji listed it at 82 million VND/tael (buy) and 86 million VND/tael (sell).

SJC listed the price of gold rings of type 1-5 at only 82-84.8 million VND/tael (buy - sell). At Doji, the buying - selling price of gold rings of type 1-5 is only 83.35-85.15 million VND/tael.

Gold Price Forecast

Traders see a 71% chance of another 25 basis point cut by the Fed in December. Gold is forecast to remain in an uptrend in the medium to long term as the Fed is in a rate cut cycle and the US dollar could weaken.

According to Ryan McIntyre, an expert at Sprott, in the long term, gold prices will increase thanks to supporting factors such as the devaluation of the USD and the unstable financial situation of many Western countries. Investors believe that under President Donald Trump, many economies will have to be very "cautious".

Tensions in the Middle East remain high. Many forecasts suggest that gold will reach $3,000 an ounce by 2025.