At the end of the trading session on November 5, 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 VND87-89 million/tael (buy - sell), down VND500,000 in both directions compared to the previous session.

Gold rings also decreased by about 200,000 VND in buying and 400,000 VND in selling.

On the afternoon of November 5, Saigon Jewelry Company (SJC) listed the price of 1-5 tael gold rings at 86.8-88.3 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 87.5-88.5 million VND/tael (buy - sell).

World gold price is around 2,740 USD/ounce after setting a new historical peak, at 2,789 USD/ounce recorded on the afternoon of October 30.

As of 8:00 p.m. on November 5 (Vietnam time), the spot gold price on the world market today was at $2,739/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,749/ounce.

The world gold price on the night of November 5 was about 32.8% higher (676 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 84.9 million/tael, including taxes and fees, about VND 4.1 million/tael lower than the domestic gold price as of the end of the afternoon session on November 5.

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Gold prices are under pressure today ahead of the US election. Photo: HH

Gold prices in the international market are under quite high selling pressure as defensive sentiment increases. Investors await the results of the US presidential election between Mr. Donald Trump and Ms. Kamala Harris.

Gold fell despite the USD weakening slightly. The DXY index (measuring the greenback's movements against six other major currencies) fell to 103.7 points on the evening of November 5 (Vietnam time), compared to 104.3 points at the end of October.

Investors are betting on Donald Trump's election victory and are worried that the billionaire will not want the USD to be too strong.

Despite the weaker USD, gold also came under selling pressure as investors tended to guard against unwanted fluctuations as the US presidential election took place as well as its results and impacts.

Gold price forecast

Meanwhile, buying power was also weaker than before in the most eventful week of the year, including the US presidential election on November 5 and the US Federal Reserve meeting on November 7.

The market currently reflects a 95.9% chance that the Fed will cut the key interest rate by 0.25 percentage points, from 4.75-5%/year to 4.5-4.75%/year.

Spot gold prices have risen about 32% since the beginning of the year, but some forecasts suggest that gold will continue to rise, possibly reaching $2,800 an ounce by the end of this year and $3,000 an ounce by 2025, regardless of whether Trump or Harris becomes president.

In a recent report, the World Bank also assessed that gold is a notable metal in 2025.

The 'gold price storm' is not over yet, will it jump to 3,000 USD and then plummet? The price of gold has been increasing non-stop, rushing up like a storm, continuously setting new records and is about to reach the threshold of 2,800 USD/ounce but the buying power is still strong. What is the cause of this "storm" and will there be a plummet after more than a year of continuous increase?