Receive positive forecasts from experts

Update on the closing price of gold on November 26: Received positive forecasts from experts — Updated gold price closing session 11/26. Illustration photo: Phan Anh

Domestic gold price

Domestic gold price fluctuations

Source: VDOS Dragon Online Service Joint Stock Company.

World gold price developments

World gold prices increased sharply in the context of the USD falling. Recorded at 5 p.m. on November 26, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 103.285 points (down 0.52%).

Precious metals rose this week as many investors expect the US Federal Reserve (FED) to end its interest rate hikes at its December meeting. Meanwhile, the minutes of the FED's November meeting just released showed that the central bank will adjust interest rate policy cautiously.

The biggest risk to gold would be rising bond yields, which would strengthen the US dollar, said Ole Hansen, head of commodity strategy at Saxo Bank.

“Gold looks well supported. Only a stronger US dollar could change that,” he told Kitco News.

Daniel Ghali, commodity strategist at TD Securities (Canada's investment bank and financial services provider), said that the Fed's rate-cutting cycle starting earlier in 2024 is the main driver of higher gold prices. Lower oil prices could also provide some short-term support for gold, he explained. Lower energy prices will give the Fed some breathing room to ease its current tightening trend.

Gold price forecast for next week. Source: Kitco

Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week. Seven experts, or 54%, predicted higher prices next week. Two analysts, or 15%, predicted lower prices. Four experts, or 31%, were neutral on gold next week.

Meanwhile, 672 votes were cast in Kitco’s online poll. As usual, the majority of market participants remained bullish on gold. 431 investors, or 64 percent, expect gold to rise next week. Another 156, or 23 percent, predict lower prices. Meanwhile, 85 respondents, or 13 percent, are neutral on the precious metal’s near-term outlook.

Notably, while many people have an overly optimistic view on gold, there are still warnings about the risk of a sudden decline in the price of precious metals. Frank McGhee - head of precious metals trading at Alliance Financial said that gold is overbought and the market is mispricing a number of important factors.

"I really don't expect this rally to last. I wouldn't be surprised if one day gold suddenly drops $50, $60 an ounce. Gold is overbought," said Mr. McGhee.

Besides, he also believes that the metal market, along with the stock market, is misjudging the FED's easing scenario.

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