Gold prices signal the start of a new upward cycle, reaching new highs.

Global gold prices started the week with a strong upward trend, surpassing the $4,100/ounce mark. Spot gold is currently trading at $4,130/ounce, up nearly 3% on the day but still about 6% lower than the all-time high of $4,380/ounce reached last month.

Although gold prices haven't fully recovered their lost gains, they are showing clear signs of recovery after a short-term correction. According to experts, the recent sharp fluctuations could signal the end of the correction cycle and the beginning of a new upward trend.

Tim Hayes, global chief strategist at Ned Davis Research, believes the recent surge in gold prices is supported by a stable macroeconomic environment. He suggests that the previous decline was primarily short-term profit-taking, and that gold now has a high chance of returning to record highs.

According to Hayes, a sharp increase in the Gold Volatility Index is a positive sign because, in the past, when this index exceeded 15% of the annual average, the price of gold typically increased at a double-digit rate each year.

He affirmed that the "buy on price correction" strategy remains valid, given that gold has maintained its upward trend over the past two years.

According to Ned Davis Research, composite indicators for gold prices are at an optimistic level above 70%, reinforcing the upward trend. Although the US dollar showed signs of a slight recovery after the Federal Reserve meeting, experts believe the long-term trend of the greenback remains weak, helping to continue supporting gold prices.

The market is currently pricing in a 60% chance of a Fed interest rate cut in December, a key factor driving gold higher. However, risks remain if real US yields rise above 3.5%, which could put short-term pressure on gold prices.

Nevertheless, analysts believe that the long-term trend remains positive and gold could soon return to its upward trajectory and reach new highs.

On November 11th, domestic gold prices surged, but people still lined up in long queues at Tran Nhan Tong Street (Hanoi), known as the "gold street," to buy.

Many gold shops, such as Bao Tin Minh Chau, Doji, and Phu Quy, recorded crowds of customers from early morning. Despite high demand, the amount of gold available for sale was limited, so many who arrived later were unable to buy any.

A representative from Bao Tin Minh Chau stated that each customer is limited to a maximum of 3 taels of gold rings, and can only purchase more after 5 days to ensure consistent supply to the market.

As of 5:30 PM on November 11th, the price of SJC gold bars at Doji Group in Hanoi and Ho Chi Minh City was trading at 150 - 152 million VND/ounce (buy - sell), an increase of 1.8 million VND/ounce in both buying and selling prices compared to yesterday. The buy-sell spread was 2 million VND/ounce.

At Bao Tin Minh Chau, today's SJC gold price is trading at 150.5 - 152 million VND/ounce (buy - sell), a sharp increase of 1.8 million VND/ounce in both buying and selling prices compared to yesterday. The difference between the buying and selling prices is 1.5 million VND/ounce.

SJC gold bars at Phu Quy are trading around 149 - 152 million VND/ounce (buy - sell), a sharp increase of 1.8 million VND/ounce in both buying and selling prices compared to yesterday. The buy-sell spread is 3 million VND/ounce.

For gold rings, the price of plain gold rings from Thang Long Gold Dragon at Bao Tin Minh Chau is trading at 149.3 - 152.3 million VND/ounce (buy - sell), an increase of 1.8 million VND/ounce in both buying and selling prices compared to yesterday. The buy-sell spread is 3 million VND.

The price of Doji Hung Thinh Vuong 9999 gold rings from Doji Group in the Hanoi market is trading at 148.5 - 151.5 million VND/ounce, an increase of 2 million VND/ounce in the buying and selling price compared to yesterday. The difference between buying and selling is 3 million VND.

The price of 999.9 pure gold rings at Phu Quy Company is trading around 148.7 - 151.7 million VND/ounce, an increase of 1.5 million VND/ounce for both buying and selling prices compared to yesterday. The buy-sell spread is 3 million VND/ounce.

On the free market, many people are selling BTMC gold at prices ranging from 153 to 158 million VND per tael, which is 700,000 to 5.7 million VND higher than the listed price, indicating that gold prices are still in a period of rapid increase.