World gold prices have fallen sharply to below $4000.
World gold prices fell sharply to below $4,000 on the evening of October 27th, as the US and China announced they had reached a framework trade agreement and profit-taking increased.
World gold prices continued their sharp decline at the start of the week.
On the evening of October 27th, world gold prices continued to fall during Asian trading. At 10:30 PM Vietnam time, the spot gold price on the Kitco exchange decreased by $113/ounce, to $3978.64/ounce, equivalent to 126.6 million VND/ounce when converted using the Vietcombank exchange rate.
The main reason for the sharp drop in world gold prices stems from profit-taking after the precious metal peaked at $4,380 per ounce last week, along with positive signals from US-China trade negotiations.
President Donald Trump said the two sides had reached a framework agreement, which helped stabilize investor sentiment and reduce demand for gold.
Along with the downward trend in global gold prices, Asian stock markets rose across the board, indicating that investors are shifting towards riskier assets.
Traders are awaiting two key events: the Federal Reserve's monetary policy meeting on October 29th and the US-China summit on October 30th.
According to a Kitco News survey, most experts predict that world gold prices are unlikely to recover in the short term. Many analysts believe that after a prolonged upward trend, the gold market needs time to adjust and consolidate.
Of the 17 Wall Street experts surveyed, only 3 (18%) predicted a rise in world gold prices, 6 (35%) predicted a fall, and the remaining 8 (47%) held a neutral view.
World gold prices have risen too high over the past two years, so a correction is normal. If gold continues to rise, buyers will still profit; and if it falls, investors will still have capital to buy more at lower prices.
Choosing an investment channel depends on each person's financial capacity and risk tolerance. Those who prefer safety should prioritize gold, savings accounts, or bonds; while those who like risk can choose stocks or real estate.
Domestic gold prices are falling in line with global trends.
Influenced by global gold prices, the domestic gold market experienced a sharp decline on the afternoon of October 27th. SJC gold bars were listed by major businesses such as SJC, PNJ, and DOJI at around 147.9 million VND/ounce for buying and 148.4 million VND/ounce for selling, a decrease of 800,000 to 1.1 million VND in the buying price compared to yesterday.
The price of 9999 pure gold rings at DOJI Group also decreased by 800,000 VND/ounce, while Bao Tin Minh Chau saw an even sharper drop of 1 million VND/ounce, trading at 149 - 152 million VND/ounce.
On the free market, SJC gold bars are being offered for sale at around 164-165 million VND/ounce. Bao Tin Minh Chau gold is traded at 154-155 million VND/ounce.
