Morning of November 5th: Domestic gold prices plummet.

As of 10:00 AM on November 5th, gold prices at gold, silver, and gemstone trading systems have uniformly decreased.

The price of gold rings from DOJI and PNJ has dropped sharply by 1.5 million VND/ounce, currently trading at 143.5–146.5 million VND/ounce.

SJC also lowered the price of gold rings to 142.2–144.7 million VND/ounce, a decrease of 1.2 million VND/ounce compared to yesterday.

At BTMC, the price is listed at 144.3 - 147.3 million VND/ounce, a decrease of 1.4 million VND/ounce in both buying and selling prices compared to yesterday.

At Ngoc Tham gold shop, the price of 9999 gold rings saw the biggest drop, up to 2 million VND/ounce for buying and 1.5 million VND/ounce for selling, bringing the price down to 137 - 140.5 million VND/ounce.

As of 10:00 AM, the price of SJC gold bars is currently around 145-147 million VND/ounce. Specifically, the price of SJC gold at SJC, DOJI, PNJ, and Ngoc Tham is at this level, a decrease of 1.2 million VND/ounce compared to yesterday.

This morning, BTMC gold bars were listed at 145.5 - 147 million VND/ounce, a decrease of 1.7 million VND/ounce for the buying price and a decrease of 1.2 million VND/ounce for the selling price.

In Phu Quy, the lowest buying price for SJC gold bars was 144 million VND/ounce, and the selling price was 147 million VND/ounce, a decrease of 1.2 million VND/ounce in both buying and selling prices compared to yesterday.

The downward trend in gold prices indicates that the domestic market is being influenced by the downward correction in global gold prices.

Global gold prices fell sharply on the morning of November 5th as the US dollar continued its strong rise. Each ounce of gold lost nearly $35, closing at $3,942. During the session, the price had briefly touched $3,920. The fact that the greenback reached a three-month high, with the Dollar Index rising 0.3% to 100.2 points, made gold more expensive for investors outside the US.

According to David Meger, an expert at High Ridge Futures, the rise in the USD and the sharp decline in expectations of a Fed interest rate cut next month have put significant pressure on gold prices. Investors are concerned that persistently high interest rates will reduce demand for gold, causing gold prices to lose momentum in the short term.

Since the beginning of the year, gold prices have risen by as much as 53% due to trade tensions, conflicts, and central bank buying. However, after reaching a historical peak on October 20th, gold prices fell by more than 9%. This correction helped cool down the gold market after a period of excessively rapid growth, reflecting the cautious sentiment of investors.

Rhona O'Connell, an expert at StoneX, believes that the cooling of gold prices is only temporary. Gold prices remain heavily influenced by the risk of slower growth, geopolitical risks, and concerns about the independence of the Fed. After this sharp decline, gold prices may continue to fluctuate within a wide range, depending on developments in the US economy and upcoming monetary policy.