Morning of November 5: Domestic gold price plummets

Updated at 10:00 am on November 5, gold prices at gold and gemstone trading systems all decreased.

DOJI and PNJ gold ring prices dropped sharply by 1.5 million VND/tael, currently trading at 143.5-146.5 million VND/tael.

SJC Company also lowered the price of gold rings to 142.2-144.7 million VND/tael, down 1.2 million VND/tael compared to yesterday.

At BTMC, listed price is 144.3 - 147.3 million VND/tael, down 1.4 million VND/tael in both buying and selling directions compared to yesterday.

At Ngoc Tham gold shop, the price of 9999 gold rings has the highest decrease, up to 2 million VND/tael for buying, 1.5 million VND/tael for selling, down to 137 - 140.5 million VND/tael.

As of 10:00 a.m., the price of SJC gold bars is currently around 145 - 147 million VND/tael. Specifically, the price of SJC gold at SJC, DOJI, PNJ, Ngoc Tham all have the above price, down 1.2 million VND/tael compared to yesterday.

BTMC gold bar price this morning is listed at 145.5 - 147 million VND/tael, down 1.7 million VND/tael for buying - down 1.2 million VND/tael for selling

At Phu Quy, the lowest buying price of SJC gold bars is 144 million VND/tael, the selling price is 147 million VND/tael, down 1.2 million VND/tael in both buying and selling directions compared to yesterday.

The decline in gold prices shows that the domestic market is being affected by the adjustment trend of world gold prices.

World gold prices fell sharply in the morning session of November 5 as the USD continued to increase strongly. Each ounce of gold lost nearly 35 USD, closing at 3,942 USD. During the session, the gold price had reached 3,920 USD. The greenback reached a 3-month peak, with the Dollar Index increasing 0.3% to 100.2 points, making gold more expensive for investors outside the US.

According to expert David Meger of High Ridge Futures, the increase in the USD price and the expectation of a sharp decrease in the interest rate cut by the Fed next month have put great pressure on the gold price. Investors are worried that high interest rates will reduce the demand for holding gold, causing the gold price to lose momentum in the short term.

Gold prices have risen 53% since the start of the year thanks to trade tensions, wars and central bank buying. However, after hitting a historic peak on October 20, gold prices have fallen more than 9%. This adjustment has helped the gold market cool down after a period of rapid growth, reflecting cautious investor sentiment.

StoneX expert Rhona O'Connell believes that the cooling of gold prices is only temporary. Gold prices are still heavily influenced by the risk of slow 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 the US economic developments and upcoming monetary policy.