The time when world gold prices fell to $3500.
World gold prices have fallen by more than $320 in just two days. Experts believe that the possibility of gold prices dropping to $3,500 per ounce is entirely plausible.
According to Kitco, the spot price of gold in the world market at 11:00 PM on October 22nd (Vietnam time) was $4014.7 USD/ounce. Converted using the USD exchange rate at Vietcombank (26,353 VND/USD), the price of gold is approximately 127.6 million VND/ounce (excluding taxes and fees).
Over the past 48 hours, the price of gold has plummeted by as much as $320 per ounce, equivalent to a drop of nearly 9% from its historical peak of $4,380 per ounce reached last week. This is the sharpest drop in world gold prices since the beginning of 2025.
During today's trading session, the price of gold briefly surged to $4,160 per ounce, but strong selling pressure quickly caused the precious metal to fall back to lower levels.
Many experts warn that an "unprecedented" correction may be beginning, with the possibility of world gold prices falling to $3,500 per ounce before the end of November.
According to analysts, the sharp drop in world gold prices was not unexpected. After months of continuous increases without significant pullbacks, the market has reached a point where correction is necessary.
Experts believe that when a trend reversal occurs, it usually happens quickly and strongly. The Gold Cycle Indicator is currently at 450 points, indicating an "extremely overbought" state. If the market repeats the 2006 pattern, when world gold prices rose 36% in two months and then lost almost all of their gains in just over a month, a fall to $3,500 per ounce is entirely possible.
According to investors, the sharp drop in global gold prices is the result of three factors simultaneously: easing US-China trade tensions, a rebound in the US dollar, and technical signals warning of a speculative bubble.
Many experts believe that the fact that world gold prices have repeatedly failed to surpass the $4,400 mark is a sign that the upward trend has weakened.
David Morrison (Trade Nation) commented: “The $4,000/ounce level is the first test. If this mark is breached, the decline in global gold prices could spread and deepen.”
Despite the sharp drop, many analysts still believe that world gold prices are only pausing before a new upward cycle. Tom Essay, founder of Sevens Report Research, argues that gold remains supported by high inflation, low real interest rates, and global geopolitical instability. He calls this the "perfect combination" for world gold prices to continue rising in the long term.
Since mid-August, world gold prices have risen 28% thanks to net buying from central banks and ETFs. Experts believe this capital inflow demonstrates that gold remains a safe-haven asset amid global economic instability.
Despite the sharp decline, major banks remain optimistic about global gold prices. Bank of America predicts gold could reach $6,000 per ounce by mid-2026. Goldman Sachs raised its forecast to $4,900 per ounce by the end of 2026, while JPMorgan targets $6,000 per ounce before 2029.
Caught between two opposing viewpoints—one fearing a technical crash, the other believing in a long-term upward cycle—world gold prices are at a critical juncture, where any fluctuation could shape a new trend for the global precious metals market.
