World gold prices closed last weekend's session at 4,065.01 USD/ounce, down only 0.51%. The precious metal price has held steady better than expected, despite negative factors such as the FED's meeting minutes showing a tightening trend, a positive delay in the employment report, and a stronger US dollar. This shows that there is still real cash flow to buy when prices fall, although there is not much momentum to push gold prices up.
The most notable point in recent times is the FED meeting minutes showing the division and stagnation in cutting interest rates in December. Some Fed officials are ready to keep interest rates unchanged for the rest of 2025.
This led to a quick reaction from the market: The possibility of a December interest rate cut has dropped sharply from nearly 99% to only 32% at the weekend. Higher interest rates for longer periods of time always increase the opportunity cost of holding gold.
Meanwhile, the September non-farm payroll report also reinforces the Fed's caution and shows that the labor market has not weakened, so the Fed does not need to rush to adjust interest rates. This creates steady selling pressure on gold.
The USD is also a factor affecting prices, as the DXY index increased to 100.395. The strengthening greenback has created a "ceiling" that has hindered gold's price increase efforts.
Along with that, the factor supporting gold is central banks, with more than 720 tons of gold accumulated since the beginning of the year. This buying volume creates a solid floor for the market, preventing price reductions from lasting.
The world gold price forecast is still limited in the trading range with a slight downward trend in the short term. Technically, gold is being held back by a key axis rotation at $4,133.95 an ounce.
If prices remain below $4,133.95/ounce, sellers will control and could push prices deep into the retracement zone from $3,846.50 to $3,720.25/ounce. Meanwhile, if gold prices sustainably surpass 4,133.95, buyers will appear, heading towards a breaketage of $4,245.20/ounce and a record high of $4,381.44/ounce.
Some experts believe that as long as gold maintains a 52-week moving average of $3,277.75/ounce, the market will still be in an uptrend. This means that adjusting to the retracement zone could provide investors with a "buy when the price drops".
World gold price at 10:20 a.m. on November 24, Vietnam time, was trading around 4,047.38 USD/ounce, down 32.56 USD, equivalent to 0.82%.
Regarding domestic gold prices, SJC gold bar prices are trading around 148.9 - 150.5 million VND/tael (buy - sell).
The price of 9999 Bao Tin Minh Chau gold rings is trading around 147.5 - 150.5 million VND/tael (buy - sell).
