The world spot gold price was at 4,001.1 USD/ounce at 9:00 a.m. on November 1 (Vietnam time), down 28.9 USD/ounce compared to last night.
On the morning of November 1, world gold converted to bank USD at a price of more than 128 million VND/tael, including taxes and fees, about 20.4 million VND/tael lower than the domestic gold price.
World gold prices on October 31 recorded a slight decrease when the gold futures contract in the most recent month on COMEX decreased by 0.5%, closing at 3,982.20 USD/ounce. In October, the world gold price increased by 3.7%, marking the third consecutive month of increase.
Since the beginning of the year, gold prices have increased by more than 51% thanks to strong buying from central banks of other countries and safe-haven demand amid geopolitical instability. According to the World Gold Council (WGC), in the third quarter of 2025, central banks bought an additional 220 tons of gold, up 28% compared to the second quarter. However, the accumulated purchases since the beginning of the year have reached 634 tons, still lower than the 724 tons of the same period last year.
Accordingly, Comex gold contract for delivery in November increased by 141.4 USD/ounce, equivalent to 3.68% to 3,982.2 USD in October. This is the strongest increase in the past 3 months, and also the longest increase streak since November 2009.
More broadly, world gold prices have increased by 8 out of the past 10 months, but still decreased by 8.17% compared to the record peak of 4,336.40 USD/ounce recorded on October 20, 2025. Compared to the bottom of $2,565.70/ounce in November 2024, gold is still up more than 55%.
Gold prices increased again as investors watched the US-China deal and the interest rate policy of the US Federal Reserve (Fed).
According to analysts from BMI Research, gold prices are likely to remain high in the coming weeks, especially as central banks of other countries continue to buy strongly. However, analysts also warned that the risk of adjustment still exists because the Fed has recently limited the possibility of cutting interest rates and the US-China trade tensions have somewhat cooled down.
Mr. Heng Koon How - Head of Market Strategy at UOB Bank (Singapore), commented that long-term foundation factors supporting gold prices are still solid despite gold having just undergone a strong correction.
That comes from the fact that central banks are continuously increasing their holdings of gold, along with investors' cash flow flow flow into many different gold investment channels. All of these gold purchases come from a core reason the need to diversify a safe-haven portfolio as the trend of de-dollarization is increasing and causing strong market fluctuations.
UOB Bank maintains a positive outlook for gold prices, raising its average gold price forecast by 100 USD/ounce per quarter: 4,000 USD/ounce in the fourth quarter of 2025; 4,100 USD/ounce in the first quarter of 2026; 4,200 USD/ounce in the second quarter of 2026; 4,300 USD/ounce in the third quarter of 2026.
