Update on the closing price of gold on November 2: Prolonged decline

Update SJC gold price

As of 5:00 p.m., the price of SJC gold bars was listed by DOJI Group at 87.5-89.5 million VND/tael (buy - sell).

The difference between buying and selling prices of SJC gold at DOJI Group is at 2 million VND/tael.

Meanwhile, Saigon Jewelry Company SJC listed the price of SJC gold at 87.5-89.5 million VND/tael (buy - sell).

The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

Price of round gold ring 9999

As of 5:10 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 88-89 million VND/tael (buy - sell); down 100,000 VND/tael in both directions compared to the close of the previous trading session.

Bao Tin Minh Chau listed the price of gold rings at 87.98-88.98 million VND/tael (buy - sell); down 200,000 VND/tael for both buying and selling compared to the close of the previous trading session.

World gold price

As of 5:10 p.m., the world gold price listed on Kitco was at 2,735.5 USD/ounce, down 15.8 USD/ounce compared to the close of the previous trading session.

Gold Price Forecast

World gold prices fell sharply as the USD index increased. Recorded at 5:10 p.m. on November 2, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 104,200 points (up 0.32%).

Some experts believe that gold prices have increased too quickly. Naeem Aslam, investment director at Zaye Capital Markets, said: "There is no doubt that gold prices have increased too quickly and too strongly, and investors need to be very cautious."

Phillip Streible, chief market strategist at Blue Line Futures, said he expects market volatility to ease after the U.S. election next Tuesday, which could hurt gold’s appeal as a safe-haven asset.

Alex Kuptsikevich, chief market analyst at FxPro, said he expects gold prices to fall in the coming period as the Fed has become less dovish than in early October.

“We believe these factors are the trigger for the start of the gold sell-off. It is too early to talk about a major correction, but the market is clearly cooling down, taking profits and reducing risk ahead of the election and the Fed meeting next week. A typical correction could take gold to $2,680-2,700/oz before new upside momentum emerges,” he said.

While the near-term downside risks in the gold market are increasing, Streible added that investors should not confuse the correction with a broader downturn. He noted that falling prices will likely continue to attract buyers.

“Geopolitical uncertainty is on the rise. In this context, we believe that central banks will continue to buy gold. It is better to have a ‘hard asset’ that can be easily converted into any currency.”

Besides information about US politics, analysts also warned investors that gold prices may be sensitive to the monetary policy decision of the US Federal Reserve (FED) next week.

Although the market has priced in a 25 basis point rate cut at the upcoming FOMC meeting, there is still a lot of uncertainty surrounding future rate cuts, especially as inflation remains relatively high.

Commerzbank analyst Barbara Lambrecht highlighted the growing risks for gold. “We are skeptical about whether a sharp rise of around $300 in two months is justified. After all, the main drivers are still lacking, as market expectations for a rate cut have declined significantly since early October,” she noted.