Today, October 29, gold prices experienced a decline after last week’s record high, currently trading at 2,741.6 USD/ounce, down 7.97 USD/ounce (0.29%). This translates to about 83.28 million VND/tael (excluding taxes and fees).

⚡ Domestic Market

In Vietnam, SJC gold bars are selling for 89 million VND/tael, with buying prices around 87 million VND/tael. SJC 9999 gold rings are bought at 86.9 million VND/tael and sold at 88.2 million VND/tael. Many companies, such as DOJI and PNJ, have adjusted the prices of gold rings down by 100,000 to 200,000 VND/tael.

❓ Gold Price Forecast

The strengthening U.S. dollar is making gold less attractive. However, a 95% likelihood of the Fed reducing interest rates in November could support gold prices. Expert Kevin Grady predicts that gold may reach 3,000 USD/ounce by early 2025, while Marc Chandler warns that if gold drops below 2,700 USD/ounce, investors will face significant pressure. Gold prices are expected to fluctuate between 2,600-2,800 USD/ounce.

=> Conclusion

Today’s drop in gold prices is attributed to the rise of the U.S. dollar and the forecast of a potential interest rate cut from the Fed in November. Despite facing short-term challenges, many experts remain optimistic about gold’s long-term prospects. Investors should closely monitor market developments and prepare for gold prices to fluctuate between 2,600-2,800 USD/ounce in the near future.