Global gold prices experienced significant volatility this week, ultimately falling by approximately 4.5% and dropping below $3,900 per ounce at one point. The precious metal opened the week at $4,066 per ounce, surged past $4,100, and then plummeted due to higher-than-expected US inflation data. The decline was intensified by a stronger US dollar and rising Treasury yields, with gold hitting a weekly low of $3,852 per ounce.
Domestically, the price of SJC gold bars decreased by 3.5 million VND per tael compared to the end of last week. Other domestic gold products like BTMH Kim Gia Bao and Doji Ho Chi Minh City also saw similar price adjustments. As of November 15th, the purchase and selling prices for these products remained stable from the previous day.
Analysts offered differing views on the market's outlook. Marc Chandler, CEO of Bannockburn Global Forex, warned that the market has not yet formed a bottom, with potential downside targets around $3,750 or even $3,500 per ounce. Meanwhile, Adrian Day, President of Adrian Day Asset Management, highlighted rising oil prices as a factor increasing inflation expectations and the likelihood of a Fed interest rate hike.
The week ended with gold prices recovering slightly after US producer price data showed signs of cooling, closing at $3,885 per ounce for spot gold and $3,887 per ounce for December 2026 gold futures. The market remains uncertain, with the potential for continued volatility in the short term.