Gold prices have tumbled to a one-year low, dropping over $1,000 per ounce to $3,900 as of November 2, 2026. Experts predict further declines, with some forecasting gold could fall to $3,000 and fluctuate between $3,000 and $5,000 for an extended period. The sharp decline marks a significant reversal from early 2016, when prices surged above $5,000 per ounce.
Domestic gold prices in Vietnam have also experienced a sharp decline this week. At the close of trading last week, SJC gold bars were bought at 136 million VND per ounce and sold at 139 million VND, a decrease of 2.7 million VND compared to the previous week. Similarly, 9999 gold rings at SJC saw a price drop of 3.2 million VND, with buying prices falling to 131.8 million VND and selling prices to 135.8 million VND.
The decline in gold prices is attributed to the US Federal Reserve's hawkish monetary policy stance, positive US economic data, and widespread asset liquidation triggered by a sharp decline in technology stocks. Major central banks, including the European Central Bank and the Bank of Japan, have also decided to keep interest rates unchanged. Additionally, the US-Iran conflict has driven up energy prices, raising global inflationary pressures.
Market analysts are divided on gold's future prospects. While 53% of individual investors surveyed by Kitco News predict a rise in gold prices next week, 63% of Wall Street analysts foresee a continued decline. Experts like Adam Button and Rich Checkan highlight potential market volatility due to the US midterm elections and Middle East tensions. Economist Dinh Trong Thinh emphasizes that gold remains a long-term store of value, despite current price fluctuations.