Gold Prices Today (November 3): The decline in gold prices over the past week, along with the widening gap between buying and selling prices, has caused heavy losses for domestic investors after just one week. The global gold market starts the new week on an “uncertain” note, as experts remain in a rare state of neutrality and balance regarding this week’s gold price forecasts.
Domestic gold prices surged sharply at the beginning of last week, then continuously adjusted downward. By the end of the week, gold bar prices from many brands such as SJC and PNJ were 800,000 VND/tael lower than the previous weekend. In some cases, the buying prices at Bao Tin Minh Chau and DOJI dropped sharply by 1.1–1.3 million VND/tael.
Global gold prices today (November 3) slightly declined to below 4,014 USD/ounce, down nearly 10% from the record high of 4,360 USD set on October 20. In the domestic market, SJC gold bars fell to around 148.1 million VND/tael, while plain gold rings traded closely to gold bar prices, at around 145.8 million VND/tael.
However, this “setback” of the precious metal does not diminish the long-term optimism, as several experts and major financial institutions still predict that gold prices could reach 5,000 USD/ounce by this time next year — an increase of around 25% compared to current levels.
Major banks including HSBC, Bank of America, and Société Générale all believe that gold prices will hit 5,000 USD/ounce by 2026. The UK-based research firm Metals Focus also forecasts that gold will reach 5,000 USD and silver will climb to 60 USD next year.
According to analysts, gold remains well-supported by global geopolitical uncertainty and expectations that the U.S. Federal Reserve (FED) will ease its monetary policy.
On the contrary, some cautious views suggest that gold prices might only rise by 5% next year. The World Bank forecasts that the average gold price in 2026 will be around 3,800 USD/ounce.
In the short term, Rich Checkan, President and CEO of Asset Strategies International, noted that the precious metal seems to lack the momentum needed to set new records.
“Trade tensions between the U.S. and China have eased, while Fed Chairman Powell’s more hawkish stance on monetary policy has made markets skeptical about the likelihood of a rate cut this December. Profit-taking by investors is also a key factor behind gold’s second consecutive weekly decline,” said Rich Checkan.
The expert also added that he believes the decline in gold prices will not last long, though the market may see gold dip below 4,000 USD/ounce once again before rebounding.
Recently, 14 Wall Street experts participated in Kitco News’ Gold Survey. Among them, only 3 experts (21%) predicted gold prices will rise this week, 3 others (21%) expected prices to fall, while the remaining 8 analysts (57%) maintained a neutral outlook.
Meanwhile, Main Street retail investors remain optimistic, with 180 participants (64%) out of 282 online respondents in the Kitco News survey believing that gold prices will rise this week. 51 investors (18%) expected prices to decline, and another 51 (18%) forecast that the precious metal would move sideways.
Leave a Reply