Gold continues to face pressure from expectations of interest rate hikes.

The gold market fluctuated throughout the week of November 2-7, with several sessions experiencing sharp increases and decreases. From a level of 137-140 million VND/ounce at the beginning of the week, the price of SJC gold at one point rose to 141.5-144.5 million VND/ounce, before reversing sharply and closing the week at 138-141 million VND/ounce.

Meanwhile, global gold prices are facing the risk of correction due to selling pressure in the stock market and expectations of a US Federal Reserve (Fed) interest rate hike.

SJC gold prices fluctuate continuously.

At the start of the trading week on November 2nd, the price of SJC gold was adjusted upwards by 1 million VND/ounce compared to the end of the previous week, listed at 137-140 million VND/ounce (buying price - selling price). By 5:10 PM on the same day, this price remained unchanged.

On the morning of November 3rd, domestic gold prices continued to rise by 1.2 million VND/ounce compared to the end of the previous day, listed at 138.2-141.2 million VND/ounce. However, in the afternoon session, gold prices unexpectedly reversed direction, falling by 600,000 VND/ounce compared to the morning, to 137.6-140.6 million VND/ounce.

On November 4th, the gold market continued its upward trend. In the morning, the price of SJC gold increased by 600,000 VND/ounce to 138.2-141.2 million VND/ounce. By the afternoon, following the upward trend of world gold prices, domestic gold prices were adjusted upwards by another 1.2 million VND/ounce. By the end of November 4th, Saigon Jewelry Company and DOJI Group both listed SJC gold at 139.4-142.4 million VND/ounce. Compared to the end of November 3rd, each ounce of SJC gold had increased by a total of 1.8 million VND.

The upward trend continued on the morning of November 5th, with SJC gold prices listed by Saigon Jewelry Company at 141.5-144.5 million VND/ounce, an increase of 2.1 million VND/ounce compared to the end of the previous day. This is the highest price for SJC gold this week.

However, by the afternoon of the same day, the market unexpectedly reversed course, with SJC gold prices falling by 2 million VND/ounce compared to the morning, to 139.5-142.5 million VND/ounce. Meanwhile, world gold prices continued their upward trend. In the trading session on November 5th in the Asian market, spot gold prices rose 1.6%, to $4,123.71/ounce, after reaching their highest level since October 20th.

On November 6th, domestic gold prices continued to fall. At 8:40 AM, Saigon Jewelry Company listed SJC gold at 138-141 million VND/ounce, a decrease of 1.5 million VND/ounce compared to the end of the previous day. This price was maintained until the end of the afternoon session. In the final trading session of the week on November 7th, SJC gold prices remained unchanged at 138-141 million VND/ounce (buying price - selling price).

Thus, compared to the beginning of the week, the price of SJC gold closed the week up 1 million VND/ounce in both buying and selling directions. However, compared to the week's peak of 144.5 million VND/ounce in the selling direction set on the morning of November 5th, the price of gold has decreased by 3.5 million VND/ounce.

According to today's Vietcombank exchange rate, the world gold price is equivalent to approximately 126.5 million VND/ounce. With the selling price of SJC gold at 141 million VND/ounce, the domestic gold price is about 15 million VND/ounce higher than the world price, excluding taxes and fees.

Precious metals face the risk of a correction.

Global gold prices were boosted this week after the Democratic victory in Congress caused the US dollar and bond yields to plummet. However, the precious metal is now becoming vulnerable to a wave of liquidations in the stock market.

Investors are increasingly selling gold to offset losses in other portfolios, particularly technology stocks, which have fallen for the third consecutive session due to concerns about tighter regulations on artificial intelligence ( AI ) companies.

The number of non-farm jobs in the US increased more sharply than expected in October 2026, and the unemployment rate fell to 4.1%, indicating that the labor market remains strong, allowing the Fed to focus more on its task of controlling inflation.

According to CME's FedWatch tool, traders now predict an 81% chance that the Fed will raise interest rates in December, compared to 72.8% before the jobs report was released. Higher interest rates increase the opportunity cost of holding non-yielding precious metals, making gold less attractive to investors.

The possibility of the Fed maintaining higher interest rates for a longer period has boosted the value of the US dollar and increased US government bond yields. The dollar rose 0.7% to its highest level since October 29, making gold, priced in the greenback, more expensive for holders of other currencies, while 10-year government bond yields also increased.

David Meger, director of metals trading at brokerage High Ridge Futures, said that expectations of interest rate hikes haven't completely disappeared. However, falling energy prices have somewhat eased inflation concerns, thereby reducing the likelihood that the Fed will have to continue raising interest rates sharply in the future.

Despite downward pressure, demand from the official sector remains a crucial support for the gold market. According to ANZ, central banks made net purchases of 321 tonnes of gold in Q3 2026, the highest level since late 2024. Geopolitical risks and concerns about fiscal discipline continue to bolster demand for the precious metal from financial institutions.

The People's Bank of China (PBoC, the central bank) continued to increase its gold reserves in October, extending its buying streak to a second year, amid a nearly 7% drop in the price of the precious metal, ending the month below $4,000 per ounce.

Official data released on November 7th showed that the People's Bank of China's (PBoC) gold holdings increased by 830,000 ounces in October, equivalent to approximately 25.8 tons. This marks the 24th consecutive month that the PBoC has engaged in this asset accumulation activity. Notably, the PBoC has significantly increased its purchases in recent months as gold prices have plummeted, bringing the total amount of gold purchased between January and October this year to approximately 129 tons.

Data from the World Gold Council (WGC) shows that the People's Bank of China (PBoC) was the largest public buyer of gold among global central banks in the third quarter. Total net purchases from the official sector recorded by the WGC reached 321 tonnes during the July-September period, the highest level since the fourth quarter of 2024. This accumulation continues to act as a crucial pillar supporting gold prices in a relatively quiet capital market.

The People's Bank of China's (PBoC) reserve-building decision has significantly impacted gold buying trends among Chinese households. Many Chinese citizens accumulated gold at around $4,000 per ounce in October, hoping that the central bank's purchases would help support gold prices in the long term.