Spot gold price decreased 0.1% to 2,633.31 USD/ounce at nearly 1:00 p.m. on November 28 (Vietnam time). US gold futures price also decreased 0.4% to 2,632.80 USD/ounce.

The dollar index rose 0.1%, reducing gold’s appeal to holders of other currencies.

Senior market analyst in the Asia-Pacific region of financial company OANDA, Kelvin Wong, said that the market is focusing on the Fed’s interest rate cut. According to CME Group’s FedWatch tool, the market currently predicts a 68.2% chance that the Fed will cut interest rates by 0.25 percentage points in December 2024.

Gold is considered a safe investment during times of economic or geopolitical uncertainty, including trade wars. Expert Wong said that in the short term, especially in the next few days to two weeks, gold may come under additional pressure, however, the long-term bullish trend for gold remains.

The world’s largest gold trading fund SPDR Gold Trust said its gold holdings decreased 0.10% to 878.55 tons on Wednesday (November 27).

In Vietnam, at 3:30 p.m. on November 28, Saigon Jewelry Company listed SJC gold price at 82.90 – 85.40 million VND/tael (buy – sell).