Gold Prices Experience a Significant Decline

The price of gold has taken a notable downturn, with the precious metal losing 0.7% to reach VND84.1 million per tael. This decline comes as a surprise after a four-session rally, driven by a strengthening U.S. dollar and profit-taking among investors.

Globally, spot gold prices fell to $2,636.38 per ounce, while U.S. gold futures dropped 0.8% to $2,658.80. Analysts attribute this to the unwinding of geopolitical risk premiums and the strength of the U.S. dollar, which makes gold more expensive for holders of other currencies.

The gold market is now closely watching key U.S. economic data, which could provide insights into the Federal Reserve's monetary policy outlook. This data is crucial as it could further influence gold prices, which have already slipped over 3% in November, marking their worst monthly performance since September 2023.