Gold closed the last trading session of October at $3,874 an ounce, its lowest level in a year, after the metal's weakest week in months, VnExpress reported. Prices are now about 30% below the record $5,595 set in January, and most Wall Street analysts expect further falls in the first week of November.
Global and local prices slide together
In Vietnam, jewellers cut gold bar prices by more than 2 million dong a tael on 30 October, to 139 million dong. That is 27% below the peak of almost 191 million dong earlier in the year.
KBVN+ compares the declines using VnExpress figures:
| Market | 2026 peak | End of October | Drop from peak |
|---|---|---|---|
| Global gold ($/ounce) | 5,595 (January) | 3,874 | About 30% |
| Vietnam gold bars (million dong/tael) | Nearly 191 (early year) | 139 (30 October) | 27% |
| Global silver ($/ounce) | 49 | Down nearly 6% on the week |
Silver fell nearly 6% over the week to $49 an ounce, dropping below $50 for the first time in 11 months, as demand weakens.
Why prices are falling
Holders of gold worry that the US Federal Reserve will keep interest rates high for longer. A late-week sell-off in global tech stocks also forced some equity investors facing margin calls to sell gold and silver to raise cash.
Alex Kuptsikevich, market analyst at FxPro, said gold, despite its safe-haven reputation, tends to fall with stocks in sell-offs and only turns when central banks signal easing. He said the bullish scenarios from earlier in the year were outdated and that prices could reach $3,300 in the final months of the year.
Experts lean bearish
In Kitco News' weekly survey of 16 analysts, 10 (63%) expect prices to keep falling, 5 see a flat market and only 1 expects a rebound. Daniel Pavilonis, senior commodities broker at StoneX Group, said the charts show no positive signals and that gold could drop to $3,000 before stabilising and eventually recovering. Independent analyst Jesse Colombo warned of a possible broad sell-off in precious metals without giving a target.
What it means for Vietnamese buyers
Anyone in Vietnam who bought gold bars near the peak of almost 191 million dong a tael is sitting on a paper loss of about 27% at 139 million dong. Because local prices track global moves, the bearish outlook is worth weighing before buying or selling. The sources gave no specific advice for retail investors.
What comes next
In the week from 2 November, gold may react to several US releases and events, including October purchasing managers' index data, weekly jobless claims and the midterm elections, according to VnExpress.