Gold Falls Below $4,000 an Ounce; Vietnam Dong Equivalent Declines

On November 11, spot gold closed in New York at $3,989.1 an ounce, down $44.4, or 1.1%, from the previous session; it had fallen 2.6% the day before. Gold futures for December delivery closed at $4,000.5 an ounce, down 0.7%. Spot silver closed at $51.81 an ounce, edging higher.

International gold prices over the past six months, in U.S. dollars per ounce.（VietVance）

The U.S. Labor Department reported that the consumer price index rose 0.4% month on month in October, 0.1 percentage point above analysts’ expectations. The core index rose 0.3% month on month, also exceeding expectations. The inflation data raised market expectations of a Federal Reserve rate increase in December. The Chicago Mercantile Exchange’s FedWatch tool showed that interest rate futures markets expected the Fed to raise rates at its December 8–9 meeting, with the probability of a 0.5 percentage point increase approaching 11%.

Rate increase expectations strengthened the U.S. dollar. On November 11, the Dollar Index rose 0.6% to close at 102.84, its highest level since April 2025, putting pressure on gold prices. The gold fund SPDR Gold Trust sold a net 1.1 metric tons of gold that day, reducing its holdings to 1,041.1 metric tons. Analysts said the prospect of higher interest rates could continue to weigh on gold prices in the short term, while gold purchases by China and other central banks could provide long-term support.

At 7:25 a.m. Vietnam time on November 12, spot gold in Asian markets was quoted at $3,983 an ounce, down nearly 0.2% from the U.S. market close. Converted at Vietcombank’s U.S. dollar selling rate, that was about 124 million Vietnamese dong per tael, 1.6 million dong lower than the previous morning. At the same time, the bank quoted U.S. dollar buying and selling rates of 25,430 and 25,840 dong, respectively, both up 50 dong from the previous morning.

Source: VietVance