Global Gold Prices Surge: Will Domestic Gold Prices Follow Suit on November 29th?

Global gold prices surged overnight as short-term technical prospects turned increasingly positive. At the time of the survey, spot gold on the international market traded around $4,218.4 per ounce, a robust increase of $62.6 per ounce from the previous session. This rally occurred amid significantly improved short-term technical signals, prompting speculative capital to re-enter the precious metals market.

A significant catalyst for gold’s overnight surge was a critical outage at CME Group’s trading systems, operator of the Chicago Mercantile Exchange. Specifically, a cooling system malfunction at a CyrusOne-managed data center disrupted futures and options trading on the Globex platform for several hours. The disruption rippled across equity, forex, bond, and commodity markets, sparking concerns about systemic risks in global financial markets.

CNBC reported engineers restarted multiple cooling units and deployed temporary cooling solutions to restore operations. CME Group’s derivatives markets gradually reopened, though the outage was deemed more severe than the 2019 technical issue, underscoring CME’s central role in global finance.

Thomas Helaine, Head of Equity Trading at TP ICAP Europe (Paris), remarked: “It felt like flying blind. For equity traders like us, U.S. futures are a critical market indicator pre-open. I can only imagine the chaos on derivatives desks.”

This rare disruption fueled demand for safe-haven assets like gold and silver, contributing to the metals’ short-term price surge.

In other commodities, crude oil is poised for its fourth consecutive monthly decline as investors await this week’s OPEC+ meeting and assess the impact of potential Ukraine peace talks on the oversupplied energy market. Brent crude held above $63 per barrel, while Nymex WTI traded near $59 per barrel.

The U.S. Dollar Index edged higher, and the 10-year Treasury yield remained around 4.00%, keeping interest rates low enough to sustain gold’s appeal relative to other financial assets.

Major financial institutions maintain a positive outlook on gold. In a Thursday report, UBS, the Swiss-based global financial conglomerate, noted gold’s significant recovery since late October, with rising demand expected to support further upside.

“Continued Fed rate cuts, declining real yields, heightened fiscal risks, and U.S. political volatility will sustain robust buying from central banks and investors,” UBS stated.

On November 20, UBS raised its mid-2026 gold price target to $4,500 per ounce. In a risk-escalation scenario, gold could reach $4,900, while the most conservative forecast remains at $3,700.

The bank also predicts strong inflows into gold ETFs in 2026, driven by worsening U.S. fiscal prospects and growing central bank gold reserves.

However, UBS cautioned that the biggest risk to the bullish case is the Fed reverting to tighter monetary policy or central banks selling gold reserves under heightened financial stress.

Domestically, gold jewelry and bullion prices remained unchanged this morning at many Vietnamese gold traders compared to yesterday’s close. Spot prices at PNJ, DOJI, and SJC ranged between 152.2–154.2 million VND/tael (buy-sell). Bảo Tín Minh Châu quoted SJC bullion slightly higher at 152.7–154.2 million VND/tael.

For gold jewelry, Bảo Tín Mạnh Hải maintained Kim Gia Bảo pressed rings at 149.8–152.6 million VND/tael. DOJI and PNJ priced jewelry rings at 149.8–152.8 million VND/tael, while Bảo Tín Minh Châu listed them at 150.3–153.3 million VND/tael.