Market Highlight 04.11.2026

Central Banks accelerated gold purchases in Q3 at the fastest pace since late 2024, as geopolitical risks and concerns over fiscal stability boosted demand for the precious metal. According to the World Gold Council, which represents gold producers, Central Banks added 321 tonnes of gold to their reserves during the period. Although buying activity started 2026 at a slower pace, year-to-date purchases were still 6% higher than in the same period last year. Gold prices have fallen below 4.000 USD/ounce in recent days as elevated energy costs linked to the Iran war have strengthened expectations for tighter monetary policy, putting pressure on the precious metal. Before the war began in late February, gold prices had risen above 5.000 USD/ounce. Meanwhile, data showed that inflows into gold-backed exchange-traded funds increased by 211 tonnes, lifting total holdings to a record 4.256 tonnes and generating quarterly inflows worth 31 billion USD. Jewelry demand moved in the opposite direction, falling by 17% to 313 tonnes, the lowest Q3 level since the World Gold Council began recording the data in 2000 and even below levels seen during the Covid-19 pandemic in 2020, as high prices weighed on consumer confidence and affordability.

The USD Index edged up by nearly 0,1% yesterday as markets prepared for potential changes in the balance of power in the U.S Congress following the 3/11 election. The most notable report released last night showed that U.S job openings (JOLTS) increased by 333.000 to 7,523 million, well above economists’ estimate of 7,1 million.

Domestically, interbank USD/VND edged down by VND 10 and closed Tuesday at 25.770.

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