At the end of the trading session on November 19, the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND82-85 million/tael (buy - sell), an increase of VND1 million/tael in both directions compared to the previous session.

Gold ring prices also skyrocketed after nearly 2 weeks of previous downward pressure.

On the afternoon of November 19, Saigon Jewelry Company Limited (SJC) listed the price of 1-5 gold rings at only VND82-84 million/tael (buy - sell), an increase of VND1.2 million/tael for buying and VND1 million for selling compared to the previous session. Doji listed the price of 9999 round gold rings at VND83.8-84.8 million/tael (buy - sell), an increase of VND1.8 million for buying, and an increase of VND1.5 million for selling.

Thus, SJC gold rings are increasing quite quickly and heading towards the historical peak recorded on October 30, at 89 million VND/tael.

World gold prices in the session of November 19 skyrocketed after successfully testing the support threshold of 2,600 USD/ounce.

At 8:00 p.m. on November 19 (Vietnam time), the spot gold price on the world market today recovered to $2,635/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,633.8/ounce.

The world gold price on the night of November 19 was about 27.7% higher (572 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 81.7 million/tael, including taxes and fees, about VND 3.2 million/tael lower than the domestic gold price as of the end of the afternoon session on November 19.

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Domestic and world gold prices have rapidly increased again. Photo: HH

Gold prices rose mainly due to rising Russia-Ukraine tensions, which could make it difficult for Donald Trump to end the Ukraine conflict soon after taking office on January 20.

Tensions between Russia and Ukraine escalated after the administration of President Joe Biden authorized Ukraine to use long-range missiles to attack Russian territory. The Kremlin said that if true, this would be "a new round of escalation" and increase US involvement in the Russia-Ukraine conflict.

Russia said it would be forced to take appropriate measures to respond to the increased threats.

Gold Price Forecast

Investors had previously hoped that Mr. Trump could end the conflict in Ukraine within 24 hours as he had announced after his election. Expectations that geopolitical tensions would ease in many regions sent gold plummeting, from a peak of $2,789/ounce recorded on October 30 to $2,540/ounce on November 14.

But now, the situation in Ukraine may change. Ukraine believes that long-range US missiles could “change the situation”, while Russia threatens to respond strongly if Kiev uses long-range missiles to attack Russian territory.

According to Bloomberg, Moscow has just accused Ukraine of firing a long-range missile made in the US into Russia's Bryansk province. This is a very bad signal for the region.

With the latest developments, gold has recorded a very rapid increase in buying demand. Goldman Sachs has just released a report continuing to forecast that gold will reach $3,000/ounce in 2025.

In the medium and long term, gold is also supported by the US Federal Reserve's (Fed) interest rate cut cycle.

SJC gold price increased by a million dong, plain rings caused a stir: The dream of gold reaching 70 million dong was gone? Gold prices increased like "possessed" in the first session of the new week. SJC gold bars returned to the threshold of 84 million dong, while gold rings also skyrocketed. The expectation of gold price reaching 70 million dong/tael seems far-fetched?