On the afternoon of October 23, the price of gold rings continued to increase to a new record of 89 million VND/tael (selling price).

Specifically, Doji Gold and Gemstone Group increased by 800 thousand VND per tael in both buying and selling, bringing the buying and selling price of 9999 gold rings to 88-89 million VND/tael.

Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 86.9-88.2 million VND/tael (buy - sell), an increase of 600 thousand VND per tael in both buying and selling compared to early this morning.

Buy Sell
SJC 86,900,000 VND/tael 88,200,000 VND/tael
Doji 88,000,000 VND/tael 89,000,000 VND/tael

SJC and Doji gold ring price list updated on the afternoon of October 23

Gold price movements today show that domestic gold rings continued to increase early this morning, surpassing the 88 million VND/tael mark (selling).

At 9:23 a.m. on October 23, Doji Gold and Gemstone Group increased by 200,000 VND per tael in both buying and selling, raising the price of 9999 gold rings to 87.2-88.2 million VND/tael (buying - selling).

Opening the trading session this morning, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 86.3-87.6 million VND/tael (buy - sell), an increase of 300 thousand VND per tael in both buying and selling compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group early this morning also raised the price of 9999 gold rings to 87-88 million VND/tael, an increase of 200,000 VND/tael in both buying and selling compared to the end of yesterday's trading session.

Buy Sell
SJC 86,300,000 VND/tael 87,600,000 VND/tael
Doji 87,200,000 VND/tael 88,200,000 VND/tael

                    SJC and Doji gold ring price list updated on the morning of October 23

Opening the trading session on October 23 , the price of SJC 9999 gold remained unchanged compared to the closing session last night, at 89 million VND/tael (selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:37 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:32 a.m. as follows:

Buy Sell
SJC HCMC 87,000,000 VND/tael 89,000,000 VND/tael
Doji Hanoi 87,000,000 VND/tael 89,000,000 VND/tael
Doji HCMC 87,000,000 VND/tael 89,000,000 VND/tael

                          SJC and Doji gold bar price list updated early morning October 23

The central exchange rate on October 23, 2024 announced by the State Bank is 24,250 VND/USD, an increase of 10 VND compared to the previous trading session. The USD price at commercial banks this morning (October 23) was commonly listed at 25,072 VND/USD (buy) and 25,462 VND/USD (sell).

At 3:17 p.m. today (October 23, Vietnam time) , the world spot gold price was at 2,754.9 USD/ounce. The gold futures price for December 2024 on the Comex New York floor was at 2,769.7 USD/ounce.

At 8:32 a.m. today (October 23, Vietnam time) , the world spot gold price was at 2,742.5 USD/ounce, up 3.5 USD/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at 2,757.1 USD/ounce.

On the morning of October 23 , the world gold price converted to USD bank price was over 85 million VND/tael, including tax and fees, about 4 million VND/tael lower than the domestic gold price.

At the end of the trading session on October 22, 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 VND87-89 million/tael (buy - sell), an increase of VND1 million in both directions compared to the previous session.

Domestic gold ring prices on October 22 continuously set new peaks and rose close to the price of gold bars.

On the afternoon of October 22, SJC listed the price of 1-5 ring gold at only 86-87.3 million VND/tael (buy - sell). Doji listed the price of 9999 round smooth ring gold at 86.8-87.8 million VND/tael (buy - sell), an increase of about 1.1 VND/tael compared to the previous session. This is a new record high.

As of 8:00 p.m. on October 22 (Vietnam time), the spot gold price today on the world market was at 2,739 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,750 USD/ounce.

The world gold price on the night of October 22 was about 32.8% higher (676 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 84.8 million/tael, including taxes and fees, about VND 4.2 million/tael lower than the domestic gold price as of the end of the afternoon session on October 22.

Gold prices rose as the US dollar also climbed in recent sessions. The precious metal rose mainly due to rising tensions in the Middle East as the Israeli army continued to attack Hezbollah military bases in Lebanon.

Wine HHOK2.jpg
The price of gold rings skyrocketed to nearly 88 million VND/tael. Photo: MH

World gold prices are also supported when cash flow into the US stock market shows signs of decreasing after the Dow Jones, S&P500, and Nasdaq indexes have all continuously set records in the past 5 months.

The US Dow Jones Industrial Average has recorded a series of increases since March 2020, with its score nearly doubling from below 22,000 points to a historic peak of 43,275 points last weekend.

After 6 sessions of increasing points and continuously setting new high records, Dow Jones had 2 sessions of decreasing points on October 21 and early October 22 (October 22 evening Vietnam time).

US stocks may enter a sideways phase and may decline as profit-taking pressure increases and there is a lack of supporting information ahead. The corporate results reporting season is coming to an end.

Money flows into Chinese stocks also slowed after the CSI 300 index surged more than 30%.

Gold Price Forecast

The race for the White House is entering a very fierce sprint phase with signs of a reversal towards Mr. Donald Trump. The election will take place on November 5. This is considered a turning point for the gold market.

Many believe that Mr. Trump can resolve geopolitical conflicts in some regions, thereby driving down the price of gold. However, many are also afraid that Mr. Trump's strong policies can shake the world.

Many experts predict that both Mr. Trump and Ms. Kamala Harris will increase money pumping and economic stimulus if elected. In addition, gold will also benefit when the US continues to cut interest rates as planned.

Gold is a dead asset, the price keeps hitting the top, should you buy it or bet on it to wait for it to fall? Gold is considered by many legendary investors to be a “dead asset”, not profitable. However, the price of gold is constantly reaching historical peaks. Is this the time to take the risk of buying gold to welcome new records?