Gold price movements today show that domestic gold rings fluctuated little this morning.

Opening the trading session this morning, Saigon Jewelry Company (SJC) raised the price of gold rings of type 1-5 to only 87-88.5 million VND/tael (buy - sell), unchanged compared to the closing price of yesterday's trading session.

Meanwhile, Doji Gold and Gemstone Group early this morning lowered the price of 9999 gold rings to 87.95-88.95 million VND/tael, down 50 thousand VND per tael in both buying and selling compared to the end of yesterday's trading session.

Buy Sell
SJC 87,000,000 VND/tael 88,500,000 VND/tael
Doji 87,950,000 VND/tael 88,950,000 VND/tael

                                  SJC and Doji gold ring price list updated on the morning of October 24

Opening the trading session on October 24 , 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 8:36 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 24

The central exchange rate on October 24, 2024 announced by the State Bank is 24,260 VND/USD, an increase of 10 VND compared to the previous trading session. The USD price at commercial banks this morning (October 24) was commonly listed at 25,203 VND/USD (buy) and 25,473 VND/USD (sell).

At 8:32 a.m. today (October 24, Vietnam time) , the world spot gold price was at 2,725.5 USD/ounce, down 14.5 USD/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at 2,739 USD/ounce.

On the morning of October 24 , the world gold price converted to USD bank price was over 84.5 million VND/tael, including tax and fees, about 4.5 million VND/tael lower than the domestic gold price.

At the end of the trading session on October 23, 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), unchanged in both directions compared to the previous session.

However, the price of gold rings increased dramatically, each session adding a million VND/tael and continuously adjusting upward. The domestic price of gold rings on October 23 set a new historical peak, 89 million VND/tael, equal to the price of gold bars for the first time.

On the afternoon of October 23, Saigon Jewelry Company Limited (SJC) listed the price of 1-5 gold rings at only VND87-88.5 million/tael (buy - sell). Doji listed the price of 9999 round gold rings at VND88-89 million/tael (buy - sell), continuing to increase by about VND1.1/tael compared to the previous session. This is a new record high.

However, world gold prices showed signs of decreasing after reaching a historical peak of 2,758 USD/ounce on the afternoon of October 23 in the Asian market.

As of 8:00 p.m. on October 23 (Vietnam time), the spot gold price today on the world market was at $2,740/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,749/ounce.

W-vangvcb namkhanh goc1ok 43739.gif
The price of SJC gold bars and gold rings is equal for the first time, at 89 million VND/tael. Photo: Nam Khanh

The world gold price on the night of October 23 was about 32.8% higher (677 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 84.9 million VND/tael, including taxes and fees, about 4.1 million VND/tael lower than the domestic gold price as of late afternoon of the same day.

The price of gold on the international market has dropped quite rapidly after climbing to a historical peak of 2,758 USD/ounce. The price of gold rings has risen to the same level as 89 million VND compared to gold bars, an increase of 41.3% since the beginning of the year.

World gold prices turned down mainly due to the soaring USD in the international market and increased pressure on precious metals after continuously setting record highs over the past 2 weeks.

The DXY index - measuring the greenback's performance against six major currencies - rose sharply to 104.5 points, compared to 103.8 points in the previous session and 100.7 points in mid-September.

The USD increased despite the expanded BRICS meeting in Russia and the goal of moving towards a new world order, a bloc that is a counterweight to the West and the locomotive of world economic growth, reducing dependence on the USD.

Gold Price Forecast

Gold was also pressured by rising US bond yields.

However, the USD has recently increased due to signals of delay in accelerating interest rate cuts from the Fed and the money pumping race in many European and Asian countries.

However, gold still has many supporting factors. That is the fire in the Middle East that shows no signs of cooling down, the endless conflict with no way out in Ukraine... Besides that, there is the tension in the race to the White House in the final stage.

Many people expect geopolitical conflicts in many regions to ease after the US election. However, experts from Scorpion Minerals believe that when the US has a new president, the owner of the White House, whether Mr. Donald Trump or Ms. Kamala Harris, will propose policies that can increase inflation. This is a factor that is beneficial for gold.

In the short term, gold may have some price corrections, but in the medium and long term it is still forecast to be in an upward trend, although it may not be as strong as in the recent period.

Gold prices are rising rapidly, with the risk of a sharp decline present . SJC gold is up to 89 million VND, gold rings are nearly 88 million VND/tael, international gold prices have increased by more than 30% since the beginning of the year. Experts predict that the risk of a market downturn is always present. Investors should be cautious when buying gold at this time.