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.

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The price of SJC gold bars and gold rings is equal for the first time, at 89 million VND/tael. Photo: NK

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.