Gold price on the morning of October 31: Domestic gold rings increased slightly

DNVN - In the context of global gold prices continuously reaching new peaks, after recording a sharp increase yesterday afternoon, the price of SJC gold rings and gold bars increased slightly on the morning of October 31, while the price of SJC gold bars remained unchanged.

Specifically, at 9:10 a.m., Saigon Jewelry Company (SJC) announced the price of gold rings at VND87.7 - 89.2 million/tael (buy - sell), an increase of VND200,000/tael in both buying and selling prices compared to the closing price of the previous session.

DOJI Gold and Gemstone Group listed the price of gold rings at 88.6 - 89.6 million VND/tael (buy - sell), unchanged from the listed price in both buying and selling directions compared to the previous session.

Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 88 - 90 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to yesterday's trading session.

DOJI Gold and Gemstone Group also announced the selling price of SJC gold bars at 88 - 90 million VND/tael (buy - sell), no change compared to the listed price in both buying and selling directions compared to yesterday's closing price.

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is quite high, putting investors at risk of losing money when making short-term transactions.

Gold prices hit a record high on October 30 as uncertainty surrounding the US presidential election fueled demand for safe-haven assets. Traders are also awaiting key economic data to shape the policy direction of the US Federal Reserve (Fed).

Specifically, the spot gold price increased by 0.5% to $2,788.87/ounce, after reaching a record high of $2,789.73/ounce. The US gold futures price also increased by 0.7% and closed at $2,800.8/ounce. Strategist Daniel Pavilonis from brokerage firm RJO Futures said that factors such as the upcoming election and political instability, along with the Fed's interest rate cut and the Russia-Ukraine conflict are pushing gold prices to continue to rise.

According to Mr. Pavilonis, gold prices are likely to reach $2,850/ounce soon. The US presidential election is scheduled to take place on November 5. Seen as a safe haven in times of geopolitical uncertainty, gold has increased in value by 35% this year and is on track for its strongest year since 1979.

Dominik Sperzel, head of trading at Heraeus Metals Germany, believes that gold prices are likely to reach $3,000 an ounce by 2025, thanks to inflows into gold ETFs and a post-election market correction.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-sang-31-10-vang-nhan-trong-nuoc-tang-nhe/20241031104836478