Gold price movements today show that domestic gold rings this morning have been adjusted to increase sharply.

Opening the trading session this morning, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 82.3-83.7 million VND/tael (buy - sell), an increase of 400 thousand VND per tael in both buying and selling compared to the end of yesterday's trading session.

Meanwhile, Doji Gold and Gemstone Group kept the buying and selling price of gold rings of type 1-5 unchanged at yesterday's closing price, trading at 82.95-83.85 million VND/tael.

Opening the trading session on October 16, the price of SJC 9999 gold increased by 1 million VND per tael in both buying and selling compared to the closing price of yesterday's trading session, up to 86 million VND/tael (selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:38 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:35 a.m. as follows:

Buy Sell
SJC HCMC 84,000,000 VND/tael 86,000,000 VND/tael
Doji Hanoi 84,000,000 VND/tael 86,000,000 VND/tael
Doji HCMC 84,000,000 VND/tael 86,000,000 VND/tael

                        SJC and Doji gold price list updated early morning October 16

The central exchange rate on October 16, 2024 announced by the State Bank is 24,187 VND/USD, an increase of 10 VND compared to the previous trading session. The USD price at commercial banks this morning (October 16) was commonly listed at 24,730 VND/USD (buy) and 25,120 VND/USD (sell).

At 8:32 a.m. today (October 16, Vietnam time) , the world spot gold price was at 2,663.1 USD/ounce, up 15.1 USD/ounce compared to the close of yesterday's trading session. The gold futures price for December 2024 on the Comex New York floor was at 2,678.6 USD/ounce.

On the morning of October 16 , the world gold price converted to USD bank price was over 81.4 million VND/tael, including tax and fees, about 4.6 million VND/tael lower than the domestic gold price.

At the end of the trading session on October 15, 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 VND83-85 million/tael (buy - sell), unchanged in both directions compared to the previous session.

Domestic gold ring prices are still at a historical peak, around VND82.3 million/tael (buy) and VND83.85 million/tael (sell).

Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 81.9-83.3 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 82.95-83.85 million VND/tael (buy - sell).

As of 8:00 p.m. on October 15 (Vietnam time), the spot gold price today on the world market was at $2,648/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,670/ounce.

The world gold price on the night of October 15 was about 28.4% higher (585 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 80.6 million/tael, including taxes and fees, about VND 4.3 million/tael lower than the domestic gold price as of the end of the afternoon session on October 15.

VangSJC2HHOK.jpg
Gold ring prices remain at historic highs. Photo: HH

Gold is under pressure to fall as the US dollar remains at a fairly high level. Selling pressure remains high after a period of hot precious metal prices and the situation in the Middle East seems to have saturated investors.

The Middle East is still hot and there are signs of direct US involvement in the region, the conflict could spread. However, the war in this region has been going on for a long time and investors are no longer paying much attention to new developments.

The US dollar remains high. The DXY index (which measures the greenback’s performance against six major currencies) is still above 103, compared to 100.7 in mid-September. The strong US dollar is holding back the rise in gold prices.

Gold is also less attractive as money flows into US stocks and many cryptocurrencies, including Bitcoin.

Gold Price Forecast

Investors are betting on the possibility that the US economy will improve after the presidential election early next month. The owner of the White House will increase the injection of money to stimulate the economy in the new term.

Gold prices also slowed down due to reduced demand from central banks in many countries when gold prices rose.

However, many forecasts say that gold will still inch up and could reach $2,700/ounce by the end of this year and possibly even higher in early 2025 as the Fed continues to lower interest rates and demand increases as Asia enters its peak gold consumption season.

Still, the gain may not be huge after gold has gained 28% since the start of the year.

Gold prices plummet, after the shock there is still pressure on gold prices? World gold prices fluctuate unpredictably, rising to a historical peak and then plummeting. Domestic SJC gold bars hang at a high level, while gold rings set a new record. Will gold prices increase or decrease in the near future?