At the end of the trading session on October 16, 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 VND84-86 million/tael (buy - sell), an increase of VND1 million in both directions compared to the previous session.

Regarding ring gold, in the afternoon, Saigon Jewelry Company Limited (SJC) listed the price of ring gold type 1-5 at only 82.6-83.9 million VND/tael (buy - sell), an increase of 700,000 VND compared to the previous session.

Doji listed the price of 9999 smooth round gold rings at 83.35-84.35 million VND/tael (buy - sell), an increase of about 600,000 VND/tael compared to the previous session. This is a new record high for gold rings.

As of 8:00 p.m. on October 16 (Vietnam time), the spot gold price on the world market was at $2,683/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,699/ounce.

The world gold price on the night of October 16 was about 30.1% higher (620 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 82.2 million/tael, including taxes and fees, about VND 3.8 million/tael lower than the domestic gold price as of the end of the afternoon session on October 16.

Gold prices on the international market increased sharply in the context of the Middle East and the Korean Peninsula. The price of SJC gold bars increased, while gold rings continuously reached historical peaks.

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Gold ring prices continuously set new peaks. Photo: MH

International gold prices increased despite the USD also increasing. The world fell into a state of intense tension in many regions around the world in the context of the US presidential election coming up in early November.

On the Korean Peninsula, the situation is also heated. South Korea and North Korea have had a tense week, starting with North Korea claiming to have detected South Korean drones carrying leaflets in Pyongyang.

In the Middle East, tensions continue to escalate and could spread after the US announced it would send troops and advanced anti-missile systems to Israel to protect its ally. Earlier, Israel's air defense system was hit by a supersonic missile from Iran and a military base was attacked by drones from Hezbollah.

Gold Price Forecast

Investors are watching for a possible Israeli retaliation against Iran, which could be severe.

While the war between Israel and the Hezbollah movement has not abated, Yemen is at risk of being drawn into the escalating military developments in the region.

With the above geopolitical tensions, money flows tend to seek safe assets, including gold.

Gold is expected to continue to increase and may set a new record high despite the USD also increasing in price due to the strength of the US economy, the Fed's delay in reducing interest rates as well as the strong money pumping speed of other countries.

However, the pressure to take profits on gold is also quite large every time gold climbs near the record peak of 2,685 USD/ounce recorded on September 26.

Many forecasts still believe that gold will surpass the threshold of 2,700 USD/ounce by the end of this year and may reach 3,000 USD/ounce by early 2025. However, recently many experts no longer overestimate the upward trend of gold prices.

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?