On the afternoon of October 18 , the price of gold rings continued to rise, setting a new record at 85.6 million VND/tael (selling price).

Specifically, Doji Gold and Gemstone Group raised the buying and selling price of 1-5 tael gold rings to 84.6-85.6 million VND/tael, 200,000 VND/tael more expensive in both buying and selling compared to this morning.

This is the highest price ever for gold rings in the domestic market.

Saigon Jewelry Company (SJC) also raised the price of 1-5 chi gold rings to 83.85-84.95 million VND/tael (buy - sell), an increase of 200 thousand VND per tael in both buying and selling.

At 9:58 a.m. on October 18 , Doji Gold and Gemstone Group adjusted the buying and selling price of 1-5 tael gold rings to 84.4-85.4 million VND/tael, an increase of 300,000 VND per tael for both buying and selling.

At 9:24 a.m. on October 18 , Doji Gold and Gemstone Group raised the buying and selling price of 1-5 tael gold rings to 84.1-85.1 million VND/tael, an increase of 100,000 VND per tael in both buying and selling compared to early this morning.

Similarly, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 83.65-84.75 million VND/tael (buy - sell), 250 thousand VND/tael more expensive in both buying and selling compared to early this morning.

Gold price movements today show that domestic branded gold rings this morning continued to increase sharply, setting a new record at 85 million VND/tael (selling).

Specifically, opening the trading session this morning, Saigon Jewelry Company (SJC) raised the price of 1-5 tael gold rings to 83.4-84.5 million VND/tael (buy - sell), an increase of 300 thousand VND per tael in the buying direction and 200 thousand VND per tael more expensive in the selling direction compared to the closing price of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group also increased the buying and selling price of gold rings of types 1-5 by only 250 thousand VND per tael compared to the end of yesterday's trading session, to 84-85 million VND/tael.

Opening the trading session on October 18 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 86 million VND/tael (selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:17 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:40 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 18

The central exchange rate on October 18, 2024 announced by the State Bank is 24,213 VND/USD, an increase of 14 VND compared to the previous trading session. The USD price at commercial banks this morning (October 18) was commonly listed at 24,990 VND/USD (buy) and 25,380 VND/USD (sell).

At 10:04 a.m. today (October 18, Vietnam time), the world spot gold price rose to 2,709 USD/ounce. The gold futures price for December 2024 delivery on the Comex New York floor was at 2,724.7 USD/ounce.

At 8:10 a.m. today (October 18, Vietnam time) , the world spot gold price was at 2,697.6 USD/ounce, up 12.5 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,712.5 USD/ounce.

On the morning of October 18 , the world gold price converted to USD bank price was over 83.3 million VND/tael, including tax and fees, about 2.7 million VND/tael lower than the domestic gold price.

The price of gold on the Kitco floor at 8:30 p.m. (October 17, Vietnam time) was trading at $2,685.1/ounce, up 0.41% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,697.2/ounce.

At the beginning of the trading session on October 17 (US time), the world gold price suddenly increased, setting a new record of 2,689.5 USD/ounce. However, the gold price quickly reversed and decreased after the report of US retail sales increased by 0.4% compared to August and the number of unemployment benefits applications reached 241,000, less than the forecast of 260,000.

Experts say gold is being supported by many factors, including bond yields and expectations that central banks around the world will accelerate interest rate cuts, along with safe-haven demand due to concerns about geopolitical tensions around the world.

Screenshot 2024 10 17 204000.png
World gold price sets new record. Photo: HH

U.S. Treasury yields are at their lowest in a week. Gold is a big beneficiary, as the precious metal tends to rally in a low-interest-rate environment.

Peter A. Grant, vice president of Zaner Metals, said investors are expecting a 25 basis point interest rate cut by the US Federal Reserve (Fed) at its meeting next month.

The latest report shows that inflation in Europe and the UK is weaker, raising expectations that the European Central Bank (ECB) and the Bank of England (BoE) will ease monetary policy aggressively. This further strengthens the possibility that bond yields will be pushed down, which will strongly support gold prices.

In the domestic market, at the end of the session on October 17, the price of 9999 gold bars at SJC was VND84 million/tael (buy) and VND86.03 million/tael (sell). Doji listed it at VND84 million/tael (buy) and VND86 million/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 83.1-84.3 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 83.75-84.75 million VND/tael (buy - sell).

Gold Price Forecast

According to CME's FedWatch tool, after last week's strong jobs report, the market is expecting an 88.8% chance that the Fed will cut 25 basis points at its meeting on November 7 and an 11.2% chance that it will keep interest rates unchanged.

Mr. Peter A. Grant predicts that gold is being supported by many positive factors, the precious metal is likely to increase in the coming time, even being pushed to nearly 3,000 USD/ounce in the first quarter of 2025.

Experts believe that the ECB will likely continue to cut interest rates, leading to expectations that the BoE will cut interest rates at its meeting next month. This is a positive signal for gold prices.

'High risk, high reward', gold price soars to new peak then enters recession? Gold price has increased sharply in recent sessions, breaking the historical peak of 2,685 USD/ounce due to unpredictable developments in the world. But is the precious metal about to enter a recession?