Today's gold price developments show that domestic gold rings this morning continued to be adjusted to increase strongly following world gold prices.

At 10:50 a.m., Doji Gold and Gemstone Group increased the price of 9999 plain round gold rings to 82-83 million VND/tael (buy - sell). This is the highest price ever for plain round gold rings in the country.

Early this morning, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 80.8-82.3 million VND/tael (buy - sell), an increase of 800 thousand VND/tael for buying and 1 million VND/tael for selling compared to yesterday's closing price.

Doji Gold and Gemstone Group listed the price of 9999 plain round gold rings at 81.45-82.5 million VND/tael (buy - sell), an increase of 850 thousand VND/tael in both buying and selling compared to yesterday's closing price. This is the highest price ever for plain round gold rings in the country.

Opening the trading session on September 25 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 83.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:38 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:50 a.m. as follows:

Buy Sell
SJC HCMC 81,500,000 VND/tael 83,500,000 VND/tael
Doji Hanoi 81,500,000 VND/tael 83,500,000 VND/tael
Doji HCMC 81,500,000 VND/tael 83,500,000 VND/tael

                        SJC and Doji gold price list updated early morning September 25

The central exchange rate on September 25, 2024 announced by the State Bank is 24,134 VND/USD, down 12 VND compared to the previous trading session. The USD price at commercial banks this morning (September 25) was commonly listed at 24,350 VND/USD (buy) and 24,720 VND/USD (sell).

At 9:12 a.m. today (September 25, Vietnam time) , the world spot gold price was at 2,662.3 USD/ounce, up 28.3 USD/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at 2,687.3 USD/ounce.

On the morning of September 25, the world gold price converted to USD bank price was over 80 million VND/tael, including tax and fees, about 3.5 million VND/tael lower than the domestic gold price.

At the end of the trading session on September 24, the domestic price of 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 81.5-83.5 million VND/tael (buy - sell), an increase of 1.5 million VND/tael compared to the previous session.

The domestic gold ring price on September 24 continued to set a new historical peak, reaching about 80.6 million VND/tael (buy) and 81.65 million VND/tael (sell).

Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 only at 80-81.3 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 80.6-81.65 million VND/tael (buy - sell).

As of 8:00 p.m. on September 24 (Vietnam time), the spot gold price today on the world market was at 2,634 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,656 USD/ounce.

Thus, compared to the historical peak of 2,638 USD/ounce recorded on the afternoon of September 24 (Vietnam time), the spot gold price has decreased slightly.

VangSJC1HH OK.jpg
World gold prices are climbing, domestic gold rings are heading towards 82 million VND/tael. Photo: Nguyen Hue

The world gold price on the night of September 24 was about 27.7% higher (571 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 79.5 million VND/tael, including taxes and fees, about 4 million VND/tael lower than the domestic gold price as of the end of the afternoon of September 24.

World gold prices have been rising steadily due to the prospect of a falling US dollar and escalating tensions in the Middle East. SJC gold bars and plain gold rings continue to reach new historical peaks.

Gold continues to rise sharply amid a further decline in the USD. The US Federal Reserve (Fed) has just cut interest rates by 0.5 percentage points, from 5.25-5.5%/year to 4.75-5%/year and is expected to have two more cuts, totaling 0.5-0.75 percentage points in the remaining months of 2024.

In 2025 and 2026, the Fed will continue to cut and interest rates could fall to around 3%.

The US dollar is expected to depreciate in the long term.

However, the decrease in USD is not much because many other countries have also reduced interest rates and pumped money into the economy.

Moreover, the US economy remains quite positive, with no signs of falling into a recession.

Gold prices also increased due to escalating tensions between Israel and Hezbollah forces in Lebanon. The Middle East "powder keg" is on the verge of a fierce, large-scale war, with the risk of turning into a regional war.

Gold Price Forecast

What observers fear is that the Middle East will be in chaos for a long time. This conflict could change the entire landscape of the region.

Many forecasts say that tensions in the Middle East will likely be prolonged, widespread and fierce. Gold prices will benefit from such instability.

Despite a sharp increase of about 28% since the beginning of the year, gold is forecast to continue climbing and reaching new peaks from now until the end of the year and into 2025. Gold is likely to reach $2,700/ounce by the end of this year and $3,000/ounce in the first half of next year.

Gold is expected to rise in price not only because of the weakening US dollar and rising geopolitical tensions but also because of demand from countries such as China and India. The gold market is about to enter its peak season as Christmas and the wedding season in Asia are approaching.

Gold ring price soars to record high, real estate price increases, where is the money flowing? SJC gold bar price skyrocketed by 1.5 million VND/tael, gold ring continuously set new peaks while stocks are quiet, real estate price is high. Where is the money flowing?