The world gold price closed the weekend trading session at 2,747 USD/ounce. The December 2024 gold futures price traded at 2,754 USD/ounce.

According to experts, the increase in gold this week is mainly due to the uncertainty surrounding the upcoming US presidential election and escalating tensions in the Middle East. Safe-haven demand remains the main supporting factor for the precious metal.

Gold-backed exchange-traded funds (ETFs) continue to liquidate holdings and central bank demand could also slow in the face of high prices, analysts warn.

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Gold prices increased at the end of the week. Photo: Chi Hieu

Colin Cieszynski, chief strategist at SIA Wealth Management, said that the devaluation of paper money, political risks, especially the upcoming US presidential election,... are fundamental factors affecting gold prices.

Gold prices rose ahead of the BRICS summit. However, there was no major news at the summit that could impact the gold market. Therefore, Colin Cieszynski believes that gold prices will fall.

According to a report by HSBC Bank, in the physical market, high gold prices have reduced demand for gold jewelry, gold coins and gold bars.

The key economic news next week is the US September jobs report. Economists are forecasting 140,000 new jobs, down from 254,000 in August.

On October 26, the price of 9999 gold bars at SJC was 87 million VND/tael (buy) and 89 million VND/tael (sell). Doji listed it at 87 million VND/tael (buy) and 89 million VND/tael (sell).

SJC listed the price of gold rings of type 1-5 at only 87-88.5 million VND/tael (buy - sell). At Doji, the price of gold rings of type 1-5 is only 87.9-88.9 million VND/tael.

Gold Price Forecast

Alex Kuptsikevich, senior market analyst at FxPro, said that gold prices could correct in the short term. After reaching $2,758/ounce, gold prices fell, trading cautiously in the final session of the week. Gold prices could trade in the range of $2,670-2,700/ounce next week.

Marc Chandler, CEO of Bannockburn Global Forex, said that breaking the $2,700/ounce level could put pressure on long-term investors. He predicted that gold prices could trade in a range of $2,600-2,800/ounce.