At the end of the trading session on October 2, 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 VND82-84 million/tael (buy - sell), unchanged from the previous session.

Domestic gold ring prices increased slightly and gradually moved towards the historical peak of 83.45 million VND/tael (sold) recorded on September 28.

On the afternoon of October 2, Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 81.5-82.9 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 82.2-83.15 million VND/tael (buy - sell).

At 8:00 p.m. on October 2 (Vietnam time), the spot price of gold today on the world market was at $2,650/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,672/ounce.

The world gold price on the night of October 2 was about 28.5% higher (587 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 79.9 million VND/tael, including taxes and fees, about 4.1 million VND/tael lower than the domestic gold price as of the end of the afternoon session on October 2.

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Gold ring prices continue to increase. Photo: HH

World gold prices are under pressure to decrease due to profit-taking activities and the strong increase of the USD. However, gold rings in Vietnam have turned up, close to the record high recently set.

Gold prices fell on the international market despite escalating tensions in the Middle East after Iran launched hundreds of missiles at Israel. Israel's Iron Dome air defense system was said to have failed to intercept many of the missiles.

US media said that Israel could retaliate against strategic infrastructure, such as Tehran's oil rigs and Iran's air defense systems. Attacks on Iran's oil facilities could devastate the country's economy , potentially leading to an escalation of conflict in the region.

Israeli Prime Minister Netanyahu asserted that Iran had made a big mistake and would pay the price.

The US media’s predictions came even though immediately after the missile attack, Iran announced that its attack on Israel had ended. Iran’s foreign minister said that the attack was a “right of self-defense” against Israel.

World gold prices increased sharply after Iran's airstrike on Israel but also cooled down quickly.

Gold Price Forecast

Faced with Israel's dominance, many believe that the Middle East may be on the verge of stability. But for now, there will be back-and-forth attacks like the one just happened.

Gold prices fell due to the strong increase in the US dollar. Money flowed to the greenback.

The DXY index - measuring the USD's fluctuations against a basket of six major currencies, rose back to 101.5 points on the evening of October 2 (Vietnam time), compared to 101.2 points on October 1 and 100.36 points on September 25.

However, the USD is still considered to be in a downtrend. In mid-August, DXY was at 103 points, and at the end of April it was at 106.25 points.

The precious metal is thus still supported by a weaker US dollar. However, gold may no longer be the preferred safe haven as geopolitical tensions ease.

Recently, many organizations still predict that gold will reach 2,700 USD/ounce in 2024 and may reach 2,900 USD/ounce in early 2025. The upward trend of gold prices is still there, but the increase may not be as much and strong as in the past.

Gold prices plummet, a turning point is inevitable? World gold prices have plummeted and may mark a turning point in the context of many changes in the world. The USD has just started a downward trend but other factors supporting gold are no longer much.