At the close of trading on October 29th, the price of SJC 9999 gold bars in Vietnam was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 87-89 million VND/ounce (buying price - selling price), unchanged in both directions compared to the previous session.

However, gold rings have returned to an upward trend, following the global gold price trend, and are now on par with SJC gold bars at 89 million VND/ounce. In fact, the buying price of plain gold rings at Doji is even 1 million VND/ounce higher than the buying price of SJC gold bars.

On the afternoon of October 29th, Saigon Jewelry Company Limited (SJC) listed the price of gold rings (1-5 tael) at 87-88.5 million VND/tael (buy - sell). Doji listed the price of 9999 pure gold rings at 88-89 million VND/tael (buy - sell). This is a historical high.

At 8:00 p.m. on October 29 (Vietnam time), the spot gold price on the world market today was at 2,753 USD/ounce, and at 9:00 p.m. it even jumped to a peak of 2,763 USD/ounce, surpassing the previous record (2,758 USD/ounce recorded on October 23).

Gold for December 2024 delivery on the Comex division of the New York Mercantile Exchange stood at $2,762 an ounce.

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The price of plain gold rings has risen to 89 million VND/tael again. Photo: MH

World gold prices on the night of October 29th were approximately 33.4% higher (US$690/ounce) than at the beginning of 2024. World gold prices, converted using the bank's USD exchange rate, were VND 85.3 million/ounce, including taxes and fees, which is about VND 3.7 million/ounce lower than domestic gold prices as of the end of the trading session on October 29th.

Gold prices on the international market continue to climb despite the strengthening USD. The looming threat of inflation and low global interest rates continue to support gold, even after a prolonged period of price increases.

Contrary to many predictions, world gold prices continued to rise and showed no signs of a downward correction after four consecutive weeks of increases. The US dollar also appreciated, with the DXY index – measuring the dollar's fluctuations against six major currencies – rising back to 104.5 points, compared to 103.8 points in the previous session and 100.7 points in mid-September.

Gold prices rose despite rising US stocks and bond yields and a surge in many cryptocurrencies, including Bitcoin.

Gold price forecast

Last weekend, many organizations predicted that gold would experience a downward correction this week due to its continuous rise, thus increasing profit-taking pressure. Supporting factors for gold this week are also less abundant than in previous weeks. The situation in the Middle East has eased somewhat.

However, gold prices continued to rise in Asian, European and US markets.

Investors seem to be concerned about inflation which is still high and could rise again at any time. In addition, countries are still racing to lower interest rates to support the economy .

Many organizations predict that gold prices could easily reach $3,000/ounce by 2025 and will continue to rise if Iran retaliates against Israel.

In Ukraine, the situation is also tense after international media reported the presence of North Korean troops in Russia's Kursk Oblast.

The US presidential election is coming to an end with many dramatic developments, which is also a factor pushing money into gold.

Gold prices are rising rapidly, with the risk of a decline present . SJC gold is up to 89 million VND, gold rings are nearly 88 million VND/tael, international gold prices have increased by more than 30% since the beginning of the year. Experts predict that the risk of a market decline is always present. Investors should be cautious when buying gold at this time.