Gold price movements today show that domestic gold rings have shown an upward adjustment early this morning.

At the beginning of this morning's trading session, Saigon Jewelry Company (SJC) listed the price of 1-5 tael gold rings at 87-88.8 million VND/tael (buy - sell), unchanged in the buying direction and increased by 300 thousand VND in the selling direction compared to the end of yesterday's trading session.

Meanwhile, Doji Gold and Gemstone Group kept the price of 9999 gold rings unchanged at the closing price of yesterday's trading session, trading at the price range of 88-89 million VND/tael (buy - sell).

Buy Sell
SJC 87,000,000 VND/tael 88,800,000 VND/tael
Doji 88,000,000 VND/tael 89,000,000 VND/tael

                              SJC and Doji gold ring price list updated on the morning of October 30

At the beginning of the trading session on October 30 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 89 million VND/tael (selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:26 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:38 a.m. as follows:

Buy Sell
SJC HCMC 87,000,000 VND/tael 89,000,000 VND/tael
Doji Hanoi 87,000,000 VND/tael 89,000,000 VND/tael
Doji HCMC 87,000,000 VND/tael 89,000,000 VND/tael

                            SJC and Doji gold bar price list updated early morning October 30

The central exchange rate on October 30, 2024 announced by the State Bank is 24,246 VND/USD, down 6 VND compared to the previous trading session. The USD price at commercial banks this morning (October 30) was commonly listed at 25,128 VND/USD (buy) and 25,458 VND/USD (sell).

At 8:19 a.m. today (October 30, Vietnam time) , the world spot gold price was at 2,777.3 USD/ounce, up 24.3 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,789.65 USD/ounce.

On the morning of October 30 , the world gold price converted to USD bank price was nearly 86.1 million VND/tael, including tax and fees, about 2.9 million VND/tael lower than the domestic gold price.

At the end of the trading session on October 29, 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 VND87-89 million/tael (buy - sell), unchanged in both directions compared to the previous session.

However, gold rings have returned to an upward trend following the world gold price and are on par with the price of SJC gold bars, VND89 million/tael. Even the price of plain round gold rings purchased at Doji is VND1 million/tael more expensive than the price of SJC gold bars.

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

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 New York floor was at $2,762 an ounce.

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

The world gold price on the night of October 29 was about 33.4% higher (690 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 85.3 million/tael, including taxes and fees, about VND 3.7 million/tael lower than the domestic gold price as of the end of the afternoon session on October 29.

Gold prices in the international market continue to climb despite the USD also rising. Lending inflation and low global interest rates continue to support gold despite a long streak of price increases.

Contrary to many forecasts, the world gold price continued to increase and showed no signs of decreasing after 4 consecutive weeks of increase. The USD also increased in price, with the DXY index - measuring the greenback's fluctuations compared to 6 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 week, many organizations predicted that gold would see a week of downward adjustment due to its continuous increase and thus high profit-taking pressure. There is not much supporting information for gold this week as in previous weeks. The situation in the Middle East is less tense.

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 soldiers 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 sharp 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 downturn is always present. Investors should be cautious when buying gold at this time.