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 87.7-89.2 million VND/tael (buy - sell), an increase of 200,000 VND per tael in both buying and selling 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 88.6-89.6 million VND/tael (buy - sell).

Buy Sell
SJC 87,700,000 VND/tael 89,200,000 VND/tael
Doji 88,600,000 VND/tael 89,600,000 VND/tael

                      SJC and Doji gold ring price list updated early morning October 31

At the beginning of the trading session on October 31 , the price of SJC 9999 gold remained unchanged compared to the closing price of yesterday's trading session, at 90 million VND/tael (selling price).

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 8:39 a.m. as follows:

Buy Sell
SJC HCMC 88,000,000 VND/tael 90,000,000 VND/tael
Doji Hanoi 88,000,000 VND/tael 90,000,000 VND/tael
Doji HCMC 88,000,000 VND/tael 90,000,000 VND/tael

                      SJC and Doji gold bar price list updated early morning October 31

The central exchange rate on October 31, 2024 announced by the State Bank is 24,243 VND/USD, down 3 VND compared to the previous trading session. The USD price at commercial banks this morning (October 31) was commonly listed at 25,085 VND/USD (buy) and 25,455 VND/USD (sell).

At 8:29 a.m. today (October 31, Vietnam time) , the world spot gold price was at 2,787.8 USD/ounce, up 3.8 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,798.8 USD/ounce.

On the morning of October 31 , the world gold price converted to USD bank price was nearly 86.5 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 October 30, 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 VND88-90 million/tael (buy - sell), an increase of VND1 million in both directions compared to the previous session.

Ring gold continued its upward trend and at one point surpassed the price of SJC gold bars.

On the afternoon of October 30, Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 only at 8.57-89 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 88.6-89.6 million VND/tael (buy - sell). This is a historical record high.

World gold prices are still hovering around $2,780/ounce after reaching a new historical peak of $2,789/ounce recorded on the afternoon of October 30.

As of 8:00 p.m. on October 30 (Vietnam time), the spot gold price today on the world market was at $2,784/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,793/ounce.

The world gold price on the night of October 30 was about 34.9% higher (721 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 86.3 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 30.

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World gold prices continuously set new records, domestic gold prices also climbed. Photo: MH

Gold prices continue to increase due to many supporting factors, including complicated developments a week before the US election and escalating geopolitical tensions in many regions.

Gold prices also rose due to signs that the US economy was slowing faster than expected. US GDP growth in the third quarter was only 2.8%, lower than the 3% recorded in the previous quarter.

The weaker-than-expected growth figures have led many to believe that the Federal Reserve will consider accelerating the pace of interest rate cuts to further support the economy. The dollar may weaken. Money may also flow less into the US stock market.

Gold is a commodity that benefits from lower interest rates. However, 2.8% is still considered a fairly positive growth rate. The impact of this information on the USD is not much.

Gold Price Forecast

Gold is now expected to continue rising and reach new highs, possibly reaching $2,800/ounce as the US election is full of uncertainties. Tensions in the Middle East remain high, while Japan has just fallen into a political crisis after the ruling coalition lost its majority in parliament. The trouble may just be beginning in Japan.

Many forecasts say that the price of gold will reach $3,000/ounce by 2025 because even if geopolitical tensions in some regions such as the Middle East cool down, the high inflation environment that can increase again at any time will strongly support the precious metal.

The 'gold price storm' is not over yet, will it jump to 3,000 USD and then plummet? The gold price has been increasing non-stop, rushing up like a storm, continuously setting new high records and is about to reach the threshold of 2,800 USD/ounce but the buying power is still strong. What is the cause of this "storm" and will there be a plummet after more than a year of continuous increase?