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 (SJC) listed the price of 1-5 gold rings at only VND8.57-89 million/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at VND88.6-89.6 million/tael (buy - sell). This is a record high in history.

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 on the world market today 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 have been setting new records, while domestic gold prices have also been climbing. Photo: MH

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

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

The lower-than-expected growth figures have led many to believe that the US Federal Reserve (Fed) will consider accelerating the pace of interest rate cuts to further support the economy. The US dollar may weaken. Money flows into the US stock market may also be reduced.

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 gold prices 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 price of gold has been increasing non-stop, rushing up like a storm, continuously setting new 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?