Gold price on October 28: Little fluctuation in the first session of the week, experts predict gold price may decrease in the short term

The world gold price today (October 28) turned down, trading at 2,731 USD/ounce. Domestically, the gold prices of various brands have not fluctuated since the beginning of the week. SJC gold bars traded at 89 million VND/tael; SJC gold rings traded at 88.5 million VND/tael, while DOJI gold rings remained close to 89 million VND/tael.

On the morning of October 28, in the domestic market, the prices of gold brands fluctuated little after a series of consecutive days of setting new peaks. Meanwhile, the world gold price adjusted down as predicted by experts.

At 9:00 a.m. on October 28, DOJI gold bar prices in Hanoi and Ho Chi Minh City were listed at VND87 million/tael for buying and VND89 million/tael for selling, unchanged from the previous session.

Thống kê giá vàng của Công ty cổ phần Dịch vụ trực tuyến Rồng Việt VDOS - Cập nhật lúc 9 giờ ngày 28/10. — Gold price statistics of Dragon Viet Online Service Joint Stock Company VDOS - Updated at 9:00 a.m. on October 28.

This brand's listed price for Doji Hung Thinh Vuong 9999 gold ring is at the peak of 87.9-88.9 million VND/tael.

Saigon Jewelry Company listed the buying and selling price of SJC gold bars at 87-89 million VND/tael, unchanged from the previous session. The buying price of SJC 9999 gold rings was 87 million VND/tael, and the selling price was 88.5 million VND/tael.

PNJ Gold bought at 87.6 million VND/tael and sold at 88.89 million VND/tael, down slightly by 10,000 VND (sold) compared to the previous session.

As of 9:00 a.m. on October 28 (Vietnam time), the world gold price increased by 16.1 USD compared to the previous session to 2,731.8 USD/ounce.

Gold prices continued to record weekly gains last week. However, the latest weekly gold survey by Kitco News shows that both industry experts and retail investors have reduced their expectations for the precious metal's price increase in the short term.

The CEO at Bannockburn Global Forex predicts that the precious metal will likely return to the $2,600/ounce mark before climbing to a new record of $2,800.

Colin Cieszynski, market strategist at SIA Wealth Management, also said that the BRICS Summit did not provide any new information for gold and the price of this precious metal may adjust in the short term when it has continuously increased strongly and conquered new peaks recently.

Biểu đồ giá vàng thế giới ngày 28/10. (Ảnh: kitco.com) — World gold price chart on October 28. (Photo: kitco.com)

Darin Newsom, senior market analyst at Barchart.com, said he would step off the “out of control train” for at least a week and predicted that December gold futures could fall this week. Technical charts have shown a short-term downtrend.

However, in the medium and long term, Mr. Newsom believes that inflation risks in the US and persistent geopolitical instability will be factors supporting gold prices.

Nine Wall Street analysts participated in the Kitco News Gold Survey, with five (56%) calling for gold to rise this week; two (22%) calling for gold to fall; and two (22%) saying they are neutral on the short-term outlook.

126 retail investors (59%) of 213 Main Street investors believe the price of the precious metal will increase; 47 investors (22%) predict gold will decrease; 40 respondents (19%) believe gold will be flat this week.

This morning, the USD-Index increased to 104.5 points; the yield on 10-year US Treasury bonds increased to 4.281%; US stocks moved in opposite directions when the Nasdaq index increased by 103.12 points (equivalent to 0.56%), the Dow Jones index decreased by 259.96 points, the S&P 500 index lost 1.74 points; oil prices plunged more than 4% due to Israel-Iran tensions, trading at 72.33 USD/barrel for Brent oil and 68.49 USD/barrel for WTI oil.

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