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, 89 million VND/tael. Even the price of plain round gold rings purchased at Doji is 1 million VND/tael more expensive than the price of SJC gold bars.

On the afternoon of October 29, Saigon Jewelry Company (SJC) listed the price of 1-5 ring gold at only 87-88.5 million VND/tael (buy - sell). Doji listed the price of 9999 round plain ring gold 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 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

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's rise. Lending inflation and low global interest rates continue to support gold despite a long string 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 - returning 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 see a week of downward adjustment due to the continuous increase and thus the pressure of profit taking. The information supporting gold this week is not as much 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 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.