Update SJC gold price
As of 5:45 p.m., the price of SJC gold bars was listed by DOJI Group at 84-86 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.
The difference between buying and selling price of SJC gold at DOJI Group is at 2 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 84 - 86 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold prices at Bao Tin Minh Chau remained unchanged in both buying and selling directions.
The difference between buying and selling price of SJC gold at Bao Tin Minh Chau is at 2 million VND/tael.
9999 round gold ring price
As of 5:45 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 83.75-84.75 million VND/tael (buy - sell), an increase of 400,000 VND/tael for both buying and selling.
Bao Tin Minh Chau listed the price of plain round rings at 83.64-84.64 million VND/tael, an increase of 310,000 VND/tael for both buying and selling.
World gold price
As of 6:41 p.m., the world gold price listed on Kitco was at 2,687.1 USD/ounce, up 5.7 USD/ounce.
Gold Price Forecast
World gold prices increased sharply in the context of the USD index decreasing. Recorded at 5:44 p.m. on October 17, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 103.337 points (down 0.07%).
Many experts say that the lower interest rate environment and geopolitical tensions are factors that boost gold - the precious metal that is considered a safe and non-interest-bearing asset.
While investor demand for gold has been sluggish throughout 2024, sentiment appears to be changing, with skeptics of gold’s bullish outlook starting to be convinced as the precious metal has rallied more than 30% this year, according to Kitco.
Robert Armstrong, an American financial commentator at the Financial Times, said he may be the latest to buy the precious metal. Speaking at the London Bullion Market Association's Precious Metals Conference 2024, he noted the appeal of gold in times of turmoil:
“The only gold I own is the cufflinks I wore this morning. But now, I think it's time to buy," said Robert Armstrong.
Looking beyond consumer demand, Armstrong said central bank demand is another reason gold could continue its current uptrend. He added that it would not be surprising if countries began to diversify away from the dollar.
"Investors are looking to gold as a hedge amid the uncertainty surrounding the US election," said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.
"Investors will look closely at the data and if the results are lower than expected, this could push gold prices higher... The prospect of lower interest rates globally, which reduces the cost of holding gold, is also a supportive factor," added Wong.
Traders see a 92% chance that the US Federal Reserve will cut interest rates by 25 basis points next month. The European Central Bank (ECB) may cut rates again at its meeting on October 17, arguing that inflation in the eurozone is now under increasing control. UK inflation also fell sharply last month, opening the door for the central bank to cut interest rates next month.
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