Updated gold price at the end of the session on October 20: Gold bar and gold ring prices increased

SJC gold bar price

As of 5:45 p.m., DOJI Group listed the price of SJC gold bars at VND150.5-151.5 million/tael (buy - sell), an increase of VND1 million/tael for buying and VND500,000/tael for selling. The difference between buying and selling prices is at 1 million VND/tael.

The price of SJC gold bars was listed by Bao Tin Minh Chau at 151-151.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both directions. The difference between buying and selling prices is at 500,000 VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 150-151.5 million VND/tael (buy - sell), an increase of 1 million VND/tael for buying and an increase of 500,000 VND/tael for selling. The difference between buying and selling prices is at 1.5 million VND/tael.

9999 gold ring price

As of 5:45 p.m., DOJI Group listed the price of gold rings at 149-151.3 million VND/tael (buy - sell), down 500,000 VND/tael for buying and up 400,000 VND/tael for selling. The difference between buying and selling is 2.3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 155.5-158.5 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 148.5-151.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael for both buying and selling. The difference between buying and selling is 3 million VND/tael.

The buying-selling gap is pushed up too high, increasing the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

The world gold price was listed at 5:55 p.m. at 4,257.4 USD/ounce, up 6.6 USD compared to a day ago.

Gold price forecast

Mr. Alex Kuptsikevich - Chief Strategist at FxPro commented: "There has never been a period of consecutive 10 consecutive years of gold price increase". He said gold is being overbought and needs a technical correction.

Paul Ciana, a technical analyst at Bank of America, warned that every time gold has increased for a consecutive 7 weeks, prices typically decreased for the next 4 weeks.

Meanwhile, Mr. Phillip Streible - Chief Strategist at Blue Line Futures - said that the current fluctuations are normal: Although gold fell 2% on Friday, in the context of the strong increase over the past time, this is only a short-term adjustment. The demand for shelter is still huge as the risk of recession and the risk of regional banking crisis return.

Mr. Robert Minter - ETF Strategy Director at abrdn - said that although gold is considered "too hot", its value is still reasonable. Investors have reacted strongly to the depreciation of money over the past five years and gold has become a channel to relieve that psychological need, he said.

Minter also noted that a Bank of America survey shows that gold buying is one of the most crowded trades today, but gold has only accounted for 2.4% of the funds investment portfolio.

While the share of gold in the global portfolio is only 2.4%, while Chinas gold reserves are only 6.7% of total foreign exchange reserves (compared to 77% in the US), the underlying foundation of gold remains very solid despite the strong price increase, he said.

The strong increase in gold prices has brought great benefits to emerging economies, strengthened investor confidence, boosted financial markets and growth.

Mr. Daniel Wood - Investment portfolio manager at William Blair Investment Management - commented: "The gold price increase is bringing clear benefits to a group of emerging market countries such as Uzbekistan, Ghana and South Africa. This trend shows that investors are increasingly looking for alternative channels instead of relying entirely on traditional currencies such as the USD.

Wood said Uzbekistan is benefiting double as both a major gold producer and holds significant reserves. He also assessed the escalation of gold prices as one of the factors that helped the South African market have a strong breakthrough year.