Gold price update on the morning of October 18: Gold rings and gold bars increase massively

SJC gold bar price

As of 6:00 a.m. on October 18, the price of SJC gold bars was listed by DOJI Group at VND150.7-152.2 million/tael (buy - sell), an increase of VND3.6 million/tael for buying and an increase of VND3.1 million/tael for selling. The difference between buying and selling prices is at 1.5 million VND/tael.

The price of SJC gold bars was listed by Bao Tin Minh Chau at 152.5-153 million VND/tael (buy - sell), an increase of 4.4 million VND/tael for buying and an increase of 3.9 million VND/tael for selling. 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 151-153 million VND/tael (buy - sell), an increase of 4.5 million VND/tael for buying and an increase of 3.9 million VND/tael for selling. The difference between buying and selling prices is at 2 million VND/tael.

9999 gold ring price

As of 6:00 a.m. on October 18, DOJI Group listed the price of gold rings at 150.6-152.1 million VND/tael (buy - sell), an increase of 3.6 million VND/tael for buying and an increase of 3.1 million VND/tael for selling. The difference between buying and selling is 1.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 156.5-159.5 million VND/tael (buy - sell), an increase of 5.5 million VND/tael 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 150-153 million VND/tael (buy - sell), an increase of 3.9 million 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

Recorded at 10:35 p.m. on October 17 (Vietnam time), the world spot gold price was listed at 4,256.6 USD/ounce, down 14.3 USD.

Gold price forecast

Gold prices rose and hit a new record high overnight, reaching $4,392/ounce under December futures on Comex, then fell slightly.

Silver prices fell after setting a new peak of 53.765 USD/ounce. Over the weekend, market risk sentiment increased, further strengthening safe-haven demand for gold.

Meanwhile, the US regional banking group is showing signs of decline. Silver investors appear to have temporarily exhausted themselves. December gold contracts increased by 18.7 USD to 4,321.1 USD/ounce, while silver decreased by 0.726 USD to 52.425 USD/ounce.

Global stock market fell overnight. US stock indexes are expected to open sharply down when the trading session in New York begins.

With expectations of interest rate cuts, geopolitical risks and prolonged concerns in the banking sector, the current environment is still very favorable for gold, said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. He said that gold prices may temporarily correct in the short term because they are in a state of "overbuy".

Gold - a traditional asset seen as a hedge against instability and inflation, often benefiting from a low-interest-rate environment - has risen more than 66% since the start of the year. The price increase is driven by geopolitical tensions, expectations of the FED cutting interest rates, central bank purchases, the trend of "de-dollarization" and strong capital flows into ETFs.

I think large and steady capital flows into ETFs are the factor that drives gold prices up, said Michael Haigh, global director for commodity research at Societe Generale.

SPDR Gold Trust - the world's largest gold ETF - said its holdings increased to 1,034.62 tons on October 16, the highest level since July 2022.