Gold price update on the morning of October 22: Received support, continued to break the peak

SJC gold bar price

As of 6:00 a.m. on October 22, the price of SJC gold bars listed by DOJI Group was at 86-88 million VND/tael (buy - sell).

Compared to the close of the previous trading session, gold price at DOJI increased by 2 million VND/tael for both buying and selling.

The difference between buying and selling prices of SJC gold at DOJI Group is at 2 million VND/tael.

Meanwhile, Saigon Jewelry Company SJC listed the price of SJC gold at 86 - 88 VND/tael (buy - sell).

Compared to the previous trading session, the gold price at Saigon Jewelry Company SJC increased by 2 million VND/tael for both buying and selling.

The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

9999 gold ring price

As of 6:00 a.m. on October 22, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 86 - 87 million VND/tael (buy - sell); an increase of 1.3 million VND/tael for both buying and selling.

Bao Tin Minh Chau listed the price of gold rings at 85.98 - 86.98 million VND/tael (buy - sell); an increase of 1.3 million VND/tael for both buying and selling compared to the close of the previous trading session.

This is the highest price ever for gold rings. In recent sessions, gold ring prices have often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

As of 9:30 p.m. on October 21, the world gold price listed on Kitco was at 2,732.1 USD/ounce, up 10.2 USD/ounce compared to early this morning.

Gold Price Forecast

World gold prices increased amid a decrease in the USD index. Recorded at 9:45 p.m. on October 21, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.310 points (up 0.28%).

Optimism about interest rate cuts, central bank buying and strong Asian demand... are strongly supporting gold prices, said commodity analysts at ING.

"Safe-haven demand amid heightened geopolitical risks and headlines ahead of the US election in November has supported gold's record rally this year. We believe the macro picture combined with safe-haven demand amid escalating tensions in the Middle East and the ongoing war in Ukraine will send gold to new highs," the analysts said.

Elsewhere, China announced slightly larger-than-expected cuts to both its one-year and one-year lending rates in the overnight news. However, according to brokerage SP Angel, Chinese authorities have failed to meet market expectations when it comes to fiscal stimulus.

Other than the dollar index, key external markets are up today, with the benchmark 10-year US Treasury yield now at 4.10%. Crude oil prices are higher and trading around $70.75/barrel.

Technically, December gold bulls have the strong overall near-term technical advantage. The bulls’ next upside price objective is to produce a close above $2,800/oz. The bears’ next near-term downside price objective is to push futures below $2,650/oz.