Gold price update on the morning of October 26: Warning of deeper risks of selling off

SJC gold bar price

As of 6:00 a.m., the price of SJC gold bars was listed by DOJI Group at 147.5-149.2 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 1.7 million VND/tael.

The price of SJC gold bars was listed by Bao Tin Minh Chau at 148.2-149.2 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 1 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at 146.7/49.2 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.5 million VND/tael.

9999 gold ring price

As of 6:00 a.m., DOJI Group listed the price of gold rings at 146.5-149.1 million VND/tael (buy in - sell out). The difference between buying and selling is 2.6 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 150-153 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 146.2-149.2 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.

The high buying and selling distance increases 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 6:00 a.m. at 4,111.2 USD/ounce.

Gold price forecast

The latest weekly gold survey by an international financial information platform shows that the majority of Wall Street analysts are shifting to a pessimistic or neutral view.

This week, there are 17 experts participating in the survey. Less than a fifth of experts see gold prices rising. Only 3 people (18%) see gold prices rising next week, while 6 (35%) see prices falling. The remaining eight experts, or 47%, predict gold prices will move sideways.

Mr. Phillip Streible - chief strategist at Blue Line Futures, commented: "If gold prices penetrate the 4,000 USD/ounce mark, the market could see a deeper sell-off, with the next support zone around 3,850 USD/ounce".

Mark Leibovit - publisher of VR Metals/Resource Letter newsletter - said that gold prices next week are likely to move sideways. Because there was no clear signal to buy or sell, he decided to stay on the sidelines and monitor market developments further.

Mr. Alex Kuptsikevich - Senior Analyst at FxPro - commented that gold prices will continue to decline next week, even lasting for many weeks: "Thursday was the strongest sell-off in 12 years. In the 21st century, there have only been 6 times when gold has fallen more than 3% in a session and then typically fell an average of 18% per month.

He compared it to the 2020 cycle when gold hit a peak and then entered a 30-week correction series: The newly established high level could become a price ceiling for the next few years, and could even repeat the 2011 scenario with a four-year downward market.

The US Consumer Price Index (CPI) report for September showed inflation rose 3% year-on-year, slightly below the forecast of 3.1%. This figure helps the market to somewhat reduce concerns about the risk of escalating prices.

However, expectations for the Federal Reserve's monetary policy have remained almost unchanged.

The CME FedWatch tool shows that the probability of the Fed cutting interest rates by 0.25 percentage points at next week's meeting will only decrease slightly from 98.3% to 96.7% after the inflation data was released.

According to analysts, the current adjustment mainly reflects profit-taking and technical pressure rather than changes in fundamental factors. After the hot increase, the price "slowing down to create a foundation" is considered necessary to maintain a sustainable uptrend.