Gold price today 10/20: down up to 2 million VND/tael

Updated SJC gold price

As of 9:00 a.m., DOJI Group listed the price of SJC gold bars at 150-151 million VND/tael (buy - sell), an increase of 500,000 VND/tael for buying and unchanged 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 150.5-151 million VND/tael (buy - sell), down 2 million 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 149.3-151 million VND/tael (buy - sell), an increase of 300,000 VND/tael for buying and kept the same for selling. The difference between buying and selling prices is at 1.7 million VND/tael.

9999 round gold ring price

As of 9:00 a.m., DOJI Group listed the price of gold rings at 149.5-150.9 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 1.4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 155.5-158.5 million VND/tael (buy - sell), down 1 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 148-151 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.

The buying-selling gap is showing signs of decreasing, but is still too high, causing risks for individual investors to increase. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

At 9:05, the world gold price was listed around 4,262.8 USD/ounce, up 12 USD.

Gold price forecast

Over the past 9 weeks, gold has gained more than 25%, far exceeding the 19% increase in the same series in 2020. Although the increase is still strong, some experts warn investors to be cautious in high price areas.

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.

Ricardo Evangelista, senior expert at ActivTrades, said that gold continues to be supported by safe-haven demand as the US Congress has not yet approved a budget package, causing the government to fall into a state of closure, raising concerns about slowing economic growth.

In addition, harmonious statements from US Federal Reserve (FED) officials, including Chairman Jerome Powell, continue to create a push for gold.

In this context, with increased speculative activity, the most likely direction for gold is still up; any decline can be considered a buying opportunity - Mr. Evangelista commented.