Gold price today October 23: Gold ring increased by 700,000 VND

SJC gold bar price

As of 9:00 a.m., the price of SJC gold bars was listed by DOJI Group at 87 - 89 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.

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

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 87-89 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold prices at Bao Tin Minh Chau remained unchanged in both buying and selling directions.

The difference between buying and selling price of SJC gold at Bao Tin Minh Chau is at 2 million VND/tael.

PNJ listed the price of SJC 9999 gold bars at 87 - 89 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold prices at PNJ remained unchanged in both buying and selling directions.

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

9999 gold ring price

This morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 86.8-87.8 million VND/tael (buy - sell); an increase of 700,000 VND/tael for both buying and selling compared to the beginning of yesterday's session.

Bao Tin Minh Chau listed the price of plain round gold at 86.28-87.78 million VND/tael (buy - sell); increased by 200,000 VND/tael for buying and increased by 700,000 VND/tael for selling.

The price of PNJ 9999 plain gold rings is listed by PNJ at 86.8-87.8 million VND/tael (buy - sell), an increase of 1 million VND/tael for buying and an increase of 1.05 million VND/tael for selling.

World gold price

As of 8:45 a.m. on October 23, the world gold price listed on Kitco was at 2,738.4 USD/ounce, up 8.6 USD/ounce compared to the beginning of the previous trading session.

Gold Price Forecast

World gold prices remain high despite the rising USD index. Recorded at 8:45 a.m. on October 23, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 103.749 points (up 0.12%).

Early this morning, the world gold price decreased compared to last night's session, but was still listed around the record high. Overall, since the beginning of the year, gold bars have increased by more than 32%.

Gold rose despite rising US dollar and Treasury yields, and the rally in gold prices overshadowed weaker physical demand and higher supply, analysts said.

Gold could reach unprecedented levels if it continues to ignore the recovery in US Treasury yields and the strength of the greenback, said market analyst Han Tan of Exinity Group.

Geopolitical tensions remain the primary driver of the gold market, said Peter A. Grant, vice president and senior metals strategist at Zaner Metals. Investor interest in gold as a safe-haven asset is rising as uncertainty surrounding the presidential race in the run-up to the U.S. election increases.

Grant said that if the situation in the Middle East continues to heat up, gold will increase to $3,000/ounce this year, or more likely in the first quarter of next year. In addition, the policy easing roadmap of major central banks will also contribute to promoting the gold price increase.

Even as central bank buying appears to be easing, the news surrounding the upcoming US election could amplify safe-haven demand for precious metals, according to Daniel Ghali, senior commodity strategist at TD Securities.

This expert commented that some dynamics in the gold market are changing, but there is still a lot of room for gold prices to increase. Geopolitical instability will support gold prices to rise to record levels.

“In the medium term, there is a significant inflow into gold. According to our analysis, some investors are holding a very large amount of gold compared to history. I think the gold market is telling us that there is a lot of anxiety around the upcoming US election season,” Ghali said.

Ghali agreed that market participants are reluctant to sell in such a bullish environment, pointing to a number of factors supporting the precious metal’s record high.

“There are many reasons to buy gold. Geopolitical uncertainty, especially in the Middle East. The Federal Reserve has just entered an easing cycle,” he told Bloomberg. Ghali said central banks are a key part of the record rally in gold.