Update SJC gold price
As of 9:15 a.m., the price of SJC gold bars was listed by DOJI Group at 87-89 million VND/tael (buy - sell).
Compared to the close of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.
The difference between buying and selling prices of SJC gold at DOJI Group is at 2 million VND/tael.
Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 87-89 VND/tael (buy - sell).
Compared to the previous trading session, the gold price at Saigon Jewelry Company SJC remained unchanged in both buying and selling directions.
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.
Price of round gold ring 9999
As of 9:15 a.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 88-89 million VND/tael (buy - sell); an increase of 50,000 VND/tael for both buying and selling compared to the previous trading session.
Bao Tin Minh Chau listed the price of gold rings at 87.88-88.98 million VND/tael (buy - sell); increased 400,000 VND/tael for buying and kept the same for selling compared to the previous trading session.
World gold price
As of 9:16 a.m., the world gold price listed on Kitco was at 2,729.9 USD/ounce, up 7.8 USD/ounce compared to the previous trading session.
Gold Price Forecast
World gold prices recovered slightly amid a decline in the USD index. Recorded at 9:18 a.m. on October 25, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.904 points (down 0.02%).
According to Kitco, gold prices reversed to increase when receiving information that Russia proposed BRICS member countries to create their own precious metals exchange.
The news comes after a statement adopted by BRICS leaders on Wednesday, backing increased precious metals trade between members based on common quality standards.
The Russian Ministry of Finance made the official announcement on Thursday. According to Russia's Oreanda news agency, the ministry said in a statement: "The creation of a metal trading mechanism within the BRICS countries will lead to the formation of fair and equal competition based on exchange principles."
“The mechanism will include the creation of metal price indicators, standards for the production and trading of bullion, recognition of market participants, clearing and auditing within the BRICS countries. The participating countries will have a reliable method for stable exchange transactions,” Russian Finance Minister Anton Siluanov said.
The Russian Ministry of Finance added that it expects the BRICS precious metals exchange “to become the main regulator of precious metals prices.”
Andy Schectman, chairman and owner of Miles Franklin Precious Metals, told Kitco News in a recent interview that this week's BRICS summit could accelerate a global financial reset, which could cause gold prices to re-evaluate.
BRICS members, along with other central banks around the world, have been accumulating gold at near-record levels for years, the expert said. Central banks around the world have also been repatriating gold to store within their borders.
Safe-haven demand and a bullish chart are keeping a solid floor for the gold market, said Kitco senior analyst Jim Wyckoff. Geopolitical tensions in the Middle East and the upcoming U.S. presidential election are also supporting gold prices, he said.
Sharing the same view, David Meger - Director of Commodity Trading at High Ridge Futures - commented: "What we see here is that gold continues to be seen as a safe haven against the risk of inflation and the upcoming US presidential election. As investment funds continue to pour money into precious metals, the market is on a very solid footing."
Meanwhile, David Meger, director of metals trading at High Ridge Futures, said that gold continues to be well supported as the precious metal's role as a hedge against inflationary pressures continues to be promoted, the need to protect assets against instability and investment capital flows increases.
