After a consecutive streak of increases, domestic gold prices stabilized this morning (October 25th). Specifically, at 9:00 am, DOJI Gold and Gems Group listed the buying and selling prices of gold rings at 88-89 million VND per tael, maintaining the same rates as the previous session’s close.
Phu Nhuan Jewelry Joint Stock Company announced the buying and selling prices of gold rings at 87.6-88.9 million VND per tael, holding steady from the previous day’s close.
Regarding SJC gold bars, as the State Bank of Vietnam has not adjusted the selling price, the price remains unchanged. Saigon Jewelry Company (SJC) listed the buying and selling prices of SJC gold bars at 87-89 million VND per tael, the same as this morning’s session close.
DOJI Gold and Gems Group offered SJC gold bars at 87-89 million VND per tael, maintaining the buying and selling rates from this morning’s session close.
Thus, domestic gold bar and ring prices on October 25th remained stable compared to the previous session’s close at 89 million VND per tael selling rate. Prior to this, plain gold rings had increased for ten consecutive days. Compared to the beginning of the year, gold rings have surged by 25 million VND per tael, equivalent to a 40% efficiency rate.
Gold rings have increased by over 25 million VND per tael since the beginning of the year.
Amid the recent gold price hikes, National Assembly Deputy Tran Hoang Ngan (Ho Chi Minh City delegation) suggested that stabilizing the gold market requires interconnecting the domestic gold market with the global gold market.
Therefore, it is necessary to review and amend the Government’s Decree 24 on gold business management promptly. Additionally, consideration should be given to establishing an international financial center in Ho Chi Minh City or Da Nang, including the development of commodity exchanges, and exploring the establishment of a gold exchange to connect with the international gold market.
“Only by doing so can we narrow the price gap between domestic and international gold prices,” said Deputy Tran Hoang Ngan. “At present, gold prices are quoted in USD, creating interconnectivity. Investors will participate in this gold exchange, and its establishment will also contribute to a more transparent and efficient gold market management, aligning with global trends.”
Parallel to the establishment of a gold exchange, Deputy Tran Hoang Ngan emphasized the need for an accompanying legal framework for control. Particular emphasis should be placed on information security to ensure smooth gold market transactions.
Global gold prices remain at record highs
In the global market, gold prices, as quoted on Kitco, stood at $2,734 per ounce, reflecting a $17 increase from the previous day’s early session. Escalating political tensions have driven investors to seek refuge in gold as a safe-haven asset, causing prices to rebound.
Market analyst Carlo Alberto De Casa, from Kinesis Money, commented that gold’s recovery is a positive signal, indicating that investors still view gold as an appealing investment option. He also predicted that, given the complex political landscape, investors would flock to gold to safeguard their wealth.
Additionally, strong demand from central banks is providing further upward momentum for the precious metal.
Experts forecast gold to reach $2,800 per ounce in 2024 and $3,000 per ounce in 2025.
Moreover, the gold market may experience volatility in the coming weeks due to the impending US presidential election and developments in the Middle East.
Vivek Dhar, an analyst from the Commonwealth Bank of Australia, projected gold prices to average $3,000 in the fourth quarter of 2025, attributed to a weakening US dollar.
Is It Worth Investing In Gold Rings At Their All-Time High Price?
The domestic gold ring price has been on a record-breaking streak over the past week, with gold ring prices matching those of gold bars for the first time ever at the 89 million VND per tael mark.
The Surprising Rise in Gold Prices: Are Buyers at Risk of Losing Out?
Despite gold prices reaching record highs, there are underlying risk factors that could cause a dramatic shift, leading to a potential downward spiral in the near future.
“The State Bank’s Strategy to Control the Price Differential of Domestic Gold Bars and Global Prices”
On October 22, the SBV announced the direct sale of SJC gold bars to four state-owned joint-stock commercial banks and the Saigon Jewelry Company Limited at a price of VND 88,000,000 per tael.
The Golden Challenge: Navigating the Complex World of Buying and Selling Gold
The SJC gold bar and gold ring prices have reached new heights, yet very few jewelry stores are willing to buy.
Why You Shouldn’t Buy Gold Right Now
This morning (October 25th), gold ring prices remain at a staggering high of 89 million VND per tael, on par with the SJC gold bullion price. Several experts advise against investing in gold at this time due to the high price point and the volatile nature of the market, which could see prices fluctuate dramatically.
