End of October 14th: Unusual Trends in Ring and Bullion Gold Prices

By the end of October 14th, domestic gold prices unexpectedly reversed their decline, rising compared to the early afternoon trading session. Specifically, Bao Tin Manh Hai listed the price of gold rings at 143.3 – 146 million VND/tael, an increase of approximately 500,000 VND/tael. DOJI adjusted upwards to 143.9 – 145.9 million VND/tael, a 400,000 VND/tael increase, while Bao Tin Minh Chau also raised prices to 134.4 – 146.4 million VND/tael, up by around 200,000 VND/tael.

Gold bar prices at major companies like Bao Tin Minh Chau, PNJ, DOJI, and SJC also rebounded, fluctuating around 144.1 – 146.1 million VND/tael, equivalent to a 600,000 VND/tael increase from the early afternoon.

This afternoon (October 14th), gold bar prices at major companies such as Bao Tin Minh Chau, PNJ, SJC, and DOJI sharply declined compared to the morning, currently fluctuating around 143.6 – 145.5 million VND/tael, down by up to 900,000 VND/tael.

Gold ring prices were also significantly adjusted downward. Bao Tin Manh Hai reduced prices by up to 1.3 million VND/tael, down to 142.8 – 145.5 million VND/tael; Bao Tin Minh Chau decreased by approximately 500,000 VND/tael, to 134.4 – 146.4 million VND/tael.

At other brands, current prices are recorded at PNJ: 142.5 – 145.5 million VND/tael, SJC: 142.3 – 144.5 million VND/tael, and DOJI: 143.4 – 145.5 million VND/tael.

In the global market, spot gold prices fell to $4,105/ounce, just $22/ounce away from the newly established historical peak.

At the opening of the trading session, companies unanimously adjusted gold bar and gold ring prices upward, with an average increase of approximately 2.3 million VND/tael compared to yesterday’s closing session.

Specifically, gold bar prices at major brands like PNJ, SJC, and DOJI were raised to 144.9 – 146.4 million VND/tael.

For gold rings, buying and selling prices also surged. At PNJ, gold ring prices are currently listed at 142.5 – 145.5 million VND/tael; SJC trades around 141.6 – 143.8 million VND/tael; while DOJI lists at 142 – 144.1 million VND/tael.

Bao Tin Manh Hai also increased gold ring prices to 143.4 – 146.2 million VND/tael.

In the global market, at the time of survey, spot gold prices were at $4,143/ounce. According to Kitco News, spot gold prices surpassed $4,100/ounce yesterday afternoon Vietnam time.

According to the latest report from Societe Generale (France), even in a cautious scenario, gold prices could reach $5,000/ounce by the end of 2026 if medium-term investment demand continues to be maintained.

In the commodity research report released on Monday, SocGen’s analysts stated that gold prices could rise by another $1,000/ounce in the short term, as investment inflows into this precious metal remain at record highs.

“Last week, gold prices reached $4,042/ounce, just $276/ounce away from our optimistic forecast of $4,318/ounce for Q4/2026 announced a month ago. As of this morning, prices have risen to $4,072/ounce. With strong ETF inflows and expected net central bank demand, we are confident in raising our price target,” the report stated.

Accordingly, SocGen raised its gold price forecast to $5,000/ounce by the end of 2026, after observing significantly stronger ETF inflows than previously assumed.

The French bank noted that since President Donald Trump’s victory in November 2024, the correlation between global uncertainty and gold investment flows has become increasingly tight. The surge in safe-haven capital amid escalating geopolitical and trade risks is seen as the primary driver pushing gold prices to record highs. “Although the position of hedge funds remains unclear, we observe a surge in ETF inflows over the past few weeks, significantly stronger than forecast. This signals that defensive and investment sentiment in gold is spreading globally,” the analysts emphasized.

SocGen maintains its core assumption from the September forecast: since 2022, average quarterly net gold purchases, including ETFs, central banks, and physical demand, have reached 72.5 tons, with average ETF inflows increasing by 31.5 tons per quarter since 2017. However, in Q3/2025 alone, ETF gold inflows reached 100 tons, 69 tons higher than the average and the highest since Q3/2020.

According to the report, “this inflow alone explains approximately $160/ounce of the gold price increase over the past three months,” highlighting the strong buying power of institutional investors as a decisive factor in price trends.

Nevertheless, SocGen’s experts maintain a cautious approach, assuming an additional 67 tons of gold will be purchased above the global average each quarter, including both ETF and central bank inflows. With this assumption, SocGen’s new forecast model predicts $4,217/ounce by the end of 2025 and $5,000/ounce by the end of 2026, a roughly 14% increase from the $4,300/ounce forecast released in September.

“Despite conservative assumptions, we believe the upside risk is significantly greater than the downside risk, as supportive factors, particularly strong ETF inflows and central bank net purchases, remain high,” the analysts concluded.

The upward trend in gold prices continues to solidify gold’s position as a leading strategic safe-haven asset, amidst an unpredictable global economic and political landscape.