World gold prices continue to increase

On October 18, the domestic price of plain gold rings fluctuated strongly following the world gold price. In one day, gold rings had 4 price adjustments. At the end of the session, SJC listed the price of gold rings of type 1-5 at only 83.85-84.95 million VND/tael (buy - sell). At Doji, the buying - selling price of gold rings of type 1-5 was only 84.4-85.4 million VND/tael.

This is the record high price of gold rings ever.

Meanwhile, the price of 9999 gold bars remained unchanged. Both SJC and Doji listed the gold price at VND84 million/tael (buy) and VND86 million/tael (sell).

At 8:15 p.m. on October 18 (Vietnam time), the world gold price was trading at $2,705/ounce and was still on an upward trend, at one point setting an all-time high of $2,714.6/ounce. Since the beginning of the week, the price of the precious metal has increased by about 2%. The price of gold futures for December 2024 was trading at $2,721/ounce.

Gold prices continue to rise sharply. Safe-haven demand and technical factors continue to push gold prices higher. According to the US Department of Commerce, housing starts fell 0.5% in September to a seasonally adjusted annual rate of 1.354 million units. This figure is in line with economists' forecasts.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 103.45 points.

The yield on the benchmark 10-year U.S. Treasury note is currently at 4.112%. Crude oil prices are lower, trading around $70.25 a barrel.

Geopolitical tensions in the Middle East are escalating. Israel has confirmed the assassination of Yahya Sinwar, another key Hamas leader. Sinwar's death is a major blow to Hamas. There are concerns about the potential for wider conflict. Investors are turning to safer assets.

In China, economic growth has slowed, with the real estate sector remaining a drag. China's third-quarter GDP grew 4.6% year-on-year, down from 4.7% in the previous quarter.

China's central bank has launched two financing programs, including lending 800 billion yuan to financial firms to support the capital market.

Gold Price Forecast

Gold prices continue to benefit as the global economic situation worsens and geopolitical tensions escalate, according to the World Gold Council (WGC).

Ryan McIntyre, an expert at Sprott Asset Management, believes that gold prices will continue to rise in the long term, partly due to the precarious financial situation of many Western countries.

The London Bullion Market Association (LBMA) predicts that gold prices could rise to $2,941 an ounce in the next 12 months.