SJC Gold Prices Steady as Ring Gold Continues Decline on October 31
On October 31, 2023, the local gold market witnessed notable fluctuations. Initially, gold prices increased by 1.1 million VND per tael, but by midday, they stabilized, with little change compared to the previous day. Notably, the price of gold rings began to decline.
Current Gold Prices from SJC
As of noon on October 31, Saigon Jewelry Company (SJC) reported the following prices:
- Gold bars: 145.8 million VND (buy) – 147.8 million VND (sell), unchanged from the previous closing.
- Gold rings: 9999 alloy, priced at 143.1 million VND (buy) – 145.6 million VND (sell), down by 500,000 VND since the last session.
The spread between buying and selling for SJC gold bars was 2 million VND per tael, while for gold rings, it was 2.5 million VND.
Gold Prices in Major Markets
In Hanoi and Ho Chi Minh City, DOJI gold displayed stable prices:
- Gold bars at 145.8 million VND (buy) – 147.8 million VND (sell).
- DOJI-Hung Thinh gold rings listed at 144.7 million VND (buy) – 147.7 million VND (sell), with a spread of 3 million VND.
PNJ gold also maintained its pricing at 144.7 million VND (buy) – 147.7 million VND (sell), consistent with previous sessions.
Global Gold Market Overview
At noon on October 31, global gold prices decreased by 23.2 USD from the previous closing, reaching 4,000.4 USD per ounce. After briefly recovering to 4,040 USD, prices declined again. This remained around the 4,000 USD mark amid ongoing selling pressure.
Federal Reserve Chairman Jerome Powell advised investors to temper their expectations regarding potential rate cuts. He emphasized the Fed’s commitment to maintaining inflation around its 2% target over the medium term and indicated that policy decisions would be assessed during each meeting.
Investment Trends and Forecasts
Despite the current market conditions, demand for gold remains robust. According to the World Gold Council, total demand rose by 3% year-on-year, reaching 1,313 tons. This surge reflects a strong desire among individual investors to avoid missing out on potential gains.
However, analysts from the World Bank warn investors to manage their expectations, suggesting that gold prices may rise only 5% by 2026. This projection is modest compared to the substantial 50% increase seen in 2023.
At present, the USD-Index stands at 99.49, and the yield on 10-year U.S. Treasury bonds has edged slightly higher to 4.101%. Additionally, U.S. stock markets have experienced declines from record highs. Global oil prices remain stable, with Brent crude at 63.94 USD per barrel and WTI at 60.21 USD per barrel.
