Domestic Gold Prices

At the end of the trading session on September 24, the domestic price of 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND81.5-83.5 million/tael (buy – sell), an increase of VND1.5 million/tael compared to the previous session.

The domestic gold ring price on September 24 continued to set a new historical peak, reaching about 80.6 million VND/tael (buy) and 81.65 million VND/tael (sell).

Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 80-81.3 million VND/tael (buy – sell). Doji listed the price of 9999 smooth round gold rings at 80.6-81.65 million VND/tael (buy – sell).

World Gold Prices

As of 8:00 p.m. on September 24 (Vietnam time), the spot gold price today on the world market was at 2,634 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,656 USD/ounce.

Thus, compared to the historical peak of 2,638 USD/ounce recorded on the afternoon of September 24 (Vietnam time), the spot gold price has decreased slightly.

Gold Price Forecast

What observers fear is that the Middle East will be in chaos for a long time. This conflict could change the entire landscape of the region.

Many forecasts say that tensions in the Middle East will likely be prolonged, widespread and fierce. Gold prices will benefit from such instability.

Despite a sharp increase of about 28% since the beginning of the year, gold is forecast to continue climbing and reaching new peaks from now until the end of the year and into 2025. Gold is likely to reach $2,700/ounce by the end of this year and $3,000/ounce in the first half of next year.

Gold is expected to rise in price not only because of the weakening US dollar and rising geopolitical tensions but also because of demand from countries such as China and India. The gold market is about to enter its peak season as Christmas and the wedding season in Asia are approaching.