Gold prices today, October 23: The global market struggles to recover
Spot gold on the Asian market at 6:30 a.m. (Vietnam time) on October 23 traded around $4,087/ounce, up more than $39/ounce compared to the previous session.
Meanwhile, spot gold in the U.S. market closed early this morning (Vietnam time) at around $4,098/ounce, down more than $22/ounce from the previous session.
According to Kitco News, global gold prices have yet to recover after a historic plunge in the previous session. Investors are searching for reasons behind the steepest one-day drop in years. One analyst cited the unprecedented rapid growth as a convincing explanation.
In her latest note, Nicky Shiels, Head of Metals Strategy at MKS PAMP, pointed out that the gold market took only 30 weeks to surge from $3,000 to $4,000/ounce.
“Previous $1,000/ounce cycles took more than ten times longer — roughly from 240 to 650 weeks. Prices are at record highs, momentum is peaking, and any irrational market can collapse without reason,” Shiels analyzed.
Although gold continues to face technical sell-offs, the market seems to be holding an initial support level above $4,000/ounce. Shiels added that, given Tuesday’s price action, it may take longer than expected for the precious metal to regain momentum. It is still too early to tell whether this is a market collapse or a short-term correction.
“We expect tighter risk parameters ahead, which will limit liquidity. Despite the market’s volatility, I would like to see gold stabilize between $4,000 and $4,500/ounce in the near term,” Shiels forecasted.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that while the exact cause of Monday’s sharp sell-off remains unclear, three failed attempts to break $4,380/ounce may have shifted traders’ sentiment from “greed” to “fear.”
“After such a much-needed correction, traders may pause to reassess before concluding that the factors behind this year’s historic rally remain intact — continuing to support gold, which is no longer overbought but still favored in portfolios,” Hansen predicted.
Domestic gold prices plunge
Gold prices in Vietnam on October 23 saw both SJC bars and gold rings drop sharply compared to the previous session.
DOJI Group (Hanoi & HCMC): SJC gold traded at VND 146.6 – 148.6 million/tael (buy – sell), down VND 4.9 million on the buying side and VND 3.9 million on the selling side. The buy–sell spread stood at VND 2 million/tael.
Bao Tin Minh Chau: SJC gold traded at VND 147.6 – 148.6 million/tael, down VND 4.4 million (buy) and VND 3.9 million (sell). The spread: VND 1 million/tael.
Phu Quy Group: SJC gold traded around VND 146 – 148.6 million/tael, down VND 4.9 million (buy) and VND 3.9 million (sell). Spread: VND 2.6 million/tael.
For gold rings:
Bao Tin Minh Chau – Thang Long Dragon gold rings: traded at VND 149.9 – 152.9 million/tael, plunging VND 6.6 million on both sides. Spread: VND 3 million/tael.
DOJI Hung Thinh Vuong 9999: traded at VND 145.5 – 148.5 million/tael, down VND 4.3 million (buy) and VND 3.9 million (sell). Spread: VND 3 million/tael.
Phu Quy 999.9 gold rings: traded around VND 145.6 – 148.6 million/tael, down VND 3.9 million on both sides. Spread: VND 3 million/tael.
Gold price cools down from peak of 160 million VND/tael. Photo: CH
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