Global gold prices rebounded slightly on October 23 as new geopolitical risks boosted safe-haven demand and investors prepared for key U.S. inflation data set to be released soon.
In the domestic market, gold prices as of 8:00 a.m. today remained unchanged compared to yesterday’s closing levels. Previously, the price of gold bars at most major retailers rose by 900,000 VND/tael, while gold ring prices increased by 400,000 – 900,000 VND/tael during the October 23 session.
Gold bars at the SJC headquarters in Ban Co Ward, March 2025. Photo: Quynh Tran
Currently, SJC, PNJ, Doji, and Bao Tin Minh Chau are all quoting SJC gold bars at 147.5 – 149.5 million VND/tael (buy–sell).
For gold rings, SJC lists prices at 146.2 – 148.7 million VND/tael, while PNJ and Doji quote 146.4 – 149.4 million VND/tael.
Bao Tin Minh Chau and Bao Tin Manh Hai quote ring prices at 150.5 – 153.5 million VND/tael and 150 – 151.5 million VND/tael, respectively.
Global spot gold was recorded at around USD 4,127/oz at 7:45 a.m., up 0.06% from the most recent close.
Earlier, gold prices had risen more than 0.65% on Thursday after two consecutive sessions of decline, as fresh geopolitical tensions spurred safe-haven buying and investors braced for key U.S. inflation data due later tonight, according to Reuters.
Gold hit an all-time high of USD 4,381/oz on Monday (October 20) but subsequently posted its sharpest drop in five years in the following session. The precious metal has gained about 57% this year, driven by geopolitical tensions, economic uncertainty, expectations of rate cuts, and sustained central bank purchases.
“All the fundamental factors that have driven gold higher this year remain intact. There are some buying opportunities when prices dip, and perhaps rising trade and geopolitical tensions today have encouraged that,”
said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals.
U.S. President Donald Trump recently imposed sanctions on Russia for the first time in his second term, targeting oil giants Lukoil and Rosneft.
The U.S. administration is also considering restricting exports of certain types of software to China in response to Beijing’s latest rare-earth export controls.
Investors’ focus is now shifting to the U.S. Consumer Price Index (CPI) report, expected on Friday. Survey data suggests core inflation is forecast to hold at 3.1% year-over-year in September.
Meanwhile, the Federal Reserve (Fed) is scheduled to hold its regular policy meeting next week. Markets are almost fully pricing in a 25-basis-point rate cut, with another cut expected in December.
In a newly released report, JP Morgan forecasts that gold prices could average USD 5,055/oz in Q4 2026, assuming investor demand and central-bank purchases average around 566 tons per quarter next year.
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