On the morning of October 22, domestic gold prices in Vietnam were unchanged across the board. SJC gold bars at Saigon Jewelry Company were bought at 139.3 million dong per luong and sold at 142.3 million dong. Phu Quy bought SJC bars at 138.7 million dong and sold them at 142.3 million dong. Four-nines gold rings at SJC also held at 137.4 million dong per luong on the buying side and 140.9 million dong on the selling side. At Phu Quy, the prices were 138.7 million and 141.7 million dong respectively, while Doji bought gold rings at 138 million dong and sold them at 142 million dong.
The spread between buying and selling prices for gold bars and rings at SJC remained 3 million dong per luong, while it reached 4 million dong at Doji. As a result, a buyer could immediately lose 4 million dong even when gold prices were unchanged.
Global gold prices were also flat, trading around 4,115 US dollars per ounce. The precious metal had fallen for several sessions before that as investors remained concerned about inflation and strengthened expectations of tight monetary policy from major central banks. The market is watching the US Federal Reserve's policy meeting in the middle of next week and the personal consumption expenditures price index for further signals about the interest-rate path. Almost all economists surveyed by Reuters expected the Fed to keep rates unchanged this month before raising them at its December meeting. Giovanni Staunovo, an analyst at UBS, told CNBC that gold was in an accumulation phase in the short term. Whenever the price falls below 4,100 US dollars per ounce, buying returns and helps form a floor. However, upside room remains limited while the conflict in the Middle East remains a concern.
Meanwhile, US stocks continued to rise. At the close of trading on October 21, early October 22 Vietnam time, the Nasdaq Composite gained 1.05% to 26,702.86 points. The S&P 500 rose 0.58% to 7,757.17 points, while the Dow Jones added more than 360 points, or 0.69%, to reach 52,856.09 points.
Sources: Thanh Niên
