Domestic gold price
At the end of the session on October 20, the price of 9999 gold bars at SJC Ho Chi Minh City was 70.25 million VND/tael (buy) and 70.95 million VND/tael (sell). SJC Hanoi listed at 70.25 million VND/tael (buy) and 70.97 million VND/tael (sell).
Doji Hanoi listed at 70.3 million VND/tael (buy) and 71.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 70.1 million VND/tael and sold at 71 million VND/tael.
International gold price
Gold prices on the world market increased today. The spot gold price on Kitco (at 9:00 p.m., Vietnam time) was at $1,988/ounce.
At the current price, the world gold price converted to VND (including tax and processing fee) differs from the domestic SJC gold price by about 11.72 million VND/tael.
Gold prices surged due to safe-haven demand. As tensions in the Middle East escalated, investors turned to gold. Gold prices hit a 2.5-month high of $2,000 an ounce in December.
Higher bond yields have dampened the stock market rally this week. Stock indexes were weaker as demand for gold eased. The yield on the benchmark 10-year U.S. Treasury note stood at 4.948 percent.
In a speech, Federal Reserve Chairman Jerome Powell said that inflation in the US is still too high and economic growth is slowing to reduce inflation. The Fed Chairman's comments have raised hopes that the central bank may pause its interest rate hikes.
Gold Price Forecast
Edward Moya, senior market analyst at Oanda, said there are too many risks to the economic outlook, which is supporting gold prices.
Daniel Ghali, strategist at TD Securities, said gold would benefit from a weakening economy. The Fed’s rate cut could push gold prices to $2,100 an ounce.
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