Gold price dropped dramatically, so "take advantage to take profit", is there going to be another unexpected development?

Gold price today, October 25, 2023, continued to fall sharply from the peak of 2,000 USD/ounce reached from the last session of last week, while traders are still waiting for new developments in the Middle East and the latest data from the US economy . Domestically, SJC gold bar price also fell sharply, returning to the 70 million VND/tael mark.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 25 AND EXCHANGE RATE TODAY OCTOBER 25

1. PNJ - Updated: October 25, 2023 01:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,900	59,000
HCMC - SJC	69,900	70,650
Hanoi - PNJ	57,900	59,000
Hanoi - SJC	69,900	70,650
Da Nang - PNJ	57,900	59,000
Da Nang - SJC	69,900	70,650
Western Region - PNJ	57,900	59,000
Western Region - SJC	69,900	70,600
Jewelry gold price - PNJ rings (24K)	57,900	58,950
Jewelry Gold Price - 24K Jewelry	57,800	58,600
Jewelry Gold Price - 18K Jewelry	42,700	44,100
Jewelry Gold Price - 14K Jewelry	33,030	34,430
Jewelry Gold Price - 10K Jewelry	23,130	24,530

Domestic gold prices fell sharply from 100,000 to 250,000 VND/tael in both buying and selling directions, reaching 70 million VND/tael.

At the end of the afternoon session on October 24, the price of SJC gold bars traded at Saigon Jewelry Company in Hanoi was listed at 66.90 - 70.62 million VND (buy and sell), down 100,000 VND/tael compared to yesterday afternoon.

Doji gold price is traded at 69.85 - 70.65 million VND/tael for buying and 150,000 VND/tael for selling compared to the afternoon of October 23.

Meanwhile, the price of 9999 gold, jewelry gold, and ring gold at Saigon Jewelry Company was traded at 58 - 59.1 million VND/tael, down 100,000 VND/tael for buying and unchanged for selling.

Bao Tin Minh Chau Company listed the price of gold jewelry at 57.83 - 58.83 million VND/tael for buying and selling, unchanged from the previous session.

World gold prices broke their upward trend when they hit a five-month peak earlier this week and continued to decline in the trading session on October 24. However, the slight weakening of the USD is becoming one of the biggest factors contributing to the reduction in gold prices.

Two scenarios for gold prices in the coming time are predicted by analysts: if the conflict in the Middle East escalates, gold will increase higher. But on the contrary, if the situation shows signs of easing, gold will decrease.

According to TG&VN , at 9:30 p.m. on October 24 (Vietnam time), the world gold price on the Kitco electronic trading floor was trading at 1,965.1 USD/ounce, down 7.1 USD compared to the previous session. The price of gold for December delivery last fell 13.50 USD to 1,974.30 USD/ounce.

Converting the world gold price to the USD exchange rate at commercial banks is 59 million VND/tael, excluding taxes and fees, which is about 11.72 million VND/tael lower than the domestic gold price.

Giá vàng hôm nay 24/2. (Nguồn: Fox Business)

Gold price today October 25, 2023: World gold price drops shockingly, SJC gold bars leave the peak, is there about to be another unexpected development? (Source: Fox Business)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 24:

Saigon Jewelry Company listed the price of SJC gold at 69.90 - 70.62 million VND/tael.

Doji Group currently lists the price of SJC gold at: 69.85 - 70.65 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 69.75 - 70.55 million VND/tael.

PNJ system listed at: 69.90 - 70.65 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 69.90 - 70.52 million VND/tael; Rong Thang Long gold brand is traded at 57.83 - 58.83 million VND/tael; jewelry gold price is traded at 57.50 - 58.70 million VND/tael.

Will gold prices continue to fall?

There was no major military escalation in the Israel-Hamas war this week, allowing the market to focus better on other issues and inject a little more risk appetite into the market. However, most veteran market watchers know that the situation in the Middle East has the potential to flare up very quickly and shake up the markets.

Major outside markets today saw the USDX higher. Crude oil prices were mostly steady, trading around $85.50 a barrel. The benchmark 10-year US Treasury yield is currently at 4.857%.

Gold prices have risen about 9% over the past two weeks as investors remain cautious about the risk of a wider Israel-Hamas conflict. The market largely sees demand for safe-haven assets as geopolitical tensions and unrest in the Middle East continue to drive gold higher. However, there are still predictions of unexpected developments in the market in the coming days.

Analyst Darin Newsom at senior market Barchart.com , said that gold prices will increase more in the coming time because gold continues to be a safe haven from the developments in the Middle East.

Senior commodities broker Daniel Pavilonis at RJO Futures , he is leaning towards a bullish scenario for gold this week.

Sharing the same view, expert Mark Leibovit of VR Metals/Resource Letter is also very optimistic when predicting that gold prices will surpass the $2,000/ounce mark this week.

However, an unexpected development occurred early this week, when the conflict in the Middle East did not have a strong impact on the sudden increase in oil prices as predicted. If more than a year ago, the conflict in Ukraine had a big impact on the prices of food, fertilizer, and oil, the conflict in the Middle East was expected to have the biggest impact on oil prices. But now, oil prices are still being supplied by other regions to the world instead of the Middle East. In addition, the upward momentum of gold prices has not been maintained, leading to profit-taking activities.

This is the strongest downward pressure on gold prices in more than 3 months, after gold prices increased by about 9% in two weeks, making investors mentally prepared to buy at any time, when gold prices start to fall sharply.

Saxo Bank commodity strategist Ole Hansen predicts a drop in prices, also because there could be another surprise development. Not because the gold price momentum is over, but to guard against the possibility of a profit-taking sell-off by investors.

Expert Marc Chandler, CEO of Bannockburn Global Forex , also predicted that gold prices will be difficult to predict from now until the end of the week. Chandler said that gold prices could quickly jump to $2,000/ounce and then fall to $1,950/ounce due to profit-taking.

Also predicting a drop, Forex.com Senior Market Strategist James Stanley explained that gold has rallied too quickly over the past two weeks, so profit-taking could be triggered this week.

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