Gold price today October 15, 2024: Gold prices fluctuated slightly, traders waited for comments from the Fed and US retail data. China's move was not impressive. Overall, there are many factors supporting the price of precious metals. Domestic gold ring and SJC prices increased.
Update gold price today October 15, 2024
Domestic gold price increased on the morning of October 14.
Specifically, on the morning of October 14, Saigon Jewelry Company (SJC), DOJI Jewelry Group announced the price of SJC gold bars at 82.5 - 84.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.
Along with that, the price of gold rings also remained unchanged. DOJI Gold and Gemstone Group listed the price of gold rings at 82.55 - 83.45 million VND/tael (buy - sell), keeping the listed price in both directions of buying and selling unchanged compared to the closing price of last weekend.
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| Gold price today October 15, 2024: Gold price 'fluctuates', trend is difficult to predict before the 'double-edged sword', gold ring and SJC prices skyrocket. (Source: Livemint) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of October 14 :
Saigon Jewelry Company SJC: SJC gold bars 83 - 85 million VND/tael;
DOJI Group: SJC gold bars 83 - 85 million VND/tael; 9999 round rings (Hung Thinh Vuong) 82.95 - 83.85 million VND/tael.
PNJ system: SJC gold bars 83 - 85 million VND/tael; PNJ 999.9 plain gold rings: 82.7 - 83.7 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 83 - 85 million VND/tael; Phu Quy 999.9 round gold rings: 82.9 - 83.85 million VND/tael.
The price of SJC gold at Bao Tin Minh Chau is listed at 83 - 85 million VND/tael. The price of round, smooth gold rings at Vang Rong Thang Long is listed at 82.93 - 83.83 million VND/tael.
Thus, updated on the afternoon of October 14, the price of gold rings increased sharply to nearly 84 million VND/tael. The price of SJC gold bars was also increased by 500 thousand VND/tael by banks and large enterprises. Accordingly, the buying and selling prices are at 83 - 85 million VND/tael. The price of gold rings is currently only more than 1 million VND/tael away from the price of SJC gold bars in both buying and selling directions.
According to the World & Vietnam Newspaper , information on Kitco News , as of 7:38 p.m. Vietnam time on October 14, the world gold price was listed at 2,652.9 USD/ounce, down 5.3 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on October 7, 1 USD = 25,020 VND, the world gold price is equivalent to 79.97 million VND/tael, 5.03 million VND/tael lower than the selling price of SJC gold.
Gold prices steadied near a one-week high on Monday amid risk-off sentiment due to China's unimpressive fiscal stimulus, while investors awaited comments from US Federal Reserve officials for hints on the outlook for interest rates.
Spot gold fell 0.1% to $2,652.31 an ounce at 11:55 GMT, after hitting its highest since Oct. 4 at $2,666.72 earlier in the session. U.S. gold futures fell 0.3% to $2,669.20 an ounce.
"When the stimulus package was first announced, markets tended to take it positively, however, data from China has painted a picture of a less than stellar Chinese economy that is not going according to plan," said Ricardo Evangelista , senior analyst at ActivTrades.
“With China slowing down, essentially what you see is a decline in risk appetite,” he added.
China's export growth slowed sharply in September while imports unexpectedly slowed by a wide margin, missing forecasts. Beijing's massive economic stimulus package unveiled over the weekend failed to inspire investors.
China is the world's largest consumer of gold bullion, which tends to rise as investors sell riskier assets.
Data from the Northeast Asian nation is a double-edged sword, on the one hand, weak data could dampen demand for gold, on the other hand, a broader downturn could destabilize markets, increasing gold's appeal as a safe haven, said Zain Vawda , market analyst at OANDA's MarketPulse.
However, “overall, there are still more factors supporting higher gold prices than factors against it,” he said.
Traders are now looking to comments from Fed officials this week for further clues on future rate cuts, along with US retail sales data.
Investors see an 88% chance that the Fed will cut interest rates by 25 basis points in November, according to CME Group's FedWatch tool. Lower borrowing costs increase the appeal of holding non-yielding gold.
In the Asian market, in the afternoon trading session on October 14, gold prices also remained stable.
Investors are looking to comments from Fed officials this week for further clues on upcoming rate cuts, along with U.S. retail sales data. A report released on Oct. 11 showed U.S. producer prices were unchanged in September, reinforcing the view that the Fed will cut rates again next month.
Analyst Tim Waterer at brokerage KCM Trade said that China's commitment to fiscal stimulus was a positive factor for gold demand, but the market still needed more concrete measures.
The US dollar index - a measure of the greenback's strength against a basket of major currencies - edged up 0.2% to around 103. That made gold less attractive to investors holding other currencies.
Source: https://baoquocte.vn/gia-vang-hom-nay-15102024-gia-vang-linh-xinh-xu-huong-kho-doan-dinh-truoc-con-dao-2-luoi-gia-vang-nhan-va-sjc-tang-vot-290057.html
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