DNVN - On October 12, 2024, domestic gold prices, especially gold rings, reversed and increased beyond VND83 million/tael. In the international market, gold prices also increased by more than 1% when US producer price index (PPI) data reinforced hopes of a possible interest rate cut next month.
Gold rings recorded a slight increase
While the price of gold bars remains almost the same, the price of gold rings of some brands has been adjusted up slightly. Currently, the gold prices of major brands are listed as follows:
The price of SJC gold bars is being sold by major banks such as Agribank, BIDV, Vietcombank, VietinBank and gold and gemstone companies at 84.5 million VND/tael, while the buying price is listed at 82.5 million VND/tael.
For ring gold, the price of SJC 9999 is listed at 81.5 million VND/tael for buying and 82.8 million VND/tael for selling, unchanged from yesterday morning. DOJI in Hanoi and Ho Chi Minh City adjusted the buying price up by 300,000 VND, to 82.3 million VND/tael, and the selling price also increased to 83.2 million VND/tael. Similarly, PNJ also increased by 200,000 VND in both directions, listing the buying price at 82 million VND/tael and the selling price at 83.1 million VND/tael.
Bao Tin Minh Chau currently lists the price of plain round rings at VND82.28 million/tael for buying and VND83.18 million/tael for selling, recording an increase of VND400,000 in the buying price and VND300,000 in the selling price. Phu Quy SJC also increased by VND300,000, buying gold rings at VND82.25 million/tael and selling at VND83.2 million/tael.
World gold prices continue to rise sharply
According to Kitco, the world gold price at 5 a.m. Vietnam time increased to 2,656.57 USD/ounce, up 1.06% compared to the previous day. Converted according to the free USD exchange rate (25,300 VND/USD), the world gold price is about 81.85 million VND/tael (excluding taxes and fees), lower than the price of SJC gold bars by about 2.64 million VND/tael.
Gold in the international market continued its strong increase, with spot prices increasing by 27.9 USD to 2,657.7 USD/ounce. Gold futures last traded at 2,674.2 USD/ounce, up 34.9 USD compared to yesterday morning.
Gold prices continued to rise on Friday as U.S. inflation data pointed to the possibility of a Federal Reserve interest rate cut later this year. In addition, safe-haven demand amid geopolitical tensions in the Middle East also boosted prices.
The September U.S. producer price report showed inflation remained under control, raising expectations that the Fed will cut interest rates next month. Kitco Metals analyst Jim Wyckoff said the PPI data showed a positive outlook for the precious metals market, and the Fed is on track to cut interest rates.
Data released earlier showed that U.S. consumer prices rose less than expected in September, but annual inflation was the lowest in more than 3.5 years. Global monetary easing and the possibility of further Fed rate cuts in the coming months have created favorable conditions for gold prices to rise.
According to CME's FedWatch tool, the market currently rates an 84.4% chance that the Fed will cut rates by 25 basis points in November and a 15.6% chance that it will keep rates unchanged.
While gold prices may be volatile in the short term, many experts remain optimistic about the precious metal’s long-term prospects. RJO Futures strategist Daniel Pavilonis predicts gold could hit $3,000 an ounce by 2025, driven by geopolitical tensions and inflation concerns. Chantelle Schieven, head of research at Capitalight Research, said the pace of rate cuts will slow, but global tensions will continue to support gold.
Swiss bank UBS predicts that global monetary easing will encourage investors to buy gold, as low interest rates reduce the cost of holding gold and boost cash flow into the precious metal.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-12-10-2024-vang-nhan-tang-vuot-moc-83-trieu-dong-luong/20241012072731650
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