Gold prices today, October 17, 2024, continued to rise, after a sharp increase due to a weaker USD and a sell-off in the US stock market. Domestically, gold rings also recorded a new record.
Update gold price today October 17, 2024
Domestic gold prices set a new record, as the world market soared.
Specifically, at the end of the trading session on October 16, Saigon Jewelry Company (SJC) listed the price of gold bars at VND86 million/tael, an increase of VND1 million/tael compared to yesterday. The buying price also increased to VND84 million/tael.
At commercial banks, the selling price is also at 86 million VND/tael.
SJC Company continuously raised the selling price of 9999 gold rings, from 83 million VND/tael to 83.8 million VND/tael and then 83.9 million VND/tael. The price of small weight gold rings reached 84 million VND/tael. This is the highest price of gold rings ever, far surpassing the old record of 83.55 million VND/tael.
Bao Tin Minh Chau Company today increased the selling price of gold rings to 84.08 million VND/tael, an increase of 250,000 VND/tael. The buying price increased by 200,000 VND/tael, to 83.13 million VND/tael.
At DOJI Company, the selling price of 9999 gold rings skyrocketed to 84.1 million VND/tael, and the buying price was 83.1 million VND/tael.
Compared to the beginning of June, the price of SJC gold bars increased by more than 6 million VND/tael. Compared to the beginning of this year, the price of gold bars increased by more than 8 million VND/tael. However, this is not the highest price of SJC gold bars because last May, the price of SJC gold bars peaked at 92 million VND/tael.
World gold price "turned around" and increased sharply.
According to the World and Vietnam Newspaper at 7:00 p.m. on October 16, the world gold price on the Kitco exchange was at 2,678.1 - 2,679.1 USD/ounce, up 16 USD compared to the previous trading session.
Gold prices rose on a slight decline in the 10-year Treasury yield to 4.045%, a weaker USD-Index and a sell-off in US stocks, while cautious investors awaited more data for fresh clues on the US Federal Reserve's monetary easing cycle.
According to CME's FedWatch tool, the market is pricing in a 90% chance of a 0.25% rate cut at the November meeting. A low-interest-rate environment will boost demand for gold by reducing the opportunity cost of holding the precious metal.
Besides, there are many factors supporting the upward momentum of gold prices.
According to a newly released report by the International Monetary Fund (IMF), global public debt is expected to exceed $100 trillion, equivalent to about 93% of global GDP, by the end of this year, significantly higher than current expectations.
In addition, investors have increased their purchases of gold as a haven. At the annual conference of the London Bullion Market Association (UK), representatives of central banks emphasized that central bank demand for gold has been strong in recent times.
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| Gold price today October 17, 2024: Gold ring price hits new record, the world 'flying like a rocket', waiting for the return of the West. (Source: Bloomberg) |
Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of October 16:
Saigon Jewelry Company SJC: SJC gold bars 84 - 86 million VND/tael.
DOJI Group: SJC gold bars 84 - 86 million VND/tael.
PNJ system: SJC gold bars 83.15 - 84.15 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 84 - 86 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 84 - 86 million VND/tael.
Factors that change the gold price situation
The game-changer for gold prices is the US's loose monetary policy, as it creates the conditions for investment demand, according to ANZ commodity strategist Soni Kumari.
"The uncertainty surrounding the US election and geopolitical tensions will also support gold in the future. Gold, which is considered a non-yielding asset, is often favored in low-interest-rate environments and times of geopolitical uncertainty," he asserted.
Meanwhile, Mr. Florian Grummes, CEO of Midas Touch Consulting, said that since the end of June alone, the price of gold has increased by about 400 USD/ounce. The price of gold reached a high of 2,685 USD/ounce on September 26.
The gold market initially entered a consolidation phase over the past three weeks, with several pullbacks. However, the psychological level of $2,600/ounce was easily defended.
The expert pointed out that the combination of the first US interest rate cut, a weaker USD and the geopolitical escalation in the Middle East are sustainable supporting factors for gold prices recently.
Regarding the People's Bank of China's gold purchases, Florian Grummes said that this activity has slowed in recent months, but there are still convincing arguments that the world's second largest economy will remain a demand country in the medium and long term.
“The return of Western investors to the precious metals sector is expected to lead to further demand growth in the coming months. This could further strengthen the precious metals market and contribute to the medium-term gold price reaching $3,000/ounce,” Mr. Florian Grummes emphasized.
Source: https://baoquocte.vn/gia-vang-hom-nay-17102024-gia-vang-nhan-cham-ky-luc-moi-the-gioi-phi-nhu-bay-cho-don-su-tro-lai-cua-phuong-tay-290303.html
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