Gold price today October 27, 2024, gold price increased rapidly, showing strong resilience to reach record price, as traders closely followed geopolitical developments. Domestic gold ring price recorded a record increase.
Update gold price today October 27, 2024
Domestic gold prices last week recorded a record increase.
The domestic market increased sharply on the afternoon of October 22, setting a new record of 87.6 million VND/tael.
Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 86.6 - 87.6 million VND/tael (buy - sell), an increase of 700 thousand VND/tael in both buying and selling compared to the closing price of the same morning session. The difference in buying - selling price of gold rings at DOJI Group is at 1 million VND/tael.
Regarding the price of SJC gold bars, Saigon Jewelry Company (SJC) announced it at 87 - 89 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to yesterday's closing price.
After a few "dancing" sessions, by the afternoon of October 24, the price of gold rings had increased to the same level as the price of gold bars at 89 million VND/tael in the selling direction.
Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 88 - 89 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling compared to the morning session of the same day.
Regarding the price of SJC gold bars, because the State Bank has not changed the selling price, the price has not changed. Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 87 - 89 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the closing price of the same morning session.
By the session of October 25, DOJI Gold and Gemstone Group listed the price of gold rings at 88 - 89 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the previous session. The price of SJC gold bars listed by gold and silver companies and banks was stable at 87 - 89 million VND/tael (buy - sell).
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| Gold price today October 27, 2024: Gold price increases, showing supreme power in the face of geopolitical tensions, gold rings 'dance'. (Source: Shutterstock) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of October 26:
Saigon Jewelry Company SJC: SJC gold bars 87 - 89 million VND/tael; SJC gold rings 87 - 88.5 million VND/tael.
Doji Group: SJC gold bars 87 - 89 million VND/tael; 9999 round rings (Hung Thinh Vuong) 87.9 - 88.9 million VND/tael.
PNJ system: SJC gold bars 87 - 89 million VND/tael; PNJ 999.9 plain gold rings at 87.6 - 88.9 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 87.3 - 89 million VND/tael; Phu Quy 999.9 round gold rings: 87.9 - 89 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 87 - 89 million VND/tael; plain gold rings are traded at 87.88 - 88.98 million VND/tael.
According to the World and Vietnam Newspaper , at 4:17 p.m. on October 26 (Vietnam time), the world gold price at goldprice.org was at 2,748.09 USD/ounce, an increase of 13.66 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on October 26, 1 USD = 25,467 VND, world gold price is equivalent to 84.33 million VND/tael.
World gold price increased sharply
Global gold prices have shown remarkable resilience this week, recovering quickly from a mid-week sell-off to reach record levels, as traders closely monitor geopolitical developments and upcoming political events.
Last week's price action reflected a clear tug-of-war between short-term opportunistic traders and long-term trend followers, each taking advantage of the week's strong price swings.
As of the afternoon of October 25, ET, December gold futures were steady at $2,760.80 an ounce, posting a daily gain of $12 an ounce (0.44%). The weekly performance represents an impressive gain of more than $24 an ounce, highlighting the underlying strength of the metal.
The latest Kitco News weekly gold survey shows a sharp decline in bullish sentiment among industry professionals and retail traders, with both groups reaching nearly identical distributions of expectations for gold’s near-term price performance.
Marc Chandler , CEO at Bannockburn Global Forex, expects consolidation in the near term and said the risks for gold are currently tilted to the downside.
“Central bank buying and speculation about the inflationary impact of the next US administration’s policies are the main narrative for gold bulls,” Chandler added. “It seems counterintuitive that the US dollar and US interest rates and equities have risen alongside gold. A break of $2,700 an ounce would likely start to weigh on long-term buyers.”
“I am bearish on gold next week,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “There is no news on precious metals from the BRICS summit and with precious metals rallying ahead of that meeting, I think we will see a correction. Also, there are no central bank meetings this week.”
Cieszynski said he is largely neutral for next week, because in the long term, “the fundamentals driving the current bull market remain unchanged, such as currency depreciation and political risk, especially with the US election less than two weeks away.”
“Bulls have struggled to gain acceptance above $2,750 so far, but I don’t see any evidence yet that the rally is over,” said James Stanley , senior market strategist at Forex.com.
“Down,” said Adrian Day , chairman of Adrian Day Asset Management. “Is the long-awaited pullback finally happening? Perhaps, but we doubt it will be long or deep. The fundamental reasons for gold — the weaponization of the dollar, concerns about the Chinese economy and the safety of banks, lower interest rates and persistent inflation in North America and Europe — are still there.”
Darin Newsom , senior market analyst at Barchart.com, sees a pullback in the precious metal next week.
In the long term, however, Newsom believes gold prices are largely driven by inflation and geopolitical risks, both in the US and abroad, and he doesn't see any of those risks abating anytime soon.
“Gold prices are moving higher on the idea that we’re going to have inflation issues again,” he said. “And on the chaos side, geopolitical conflicts are causing increased volatility. Investors don’t like uncertainty and they’re starting to pull money out of stocks.”
This week, nine analysts participated in the Kitco News Gold Survey, with five, or 56%, expecting gold prices to rise next week, while two, or 22%, see prices falling. The remaining two, or 22%, are neutral on gold’s near-term outlook.
Meanwhile, 213 votes were cast in Kitco’s online poll, with the majority of Main Street investors similarly bullish. 126 retail traders, or 59%, predicted gold prices would rise next week, while 47, or 22%, predicted the yellow metal would trade lower. The remaining 40 investors, or 19% of the total, expected prices to trend sideways next week.
Bob Haberkorn , senior commodities broker at RJO Futures, said they remain bullish on gold.
“These dips are being bought up very quickly and we’re heading into the US election,” he said. “There’s a lot of people running to safety right now.”
And Kitco senior analyst Jim Wyckoff said technical and fundamental factors remain supportive of gold prices. “Steady gains as charts remain bullish and safe-haven demand helps maintain a floor,” he said.
Source: https://baoquocte.vn/gia-vang-hom-nay-27102024-gia-vang-tang-chong-mat-the-hien-quyen-luc-toi-thuong-truoc-cang-thang-dia-chinh-tri-vang-nhan-nhan-mua-291403.html
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