Gold price today October 13, 2024, gold price recovered impressively when escaping the strength of the US dollar and rising treasury bond yields. Only a few experts in the industry expect prices to rise next week, while the majority of retail investors remain optimistic but have fallen for the third consecutive week.
Update gold price today October 13, 2024
Domestic gold prices recorded an increase last week.
In the first session of the week , October 7, the price of SJC gold rings and gold bars was stable.
Specifically, Saigon Jewelry Company (SJC) announced the selling price of gold rings at 82 - 83.3 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.
DOJI Gold and Gemstone Group listed the price of gold rings at 82.85 - 83.6 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous session's close.
Similarly, the price of SJC gold bars remained stable. Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 82 - 84 million VND/tael (buy - sell), keeping the listed price for both buying and selling unchanged compared to the previous closing price.
By the morning session of October 8 , the domestic gold bar price increased sharply by 1 million VND/tael. Specifically, Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 83 - 85 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to the previous session's close.
While the price of gold bars increased sharply, the price of gold rings remained stable. Saigon Jewelry Company (SJC) announced the selling price of gold rings at 82 - 83.3 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous session's closing price.
After 2 sessions of decline in the middle of the week, on October 11 , Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 82.5 - 84.5 million VND/tael (buy - sell). Meanwhile, DOJI Jewelry Group listed the price of gold rings at 82 - 82.9 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the previous session's closing price.
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| Gold price today October 13, 2024: Gold price skyrocketed, a spectacular escape from the shadow of the USD, about to reach the 3,000 USD mark, gold rings take profits. (Source: Shutterstock) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of October 12:
Saigon Jewelry Company: SJC gold bars 82.5 - 84.5 million VND/tael; SJC gold rings 81.6 - 83.0 million VND/tael.
Doji Group: SJC gold bars 82.5 - 84.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 82.55 - 83.45 million VND/tael.
PNJ system: SJC gold bars 82.5 - 84.5 million VND/tael; PNJ 999.9 plain gold rings at 82.3 - 83.3 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 82.5 - 84.5 million VND/tael; Phu Quy 999.9 round gold rings: 82.5 - 83.45 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 82.5 - 84.5 million VND/tael; plain gold rings are traded at 82.52 - 83.42 million VND/tael.
Thus, compared to the first session of the week on October 7, the price of Doji Group's gold rings at the end of the week on October 12 decreased by VND300,000/tael for buying and VND150,000/tael for selling, while the price of SJC gold bars increased by VND500,000/tael for both buying and selling.
According to The Gioi & Viet Nam Newspaper , at 6:15 p.m. on October 12 (Vietnam time), the world gold price at goldprice.org was at 2,656.78 USD/ounce, an increase of 24.02 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on October 12, 1 USD = 25,000 VND, the world gold price is equivalent to 80.02 million VND/tael, 4.48 million VND/tael lower than the selling price of SJC gold bars.
World gold prices skyrocket
The world gold price increased by more than 1% in the trading session at the end of the week on October 11, in the context of economic data just released by the US, which contributed to strengthening the forecast that the US Federal Reserve (Fed) will continue to cut interest rates in November. The demand for "safe haven" assets to prevent risks due to geopolitical tensions in the Middle East is also a factor helping gold increase in price.
At the end of this week's session, spot gold prices increased by 1.1% to $2,658.42/ounce. This is the second consecutive session that gold prices have increased, after 6 sessions of price decrease. Meanwhile, US gold futures prices also increased by more than 1.4%, to $2,676.30/ounce.
The US economy remains relatively strong, but the Fed is still moving towards a rate cut, as some sectors of the economy have slowed significantly, such as real estate, said Daniel Pavilonis, senior market strategist at RJO Futures.
The US producer price index (PPI) was unchanged in September 2024, suggesting that the inflation outlook remains favorable. This development supports the scenario of the Fed cutting interest rates in November.
Jim Wyckoff, senior market analyst at Kitco Metals, said: The PPI data is positive for the precious metals market and shows that the Fed is likely to make two more rate cuts of 0.25 percentage points each this year.
Expert Pavilonis predicts gold prices will peak at $3,000/ounce in 2025, impacted by geopolitical tensions, inflation concerns and uncertain elections.
The latest Kitco News weekly gold survey found that only a minority of industry professionals expect prices to rise next week, while the majority of retail investors remain bullish but have fallen for the third consecutive week.
“Gold has held the top of the retracement range that I expected, finding support near $2,600 an ounce,” said Marc Chandler , managing director at Bannockburn Global Forex. “Prices bounced to $2,650 an ounce after the US PPI report, but I think that’s all there is to it and we could see a retest of $2,600 an ounce and possibly the $2,580 an ounce area.”
“Tensions in the Middle East are supportive but higher interest rates and a strong US dollar could weigh on the precious metal,” he added.
“Up,” said Darin Newsom , senior market analyst at Barchart.com. “Another week has passed, which means the window of opportunity has closed a bit for those who want to create chaos, with the ultimate goal of economic and political change. With that, investors are likely to continue to turn to gold as a safe haven.”
“I am neutral on gold for next week,” said Colin Cieszynski , chief market strategist at SIA Wealth Management. “After a strong rally, gold has settled into a trading range of $2,600-$2,700 an ounce. With a full and partial holiday on Monday, no central bank meetings and no currency volatility data on the agenda, next week looks to be a relatively quiet one for gold.”
“Bullish,” said James Stanley , senior market strategist at Forex.com. “Bulls have had every reason to take profits over the past few weeks after another extension of this move, including a strong USD breakout and more recently strong NFP and CPI reports. However, it has only produced a slight pullback and to me, that suggests that gold bulls are not done yet.”
Adam Button , chief currency strategist at Forexlive.com, said he is neutral on gold next week, but gold has shown impressive resilience as it bounces off the strength of the US dollar and rising Treasury yields.
He pointed out that gold is currently on a seasonal uptrend and that could be part of what is helping to lift prices.
This week, 15 analysts participated in the Kitco News Gold Survey, and once again, only a handful of Wall Streeters see gold prices rising in the near term. Seven experts, or 47%, expect prices to rise next week, while two others, or 13%, predict prices will fall. The remaining six analysts, or 40%, are neutral on the outlook for gold in the near term.
Meanwhile, 157 votes were cast in Kitco’s online poll, with a growing majority of Main Street investors predicting further gains in gold. Eighty-eight retail traders, or 56%, predict gold prices will rise next week, while 43, or 27%, predict the yellow metal will trade lower. The remaining 26, or 17%, see prices trending sideways next week.
Source: https://baoquocte.vn/gia-vang-hom-nay-13102024-gia-vang-tang-vot-cu-thoat-ngoan-muc-khoi-cai-bong-cua-usd-sap-cham-moc-3000-usd-vang-nhan-chot-loi-289869.html
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