Gold price today October 20, 2024, gold price skyrocketed due to geopolitical fluctuations, the situation in the Middle East. Analysts expect the BRICS Summit to boost the price of precious metals. Gold ring and SJC prices skyrocketed.
Update gold price today 10/20/2024
Domestic gold prices skyrocketed last week
On the morning of October 14, domestic SJC gold ring and gold bar prices remained stable.
Specifically, Saigon Jewelry Company (SJC) and DOJI Jewelry Group announced the price of SJC gold bars at 82.5 - 84.5 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions 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 previous closing session.
By the morning session of October 16, while the gold price in the world market decreased slightly, the price of SJC gold bars increased sharply to 86 million VND/tael. Specifically, Saigon Jewelry Company (SJC), DOJI Jewelry Group announced the price of SJC gold bars at 84 - 86 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to the previous session.
However, the price of gold rings remained unchanged. DOJI Gold and Gemstone Group listed the price of gold rings at VND82.95 - 83.85 million/tael (buy - sell), keeping the listed price for both buying and selling unchanged compared to the previous session's close.
As of October 18, the price of SJC gold bars listed on the market and at some large Gold and Gemstone enterprises such as Bao Tin Minh Chau Company Limited, DOJI Gold and Gemstone Group and Saigon Gold and Gemstone Company Limited (SJC) is set at 84 million - 86 million VND/tael (buy - sell), unchanged from the previous day.
Meanwhile, the price of gold rings fluctuated and increased by about 500 thousand VND/tael compared to the previous session's close. Specifically, the selling price of Bao Tin Minh Chau gold rings was at 83.98-84.98 million VND/tael. DOJI Group's Hung Thinh Vuong gold rings were "slightly" higher at 84-85 million VND/tael (buy-sell).
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| Gold price today October 20, 2024. (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of October 19:
Saigon Jewelry Company SJC: SJC gold bars 84 - 86 million VND/tael; SJC gold rings 84 - 85.3 million VND/tael.
Doji Group: SJC gold bars 84 - 86 million VND/tael; 9999 round rings (Hung Thinh Vuong) 84.7 - 85.7 million VND/tael.
PNJ system: SJC gold bars 84 - 86 million VND/tael; PNJ 999.9 plain gold rings at 84.7 - 85.7 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 84.2 - 86 million VND/tael; Phu Quy 999.9 round gold rings: 84.85 - 85.85 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 84 - 86 million VND/tael; plain gold rings are traded at 84.68 - 85.68 million VND/tael.
Thus, compared to the first session of the week on October 14, the listed price of DOJI Group's gold bars increased by VND1.5 million/tael in both buying and selling prices; meanwhile, the price of gold rings increased by VND2.15 million/tael in buying prices and increased by VND2.25 million/tael in selling prices.
According to the World and Vietnam Newspaper , at 4:20 p.m. on October 19 (Vietnam time), the world gold price at goldprice.org was at 2,721.41 USD/ounce, an increase of 27.65 USD/ounce compared to the previous trading session.
Converted according to USD price at Vietcombank on October 19, 1 USD = 25,340 VND, world gold price is equivalent to 83.08 million VND/tael.
World gold price surpasses all peaks
World gold prices rose beyond a historic high of $2,700/ounce in the final trading session of the week on October 18, boosted by escalating tensions in the Middle East, uncertainty surrounding the US presidential election and expectations of monetary policy easing.
At the end of this trading session, the spot gold price increased by 1% to 2,720.05 USD/ounce and recorded a 2.4% increase this week. Meanwhile, the US gold futures price increased by 0.8% to 2,730 USD/ounce.
Given the past week's developments, it's no surprise that market participants see nothing but blue skies ahead for gold.
The latest Kitco News weekly gold survey shows industry experts are nearly unanimous in their bullish outlook for gold, while retail sentiment has also largely turned bullish after three consecutive weeks of waning confidence in the precious metal’s momentum.
“I am bullish on gold next week. The current rally looks to be relentless… The most important thing for gold is that this rally is being driven by a general appreciation against all currencies, not just the dollar. In this week’s case, the rally was driven by a rate cut by the European Central Bank (ECB),” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Overall, gold remains bullish, said Marc Chandler , CEO at Bannockburn Global Forex.
“Gold hit a fresh high before the weekend near $2,717 an ounce. The latest rally was accompanied by a stronger dollar and higher U.S. interest rates,” he said. “Tensions in the Middle East remain high and the upcoming BRICS summit highlights central bank demand for the precious metal.”
“Bullish,” said Darin Newsom , senior market analyst at Barchart.com. “Global investors should continue to hedge against potential uncertainty and chaos ahead of the U.S. presidential election. Again, there are global players who are increasingly desperate to create political change.”
“Higher,” said Adam Button , head of currency strategy at Forexlive.com. “This rally is impressive. There’s no need to fight it.”
“Up,” agreed James Stanley , senior market strategist at Forex.com. “There is little reason to doubt the trend at the moment, especially after the bulls have shown impressive momentum to advance, even as the dollar has rallied.”
“Continuing the trend, especially with the upcoming BRICS meeting,” said Mark Leibovit , of VR Metals/Resource Letter.
Sean Lusk , co-director of commercial hedging at Walsh Trading, wonders what could stop gold's rally.
“You’re going to see an energy crash this week, that doesn’t matter,” he said. “You’ve got the recent rise in the dollar, that doesn’t matter, right? I mean, nothing. Stocks don’t matter, whether the bond market does or not, that doesn’t matter.”
This week, 16 analysts who participated in the Kitco News Gold Survey were bullish. Fifteen of the 16, or 94%, said they saw gold prices rising next week, while the remaining analyst, or 6%, was neutral on the short-term outlook for gold. None said it was wise to predict lower prices.
Meanwhile, 159 votes were cast in Kitco's online poll. 115 retail traders, or 72%, predicted gold prices would rise next week, while only 27, or 17%, predicted the precious metal would fall. The remaining 17, or 11%, said prices would trend sideways next week.
What gold is doing is consistent with the generally supportive environment that has formed in recent months, said Kevin Grady , president of Phoenix Futures and Options.
“I think interest rates are going to come down and gold is ready for higher numbers,” he said. “I think you’re going to see higher prices and a test of $3,000 an ounce in the first quarter of next year.”
Grady also expects next week’s BRICS summit to act as a short-term driver for gold prices, as their announcements are likely to hurt the greenback and boost the precious metal.
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