Gold prices today, October 16, 2024, recorded a world decline as the USD rose to near its highest level in more than two months. Mr. Florian Grummes, CEO of Midas Touch Consulting, said that the precious metal remains optimistic.
Update gold price today October 16, 2024
Domestic gold prices remained unchanged in the late afternoon trading session on October 15.
Specifically, the price of SJC gold is listed by DOJI Group at 83-85 million VND/tael (buy - sell). Bao Tin Minh Chau also listed the price of SJC gold at 83-85 million VND/tael (buy - sell).
Meanwhile, the buying and selling price of plain gold rings at PNJ is 82.8-83.8 million VND/tael, an increase of 100,000 VND in both directions compared to the closing price of yesterday's trading day.
Similarly, some other brands also maintain high prices. At Bao Tin Minh Chau, the buying price of plain round gold rings is 82.93 million VND/tael, selling price is 83.83 million VND/tael, keeping the same price.
At Phu Quy Company, the listed price of plain gold rings is 82.85-83.8 million VND/tael. Compared to yesterday, this price decreased by 50,000 VND/tael in both directions.
World gold prices fell as the US dollar strengthened. Meanwhile, investors waited for the US Federal Reserve's stance on further interest rate cuts.
The dollar was near a more than two-month high in the previous session, making gold more expensive for holders of other currencies. The yield on 10-year U.S. government bonds also rose slightly.
The market is pricing in an 87% chance that the Fed will cut interest rates by 25 basis points by November 2024. Low interest rates increase the appeal of holding gold, a non-yielding asset.
According to the World and Vietnam Newspaper at 7:00 p.m. on October 15, the world gold price on the Kitco exchange was at 2,648.5 - 2,649.5 USD/ounce.
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| Gold price today October 16, 2024: World gold price goes down, 'sellers' take control, the retreat ends, new investors should 'seize the opportunity'. (Source: Shutterstock) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of October 15:
Saigon Jewelry Company SJC: SJC gold bars 83 - 85 million VND/tael.
DOJI Group: SJC gold bars 83 - 85 million VND/tael.
PNJ system: SJC gold bars 83 - 85 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 83 - 85 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 83 - 85 million VND/tael.
Gold prices remain optimistic
Commenting on the gold price outlook, Mr. Florian Grummes, CEO of Midas Touch Consulting, said that the precious metal remains optimistic.
“The pullback is over. On the other hand, a multi-week consolidation could take prices to the bottom of the $2,585-$2,550 range. Looking at the daily chart, I see that sellers have taken control over the past week. Given the strong momentum in recent weeks and months, new buyers are quickly entering the market even when there is a pullback,” he said.
Central banks continue to view gold as an important component of their reserve strategies, emphasizing the precious metal's role as an investment diversifier and safe haven in times of geopolitical and economic uncertainty.
This view was reinforced at the London Bullion Market Association (LBMA) annual conference in Miami, where representatives of the central banks of Mexico, Mongolia and the Czech Republic affirmed their commitment to maintaining and potentially increasing their gold holdings.
Central bank demand for gold has supported gold prices during the high-interest-rate period of 2022-2023. However, a 28% increase in gold prices in 2024 has prompted some central banks, such as China, to pause purchases.
Still, representatives in Miami insist: "The value of gold far outweighs short-term market fluctuations."
Each central bank has its own reasons for holding gold. Mongolia sees it as a safe haven asset, the Czech Republic sees it as a portfolio diversifier, while Mexico sees gold as an important hedge against uncertainties including low interest rates, geopolitical tensions and the upcoming U.S. presidential election.
Gold prices have risen about 28% since the start of 2024, outperforming both stocks and US bonds. The rise has been fueled by aggressive purchases of gold by central banks, who seek the precious metal as a hedge against geopolitical and economic uncertainty.
According to Mr. Terrence Keeley, former senior manager of financial group BlackRock and currently CEO of market research company Impact Evaluation Lab, on average 15% of central banks' foreign exchange reserves are in precious metals according to market valuation.
Source: https://baoquocte.vn/gia-vang-hom-nay-16102024-gia-vang-the-gioi-di-xuong-phe-ban-nam-quyen-nha-dau-tu-moi-chop-thoi-co-bat-chap-thoai-lui-290151.html
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