World gold price increases steadily, domestic gold price falls deeply; What is Russia doing by collecting precious metals to establish a "huge reserve"?

Gold price today October 11, 2024: World gold prices overcome some new fluctuations, continuing to increase steadily. Domestic SJC gold bar prices fell sharply, gold rings lost the 83 million VND mark. Many factors have contributed to gold's extraordinary performance, the trajectory of the precious metal remains positive and overwhelming.

Update gold price today 10/11/2024

World gold prices continue to maintain a steady increase, despite experiencing some new fluctuations.

According to the World & Vietnam Newspaper , the international gold price traded on Kitco News , at 7:50 p.m. on October 10 (Hanoi time), was at 2,626.40 - 2,627.40 USD/ounce , up 18.7 USD/ounce compared to the previous trading session. The most recent December gold price traded at 2,636.50 USD/ounce, up 0.4% on the day.

Gold prices rose sharply again in this session, when the US Consumer Price Index (CPI) just announced showed that CPI increased 0.2% last month after an increase of 0.2% in August; and after an unexpected increase in the number of weekly unemployment benefit applications.

The latest inflation data was slightly stronger than expected, suggesting that inflation is taking a toll on the world’s largest economy. The report also showed that core inflation, which excludes volatile food and energy prices, rose 0.3% in September, after a 0.3% increase in August. Overall, the latest US economic data is seen as friendly to the precious metals market and is unlikely to change the trajectory of the Federal Reserve’s monetary policy later in the year.

However, up to now, the world gold price has decreased by more than 23.6% compared to the recent peak. However, this retreat is considered consistent with technical analysis in the market when determining potential support and resistance zones.

The precious metals market witnessed a historic moment on September 26, when gold futures crossed the $2,700 per ounce mark for the first time. The milestone capped a remarkable bull run that began in August, with gold prices soaring from around $2,400 to over $2,700 in just two months—a stunning 12.70% gain.

The rally is part of a broader uptrend — gold futures have risen nearly 42% since October 2022. At the time, gold was trading just below $1,900 an ounce, highlighting a recent rally to an all-time high above $2,700.

Domestic gold prices fell sharply for both SJC gold bars and gold rings.

The price of SJC gold bars traded at leading precious metal trading establishments such as Saigon Jewelry Company, DOJI Group, Phu Quy and Bao Tin Minh Chau... is at 82.5 - 84.5 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling directions compared to the closing price yesterday.

The price of 9999 round plain gold rings has dropped sharply, losing the 83 million VND mark.

PNJ Company announced the price of plain round gold rings at 81.8 - 82.9 million VND/tael, down 500 thousand VND/tael in both buying and selling prices compared to the closing price yesterday afternoon.

DOJI Group listed the price of 9999 gold rings at 81.9 - 82.9 million VND/tael, down 400 thousand VND/tael in both buying and selling directions.

The selling price of 9999 round smooth gold rings traded at Saigon Jewelry Company is at 81.6 - 83 million VND/tael, down 200 thousand VND/tael for buying and down 100 thousand VND/tael for selling.

World gold price increases steadily?

Many factors are contributing to gold’s extraordinary performance. Chief among them is the Fed’s monetary policy, which has been implemented to combat inflationary pressures that have peaked at more than 9%. The Fed’s interest rate decisions have had a significant impact on gold prices, as investors often turn to the precious metal as a hedge against inflation and currency devaluation.

Geopolitical tensions have also played a role in pushing gold prices to new heights. The Russia-Ukraine conflict has created global economic uncertainty, prompting investors to seek safe-haven assets such as gold. More recently, the outbreak of war in the Middle East has further fueled this trend, underscoring gold’s status as a store of value in times of international crisis.

While gold’s trajectory has been overwhelmingly positive, it is important to note that the market has experienced periodic corrections throughout this multi-year bull run. These price corrections are typical for any asset class and often provide opportunities for investors to enter or expand their positions.

What has been different about the latest rally is its sustained momentum. Gold has rallied significantly since August without any notable corrections — until now. The move above $2,700 appears to have triggered a long-awaited pullback, marking the first definite correction since the rally began in August.

However, while gold's long-term fundamentals remain strong, influenced by factors such as global economic uncertainty, inflation concerns and geopolitical tensions, short-term price movements may remain difficult to predict.

Gold price today October 11, 2024: World gold price increases steadily, domestic gold price falls deeply; What is Russia doing by collecting precious metals to establish a 'huge reserve'? (Source: Kitco)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of October 10 :

Saigon Jewelry Company: SJC gold bars 82.5 - 84.5 million VND/tael; SJC gold rings 81.6 - 83 million VND/tael.

Doji Group: SJC gold bars 82.5 - 84.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 81.9 - 82.9 million VND/tael.

PNJ system: SJC gold bars 82.5 - 84.5 million VND/tael; PNJ 999.9 plain gold rings: 81.8 - 82.9 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: 81.95 - 82.90 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau is listed at 82.5 - 84.5 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 81.88 - 82.88 million VND/tael.

What is Russia's precious metal warehouse for?

Since 2021, central banks have bought unprecedented amounts of gold, including Russia, contributing significantly to this year's consecutive record highs in gold prices.

The Russian government is considering spending 51 billion rubles ($535.5 million) over the next three years to replenish its precious metals reserves, according to reports published last week.

Gold has proven to be an important asset in foreign exchange reserves, but the Russian government is also looking to expand its holdings to include silver and platinum, the report in the draft Federal Budget released on September 30 showed.

"The formation of a reserve of refined precious metals as part of the Russian State Fund will help ensure a balanced federal budget and stable economic development, as well as meet the industrial needs of the Russian Federation in case of emergency," Interfax quoted a Finance Ministry source as saying.

Source: https://baoquocte.vn/gia-vang-hom-nay-11102024-gia-vang-the-gioi-tang-vung-chac-vang-trong-nuoc-truot-sau-nga-gom-kim-loai-quy-lap-kho-du-tru-khung-lam-gi-289532.html