Gold price is in a risky zone, "flying or falling", when will the precious metal reach the peak of 3,000 USD?

Gold price today 11/1/2024: Domestic gold price reaches an unprecedented high in history, the market only sees buying, not selling. World gold price continues to "soar" with a record - 2,790.15 USD/ounce and increases 6% in just 1 month. Gold price is in a risky area, very susceptible to strong fluctuations, can go too high to create bubbles and then plummet, according to experts.

1. PNJ - Updated: October 31, 2024 21:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	88,400	89,500
HCMC - SJC	88,000	90,000
Hanoi - PNJ	88,400	89,500
Hanoi - SJC	88,000	90,000
Da Nang - PNJ	88,400	89,500
Da Nang - SJC	88,000	90,000
Western Region - PNJ	88,400	89,500
Western Region - SJC	88,000	90,000
Jewelry gold price - PNJ	88,400	89,500
Jewelry gold price - SJC	88,000	90,000
Jewelry gold price - Southeast	PNJ	88,400
Jewelry gold price - SJC	88,000	90,000
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	88,400
Jewelry gold price - Jewelry gold 999.9	88,300	89,100
Jewelry gold price - Jewelry gold 999	88,210	89,010
Jewelry gold price - Jewelry gold 99	87,310	88,310
Jewelry gold price - 916 gold (22K)	81,220	81,720
Jewelry gold price - 750 gold (18K)	65,580	66,980
Jewelry gold price - 680 gold (16.3K)	59,340	60,740
Jewelry gold price - 650 gold (15.6K)	56,670	58,070
Jewelry gold price - 610 gold (14.6K)	53,100	54,500
Jewelry gold price - 585 gold (14K)	50,870	52,270
Jewelry gold price - 416 gold (10K)	35,820	37,220
Jewelry gold price - 375 gold (9K)	32,160	33,560
Jewelry gold price - 333 gold (8K)	28,150	29,550

Update gold price today 11/1/2024

World gold prices continue to rise to record highs, up 6% in 1 month.

The new record of world gold was recorded at 2,790.15 USD/ounce, up 6% this October. The reason still comes from the tense situation in the Middle East, the Russia-Ukraine conflict that has been going on for nearly 3 years; the low interest rate environment when the US Federal Reserve (Fed) and many major economies reduced interest rates...

In particular, the US presidential election factor - which has always been a factor supporting the increase in gold prices. The US election is entering a decisive phase, not only is it tense until the last minute, bringing a sense of insecurity. In particular, the change in economic management policy when the US has a new President also makes the psychology of investors around the world feel worried, unstable and choose gold as a risk hedging channel.

According to the World & Vietnam Newspaper , at 8:45 p.m. on October 31 (Hanoi time), the world gold price traded on the Kitco electronic floor was at 2,762.80 - 2,763.80 USD/ounce , down 24.3 USD/ounce compared to the previous trading session. The December gold futures contract was last traded at 2,790.90 USD/ounce, up 0.35% on the day.

The gold market was driven by record central bank demand and unprecedented commercial demand in Asia, especially China, in the first half of 2024. That initial momentum in the gold market has so far been maintained as Western investor demand has picked up in other segments of the market, according to the latest report from the World Gold Council (WGC).

The WGC's Gold Demand Trends Report for the Third Quarter states that total gold demand rose to 1,313 tonnes - a record for the third quarter and up 5% year-on-year. The report notes that investment demand is an important component of the gold market, as gold prices hit record highs almost every week during the three-month period. The WGC reports that total investment demand rose by 364.1 tonnes in the third quarter, a sharp 132% increase compared to the same period in 2023.

However, according to experts, the gold price is in a risky area - the current gold price is too high - with speculative and hoarding factors. When the speculative psychology of international investors occurs more, the risks will also be greater, including "buying the peak". Therefore, in this period, the price will fluctuate strongly, possibly going too high, creating a bubble and then plummeting; possibly a sharp decrease of 100-200 USD/ounce before heading towards a higher level.

Domestic gold prices 'accompany' to new highs.

The price of SJC gold bars has officially increased to 88 - 90 million VND/tael (buy - sell).

As of the afternoon of October 31, the price of gold bars was listed at leading precious metal trading establishments such as Saigon Jewelry Company, 4 banks in the Big4 group and other brands at 88 - 90 million VND/tael.

The price of 9999 round smooth gold rings also increased to an unprecedented high in history of 88.63 - 89.63 million VND/tael (buy - sell). Before the new session on November 1, Doji Group listed the price of gold rings at 88.6 - 89.6 million VND/tael; PNJ listed 88.4 - 89.5 million VND/tael; Saigon Jewelry Company SJC applied the price of gold rings at 87.7 - 89.2 million VND/tael; Bao Tin Minh Chau traded at 88.58 - 89.58 million VND/tael.

Despite the continuous increase in gold prices, many people still come to buy gold at trading floors. However, most of the large gold shops have announced that they are out of SJC gold rings and gold bars, and are only buying and not selling.

Gold price today November 1, 2024: Gold price is in a risky zone, will it continue to rise or fall, when will the precious metal reach the peak of 3,000 USD? (Source: Kitco)

Summary of SJC gold bar prices and gold ring prices at major domestic trading brands at the closing time of the last trading session of the month (October 31 ):

Saigon Jewelry Company: SJC gold bars 88 - 90 million VND/tael; SJC gold rings 87.7 - 89.2 million VND/tael.

Doji Group: SJC gold bars 88 - 90 million VND/tael; 9999 round rings (Hung Thinh Vuong) 88.6 - 89.6 million VND/tael.

PNJ system: SJC gold bars 88 - 90 million VND/tael; PNJ 999.9 plain gold rings at 88.4 - 89.5 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 88 - 90 million VND/tael; Phu Quy 999.9 round gold rings: 88.60 - 89.80 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 88 - 90 million VND/tael; plain gold rings are traded at 88.58 - 89.58 million VND/tael.

Gold prices on the way to $3,000?

Gold has risen 35% since the start of the year, its best year since 1979. The precious metal is a traditional hedge against geopolitical uncertainty, and low interest rates make gold even more attractive.

Dominik Sperzel, Head of Trading at Heraeus Metals Germany, predicts gold will hit $3,000 next year, due to concerns about the outlook in emerging economies, buying by gold ETFs and post-election market corrections.

"We have the US election next week, the possibility of more Fed rate cuts and the Russia-Ukraine conflict. There are so many factors out there that are bullish for gold. I think the precious metal is heading towards $2,850," said Daniel Pavilonis, strategist at RJO Futures.

Meanwhile, after a solid start to the first half of the year, the US economy is showing signs of cooling as activity slowed more than expected in the July-September period.

“Overall, the latest data reaffirms that the US economy is indeed on track for a soft landing, with growth remaining solid as price pressures continue to ease. As a result, the Fed will continue to ease policy restrictions, cutting rates by another 25 basis points at its meeting next week. And the Fed is likely to continue cutting rates until it returns to a neutral stance next summer,” said Michael Brown, senior strategist at Pepperstone. Historically, falling interest rates have always led to a rise in gold prices.

Source: https://baoquocte.vn/gia-vang-hom-nay-1112024-gia-vang-dang-o-vung-rui-ro-bay-tiep-hay-roi-bao-gio-kim-loai-quy-cham-dinh-3000-usd-292022.html