Gold price is "pushed" by the US election, aiming for 2,800 USD, should investors "get on board"?

Gold prices today, October 30, 2024, hold a record high in the world market, while domestic prices are "unmoved". Experts see that elections are hindering selling demand, so any catalyst to increase buying will have a significant impact on prices.

Update gold price today October 30, 2024

Domestic gold prices remain stable.

At the end of the trading session on October 29, Saigon Jewelry Company SJC announced the price of gold rings at 87 - 89 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the closing price yesterday. The price of SJC gold was listed by DOJI Group at 87 - 89 million VND/tael (buy - sell).

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

Bao Tin Minh Chau listed gold ring price at 87.88-88.88 million VND/tael (buy - sell).

World gold prices fluctuated near record highs due to uncertainty surrounding the upcoming US presidential election, while investors waited for data to find clues on the US Federal Reserve's interest rate path.

According to the World and Vietnam Newspaper at 7:00 p.m. on October 29, the world gold price on the Kitco exchange was at 2,751.4 - 2,752.4 USD/ounce, an increase of 9.6 USD compared to the previous trading session.

The market is pricing in a 99% chance that the Fed will cut rates by 0.25 percentage points in November, according to the CME's FedWatch tool.

With just eight days until the Fed's interest rate decision, investors are awaiting a series of key events to gauge their impact on the Fed's move.

Economic data scheduled for release this week includes US job growth, the ADP jobs report, US personal consumption expenditures and the US non-farm payrolls report.

Experts also commented that the period before the US election could continue to create momentum for gold as a risk-hedging channel.

Gold price today October 30, 2024: Gold price is 'pushed' by the US election, aiming for 2,800 USD, should investors 'get on board'? (Source: India Times)

Summary of gold prices at major domestic trading brands at closing times of trading session on the afternoon of October 29:

Saigon Jewelry Company SJC: SJC gold bars 87 - 89 million VND/tael; SJC gold rings 87 - 88.5 million VND/tael.

Doji Group: SJC gold bars 87 - 89 million VND/tael; 9999 round rings (Hung Thinh Vuong) 87.7 - 88.7 million VND/tael.

PNJ system: SJC gold bars 87 - 89 million VND/tael; PNJ 999.9 plain gold rings: 87.6 - 88.89 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars 87.3 - 89 million VND/tael; Phu Quy 999.9 round gold rings: 87.7 - 88.9 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau is listed at 87 - 89 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 87.88 - 88.88 million VND/tael.

Gold sure to hit $2,800/ounce this week?

Gold prices continue to show remarkable resilience as several factors reinforce the metal’s status as a top safe-haven asset, such as increased global uncertainty following Israel’s recent retaliatory strikes on Iran and the looming US presidential election.

Experts note that the expected market volatility surrounding this hotly contested election continues to drive investment flows towards gold as a hedge against political instability.

If the market expects further rate cuts, investment demand for gold will increase further, said UBS analyst Giovanni Staunovo. Increased demand will push prices up.

He predicts that gold prices will reach $2,900 an ounce within 12 months.

Meanwhile, TD Securities commodity strategist Daniel Ghali said gold is certain to hit $2,800 an ounce this week.

According to him, the elections are hampering selling demand, so any catalyst for increased buying that emerges will have a significant impact on prices.

However, Mr. Robert Minter, Director of Investment Strategy at ABRDN Fund, still advises investors to ignore potential short-term market fluctuations and focus on the big picture that interest rates are trending down.

“Lower interest rates and persistent inflationary pressures mean that real interest rates may fall faster than some expect. In this environment, investors should focus on commodities, with a specific allocation to gold,” he stressed.

By the end of the year, the expert forecasts, gold prices could trade around $2,800 an ounce, slightly higher than now. And the market could easily reach $3,000 an ounce by 2025.

“If we get the rate cuts that the bond market is pricing in and we get 200 basis points of interest rate cuts next year, it’s not unrealistic to see gold hitting $3,000 an ounce,” he said.

Source: https://baoquocte.vn/gia-vang-hom-nay-30102024-gia-vang-duoc-day-thuyen-boi-bau-cu-my-nham-dich-2800-usd-nha-dau-tu-co-nen-len-tau-291790.html