The price of gold on the Kitco floor at 8:30 p.m. (October 14, Vietnam time) was trading at $2,650.1/ounce, down 0.29% from the beginning of the session. The price of gold futures for December 2024 delivery on the Comex New York floor was trading at $2,670.9/ounce.

At the beginning of the trading session on October 14 (US time), world gold prices decreased due to pressure from China's unsatisfactory economic report in September. Of which, the consumer price index increased by 0.4%, exports and imports both increased lower than expected, up 2.4% and 0.3% respectively.

In addition, some other analysts said that although the gold price has increased to 2,650 USD/ounce, the highest level in many weeks after the US announced the manufacturing index (PPI) at the end of last week, gold will still face difficulties in the coming time due to pressure from the USD and stronger bond yields.

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Gold is under pressure to fall after China's economic growth in September was not positive. Photo: HH

Marc Chandler, CEO of Bannockburn Global Forex, said that gold could fall to $2,600 an ounce in the near future. However, safe-haven demand due to concerns about geopolitical tensions in the Middle East will help gold quickly regain its strength.

Adam Button, currency strategist at Forexlive.com, said that in the short term, gold is likely to continue its consolidation phase as it has been in recent weeks as it struggles between Middle East conflict factors and the US Federal Reserve's monetary easing policy.

On a more optimistic note, James Stanley, senior market strategist at Forex.com, said that the dollar’s ​​surge and strong economic data could have sent gold lower, but the recent decline has been relatively shallow, suggesting that the buying pressure on the yellow metal is not over yet.

In the domestic market, at the end of the session on October 14, the price of 9999 gold bars at SJC was 83 million VND/tael (buy) and 85 million VND/tael (sell). Doji listed it at 83 million VND/tael (buy) and 85 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 81.8-83.2 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 82.95-83.85 million VND/tael (buy - sell).

Gold Price Forecast

According to CME's FedWatch tool, after last week's strong jobs report, the market is expecting an 84.4% chance that the Fed will cut 25 basis points at its meeting on November 7 and a 15.6% chance that it will keep interest rates unchanged.

Daniel Pavilonis, senior market strategist at RJO Futures, predicts that gold prices could reach $3,000 an ounce thanks to escalating geopolitical tensions in the Middle East. Similarly, Chantelle Schieven, head of research at Capitalight Research, also predicts that gold could reach $3,000 an ounce by the end of the year.

Naeem Aslam, an analyst at Zaye Capital Markets, said that gold prices could reach $2,800 an ounce if geopolitical demand for safety increases. Otherwise, prices could stabilize at $2,500 an ounce.

Gold price today October 14, 2024: Gold rings suddenly skyrocket, setting a new record . Gold price today October 14, 2024, domestic gold rings suddenly increased sharply in both directions, up to 83.8 million VND/tael, setting a new record high. The price of SJC gold bars also skyrocketed to 85 million VND/tael (selling), 500,000 VND more expensive per tael.