The price of gold on the Kitco floor at 8:30 p.m. (October 17, Vietnam time) was trading at $2,685.1/ounce, up 0.41% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex floor in New York was trading at $2,697.2/ounce.

At the beginning of the trading session on October 17 (US time), the world gold price suddenly increased, setting a new record of 2,689.5 USD/ounce. However, the gold price quickly reversed and went down after the report that US retail sales increased 0.4% compared to August and unemployment benefit applications reached 241,000, less than the forecast of 260,000.

Experts say gold is being supported by many factors, including bond yields and expectations that central banks around the world will accelerate interest rate cuts, along with demand for safe havens due to concerns about geopolitical tensions around the world.

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World gold price sets new record. Photo: HH

US Treasury yields are at their lowest in a week. Gold is benefiting, as precious metals tend to rally in low-interest-rate environments.

Peter A. Grant, Vice President of Zaner Metals, said that the US Federal Reserve's (Fed) 25 basis point interest rate cut at its meeting next month is highly expected by investors.

The latest report shows that inflation in Europe and the UK is weaker, raising expectations that the European Central Bank (ECB) and the Bank of England (BoE) will ease monetary policy aggressively. This further strengthens the possibility that bond yields will be pushed down, which will strongly support gold prices.

In the domestic market, at the end of the session on October 17, the price of 9999 gold bars at SJC was 84 million VND/tael (buy) and 86.03 million VND/tael (sell). Doji listed it at 84 million VND/tael (buy) and 86 million VND/tael (sell).

SJC announced the price of 1-5 ring gold at only 83.1-84.3 million VND/tael (buy - sell). Doji listed the price of 9999 round smooth ring gold at 83.75-84.75 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 88.8% chance that the Fed will cut 25 basis points at its meeting on November 7 and an 11.2% chance that it will keep interest rates unchanged.

Mr. Peter A. Grant predicts that gold is being supported by many positive factors, the precious metal is likely to increase in the coming time, even being pushed to nearly 3,000 USD/ounce in the first quarter of 2025.

Experts believe that the ECB will likely continue to cut interest rates, leading to expectations that the BoE will cut interest rates at its meeting next month. This is a positive signal for gold prices.

Gold price today October 17, 2024: Gold rings hit a new peak of 84.45 million VND/tael Gold price today October 17, 2024 domestic gold rings continued to increase in some brands, reaching an unprecedentedly expensive level of 84.45 million VND/tael (sold), while SJC gold bars remained at a peak of 86 million VND. World gold prices decreased slightly but were still close to the record.