At 6:30 this morning (October 20), the world gold price was at 2,721.31 USD/Ounce, an increase of 2.72 USD/Ounce compared to yesterday's trading session.
The world gold price today conquered the threshold of more than 2,721 USD/ounce thanks to expectations that the US Federal Reserve (Fed) will cut interest rates next month, and the uncertainties surrounding the US presidential election and ongoing conflicts in the Middle East.
World gold prices continue to increase today. (Illustration photo).
Precious metals trader Alexander Zumpfe of Heraeus Metals Germany commented that investors rushed to buy gold in the context of increasingly tense and escalating conflicts, especially after Hezbollah's declaration of escalating war with Israel. Therefore, in the trading session on the weekend, the world gold price skyrocketed, setting a new record, far surpassing the mark of 2,700 USD/ounce.
The latest Kitco News survey shows that geopolitical tensions continue to escalate, especially in the Middle East, along with the trend of interest rate cuts by central banks around the world, pushing gold prices up.
Marc Chandler, CEO of Bannockburn Global Forex, said that gold prices still have room to rise in the coming time. "Tensions in the Middle East and the upcoming BRICS summit will continue to support gold's upward momentum."
Citi's global commodities research expert Max Layton also predicted that gold prices could reach $3,000 an ounce in the next year, driven by safe-haven demand during times of uncertainty, increased investment demand and exchange-traded funds.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on October 20, the price of gold bars at Doji was listed at VND84 million/tael for buying and VND86 million/tael for selling, unchanged from early this morning.
At the same time, the gold price at SJC was also listed at 84 - 86 million VND/tael (buy - sell), unchanged from yesterday morning.
While the price of gold bars remained unchanged, the price of gold rings continued to increase. Specifically, the price of gold rings was listed by Doji at 84.68 - 85.68 million VND/tael, an increase of 160,000 VND/tael for both buying and selling compared to early yesterday morning. This continues to be the highest price in the history of this precious metal.
Gold ring prices hit record high. (Illustration: Labor Newspaper).
+ International gold price
World gold price listed on Kitco is at 2,721.31 USD/Ounce, up 2.72 USD/Ounce compared to yesterday's trading session.
Gold Price Forecast
The World Gold Council (WGC) commented that gold prices will continue to be supported and continue to increase in the coming time when geopolitical tensions escalate and the global economic situation shows no positive signs.
"Gold prices will continue to rise in the long term, partly due to the precarious financial situation of many Western countries," said Ryan McIntyre, an expert at Sprott Asset Management.
Meanwhile, analyst Darin Newsom at Barchart.com also commented that global investors are turning to gold to hedge against risks amid political and economic instability ahead of the upcoming US presidential election.
Experts predict that gold prices will continue to increase, possibly even surpassing the $3,000/ounce mark in the first quarter of 2025. “Supporting factors such as safe-haven demand, geopolitical tensions and low interest rate policies will continue to drive gold prices in the coming time,” experts said.
Source: https://vtcnews.vn/gia-vang-hom-nay-20-october-vang-the-gioi-tiep-tuc-tang-ar902764.html
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