Gold price today October 22: Despite the stronger USD, gold remains at a high level

The world gold price today is listed on Kitco at 2,719 USD/ounce, down 2 USD/ounce compared to early this morning.

World gold prices today slowed down as the USD and US bond yields recovered. However, gold remained stable at high levels due to concerns about tensions in the Middle East and uncertainties from the US presidential election.

The yield on 10-year Treasury notes rose to a 12-week high, while the US Dollar Index also rose, making gold more expensive for overseas buyers.

Gold's gains are being capped by rising 10-year Treasury yields and a stronger US dollar, but gold is also benefiting from developments ahead of the US election and geopolitical tensions in the Middle East, said Daniel Pavilonis, senior market strategist at RJO Futures.

Gold prices remain high. (Photo: Kitco).

The market is currently waiting for information from the BRICS Summit (including Brazil, Russia, India, China and South Africa) opening in Johannesburg (South Africa) on August 23.

The BRICS summit will impact the US dollar and this will determine the sustainable direction of gold in the future, said Kevin Grady, President of Phoenix Futures and Options.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on October 22, the price of gold bars at Doji and SJC was listed at 86 - 88 million VND/tael (buy - sell), an increase of 2 million VND/tael compared to early this morning.

Meanwhile, the highest listed price of gold rings is 86 - 87 million VND/tael, an increase of 1.3 million VND/tael compared to yesterday. This is the highest price in history.

+ International gold price

The world gold price listed on Kitco is at 2,719 USD/ounce, down 2 USD/ounce compared to early this morning. Gold futures last traded at 2,721 USD/ounce.

Gold Price Forecast

KCM Trade market analyst Tim Waterer said that gold has the potential to hit $2,800 an ounce this year. He noted that the upside in gold is likely to be limited by profit-taking pressure. However, he said that buyers will wait on the sidelines for a better opportunity to enter if there is any pullback.

According to CME's FedWatch tool, US inflation has been contained, the market is expecting a 92.2% chance that the Fed will cut 25 basis points and a 7.8% chance that it will keep interest rates unchanged at the November 7 meeting.

Many experts predict that interest rates will decrease and gold is ready to conquer new milestones. Gold prices are predicted to reach $3,000/ounce in the first quarter of 2025.

Jim Wyckoff, senior analyst at Kitco, also commented that the gold uptrend continues when looking at geopolitical and technical factors.

Ngoc Vy

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