Gold price today October 29, 2023, Gold price increases, Israel-Hamas war and debt crisis may push precious metal price to record level, SJC repeats miracle

Gold price today October 29, 2023, gold price increased, reaching an important milestone in the context of the escalating Israel-Hamas conflict and the market waiting for the Fed's interest rate decision. The US debt crisis can also benefit precious metals. SJC gold increased slightly.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 29 AND EXCHANGE RATE TODAY OCTOBER 29

1. PNJ - Updated: October 28, 2023 11:00 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,700 ▲400K	59,950 ▲550K
HCMC - SJC	70,100	71,000 ▲100K
Hanoi - PNJ	58,700 ▲400K	59,950 ▲550K
Hanoi - SJC	70,100	71,000 ▲100K
Da Nang - PNJ	58,700 ▲400K	59,950 ▲550K
Da Nang - SJC	70,100	71,000 ▲100K
Western Region - PNJ	58,700 ▲400K	59,950 ▲550K
Western Region - SJC	70,000 ▲500K	70,900 ▲250K
Jewelry gold price - PNJ rings (24K)	58,700 ▲400K	59,900 ▲550K
Jewelry Gold Price - 24K Jewelry	58,600 ▲400K	59,400 ▲400K
Jewelry Gold Price - 18K Jewelry	43,300 ▲300K	44,700 ▲300K
Jewelry Gold Price - 14K Jewelry	33,500 ▲230K	34,900 ▲230K
Jewelry Gold Price - 10K Jewelry	23,460 ▲170K	24,860 ▲170K

Domestic gold price last week reached 71 million VND/tael.

On the morning of October 23, in Hanoi market, Saigon Jewelry Company listed SJC gold price in Hanoi market at 70.05-70.77 million VND/tael (buy - sell), down 200 thousand VND/tael in buying price and down 300 thousand VND in selling price compared to the previous closing price.

By the session of October 24, the domestic gold price had slipped below the important mark of 71 million VND/tael. In the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 70 - 70.72 million VND/tael (buy - sell), down 100 thousand VND/tael in both buying and selling compared to the previous session.

On October 27, Saigon Jewelry Company listed the price of SJC gold at 70.05 - 70.77 million VND/tael (buy - sell), unchanged in both buying and selling prices compared to the previous session's close.

At the close of trading this week (October 28), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 70.15 - 70.95 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on October 23 (at 70.05-70.77 million VND/tael (buy - sell), the price of SJC gold in the Hanoi market increased by 100,000 VND/tael for buying and increased by 180,000 VND/tael for selling.

At the end of the week, domestic gold prices once again "conquered" the threshold of 71 million VND/tael on the last trading day of the week (October 28) when businesses simultaneously increased trading prices.

Gold price today October 29, 2023, Gold price increases, Israel-Hamas war and debt crisis may push precious metal price to record level, SJC repeats miracle. (Source: Shutterstock)

World gold prices surpassed $2,000/ounce in the session on October 27, as escalating conflicts in the Middle East prompted safe-haven buying, while investors awaited the US Federal Reserve's monetary policy meeting next week.

Spot gold rose 1.2% to $2,009.19 an ounce, its highest since mid-May 2023, and was up 1.4% for the week. U.S. gold futures rose 0.1% to $1,998.50 an ounce.

Gold prices have risen about 8%, or more than $140, since the Middle East conflict broke out on October 7.

According to the World & Vietnam Newspaper, the world gold price closed the trading week (October 27) on the Kitco floor at 2,006.6 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of October 28:

Saigon Jewelry Company listed the price of SJC gold at 70.15 - 70.95 million VND/tael.

Doji Group currently lists SJC gold price at: 70.1 - 71.0 million VND/tael.

PNJ system listed at: 70.1 - 71.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 70.2 - 70.97 million VND/tael; Rong Thang Long gold brand is traded at 58.78 - 59.73 million VND/tael; jewelry gold price is traded at 58.35 - 59.55 million VND/tael.

Converted according to the USD price at Vietcombank on October 28, 1 USD = 24,730 VND, the world gold price is equivalent to 59.78 million VND/tael, 11.17 million VND/tael lower than the selling price of SJC gold.

Investors need to keep an eye on the Fed's moves

Investors and traders should keep an eye on gold's $2,000/ounce level next week as the market adjusts to further volatility created by the Fed's more hawkish monetary policy stance for longer than expected, according to some analysts.

According to the CME FedWatch Tool, the market sees a nearly 100% chance that the Fed will keep interest rates unchanged at 5.25% to 5.50%. At the same time, the agency is expected to maintain tight monetary policy in the near future.

The Fed's hawkish stance continues to keep investors away from buying gold-backed exchange-traded products, said Ole Hansen, head of commodity strategy at Saxo Bank.

A close above $2,000 an ounce could signal progress toward the record closing high of $2,050 an ounce reached between March 2022 and May this year, the expert said.

However, all predictions will come true if the Fed makes a move to change its hawkish stance.

Despite some lingering effects, the US central bank's monetary policies have less impact on gold as geopolitical uncertainty and debt concerns will support safe-haven demand in the near term, analysts noted.

The bullish outlook for the precious metal comes as prices ended the week in relatively neutral territory, holding most of the gains made over the past two weeks.

One of the biggest drivers for gold remains geopolitical uncertainty as the ongoing war between Israel and Hamas continues to stoke tensions in the Middle East.

In that context, despite rising Treasury yields and a stronger US dollar, gold prices still rose as investors worried, seeking peace of mind in the last refuge.

Meanwhile, some analysts say gold could withstand higher bond yields as investors begin to focus on the impact of the looming US debt crisis.

There is a growing threat that bond yields may fall out of step with the Fed's monetary policy stance as investors demand higher premiums due to the growing national deficit, while the 10-year bond yield at 5% continues to weigh on US credit, holding back growth, according to some analysts.

The market could be sensitive to next week's quarterly repayment statement from the US Treasury, said Edward Moya , senior North American market analyst at OANDA.

“Is the Treasury going to have to issue more bonds than expected in Q4? We don’t know where the demand will come from as there’s more supply coming into the market. There are catalysts that could cause major problems in the bond market, which could be positive for gold,” he said.

While the Fed is expected to maintain tight control over interest rates, it could also open the door to buying bonds on its own to keep yields stable and provide liquidity to financial markets.

Yields may not be high enough for this scenario, but that may be what investors are preparing for and are buying gold in anticipation of, Mr. Moya said.

While the Fed's interest rate decision will be the main economic event next week, investors will also be paying attention to monetary policy decisions from the Bank of England and the Bank of Japan.

This will also be an important week for the US labor market, with the release of the October non-farm payrolls report on November 3.

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