Gold price is "sparkling", becoming the most profitable investment channel, stop waiting, buy now!

Gold price today October 21, 2024 maintains a stable and sustainable increase, maintaining a historical high in the world market.

Update gold price today October 21, 2024

Domestic gold prices surged last weekend, SJC gold bars were being sold by Agribank , BIDV, Vietcombank, VietinBank and gold and gemstone companies at VND86 million/tael. On the buying side, the gold prices of brands were listed at VND84 million/tael.

For gold rings, in the last trading session of the week, the price of SJC 9999 gold was listed at 84 million VND/tael for buying and 85.3 million VND/tael for selling, an increase of 150,000 VND for buying and 350,000 VND for selling.

Similarly, DOJI in Hanoi and Ho Chi Minh City markets adjusted the buying and selling prices up by VND150,000 to VND84.7 million/tael and VND85.7 million/tael. The buying and selling prices of PNJ brand gold rings are listed at VND84.7 million/tael and VND85.7 million/tael, up VND200,000 for buying and VND160,000 for selling.

Bao Tin Minh Chau listed the price of plain round rings at 84.68 million VND/tael for buying and 85.68 million VND/tael for selling, an increase of 160,000 VND in both directions compared to early this morning. Phu Quy SJC is buying gold rings at 84.85 million VND/tael and selling at 85.85 million VND/tael.

The world gold price recorded one of the strongest and most stable price increases of the year. The precious metal maintained a steady increase in most trading sessions of the week and conquered a new record as investors flocked to gold to protect their assets in the context of instability.

While it is unclear exactly which factors have had the biggest impact on gold's rally over the past week, most experts say that gold is clearly being supported by geopolitical factors, economic growth, changes in central bank policy, and developments surrounding the US election.

Many opinions say that the rise of this precious metal has just begun and the $3,000/ounce mark is ahead.

At the end of last week's session, the world gold price on Kitco News was at 2,720.8 - 2,721.8 USD/ounce.

Gold is one of the best performing commodities in 2024, experts say. The precious metal has gained more than 30% so far this year, buoyed by optimism about interest rate cuts, central bank buying and strong Asian demand.

Gold price today October 21, 2024: Gold price 'sparkles', becomes the most profitable investment channel, stop waiting, buy now!. (Source: CNBC)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of October 20:

Saigon Jewelry Company SJC: SJC gold bars 84 - 86 million VND/tael; SJC gold rings 84 - 85.3 million VND/tael.

Doji Group: SJC gold bars 84 - 86 million VND/tael; 9999 round rings (Hung Thinh Vuong) 84.7 - 85.7 million VND/tael.

PNJ system: SJC gold bars 84 - 86 million VND/tael; PNJ 999.9 plain gold rings at 84.7 - 85.7 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 84.2 - 86 million VND/tael; Phu Quy 999.9 round gold rings: 84.85 - 85.85 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 84 - 86 million VND/tael; plain gold rings are traded at 84.68 - 85.68 million VND/tael.

"Looking at the chart, gold prices always seem to increase"

Last week, 16 analysts participated in the Kitco News gold survey. Fifteen of the 16 experts said they expected gold prices to go higher. Only one investor was neutral on the short-term outlook for gold. None predicted that prices would fall in the near term.

Meanwhile, 159 votes were cast in an online poll. The majority of Main Street investors expect gold prices to rise again. 115 traders predict gold prices will rise next week, while only 27 see the precious metal falling. The remaining 17 predict prices will be flat next week.

"I am bullish on gold next week," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

“The current rally seems relentless despite the absence of any significant events. The most important thing for gold is that it is driven by a general appreciation of all currencies, not just the US dollar. Last week’s surge was sparked by the European Central Bank’s rate cut,” he said.

Meanwhile, Mr. Rich Checkan, President of Asset Strategies International, expressed optimism about the future of gold, saying that this rally is just beginning. Investors should stop waiting and join now.

There are few options for investors, Mr. Checkan said. Interest rates and bonds are falling, and the stock market is not as attractive as gold.

“Just looking at the chart, gold prices are always going up,” he said.

Jesse Colombo, an independent precious metals analyst, said the gold market is just getting started and retail investors have not fully joined in. Gold prices closed firmly above $2,700 an ounce and are heading towards the $3,000 an ounce mark.

Recently, ING experts also warned that safe-haven demand amid rising geopolitical risks and uncertainty ahead of the US election in November has supported the record price increase of gold this year.

"We believe that the macro picture combined with safe-haven demand amid escalating tensions in the Middle East will push gold to new highs," ING experts stressed.

However, despite operating in a favorable environment, many opinions are concerned that investors rushing into gold could create a bubble in the market, which could pose risks to this precious metal.

If anything impacts investor sentiment, a sharp sell-off will be triggered and gold prices could fall sharply.

Source: https://baoquocte.vn/gia-vang-hom-nay-21102024-gia-vang-lap-lanh-tro-thanh-kenh-dau-tu-hoi-nhat-ngung-cho-doi-hay-mua-ngay-290737.html