Gold price on October 18, 2024: Gold rings hit historic peak

DNVN - In the trading session on October 18, 2024, the price of gold rings continued to increase sharply with the highest increase of up to 410,000 VND, pushing the price of gold rings far beyond the threshold of 84 million VND/tael, setting a record price.

Gold rings skyrocket

While the price of gold bars remains stable, gold rings have witnessed a significant increase. Currently, the gold prices from major brands are listed specifically as follows:

SJC gold bars are being sold by major banks such as Agribank , BIDV, Vietcombank, VietinBank and gold and gemstone companies at 86 million VND/tael, while the buying price is at 84 million VND/tael.

For ring gold, the listed price of SJC 9999 gold is 83.1 million VND/tael for buying and 84.3 million VND/tael for selling, an increase of 500,000 VND for buying and 400,000 VND for selling.

In Hanoi and Ho Chi Minh City, DOJI adjusted the price up by VND400,000 in both directions, with the buying price reaching VND83.75 million/tael and the selling price at VND84.75 million/tael.

PNJ gold rings also increased by 300,000 VND, with listed buying and selling prices of 83.45 million VND/tael and 84.45 million VND/tael, respectively.

Bao Tin Minh Chau listed the price of plain round rings at 83.74 million VND/tael for buying and 84.74 million VND/tael for selling, an increase of 410,000 VND in both directions compared to the trading session early yesterday morning.

Phu Quy SJC is currently buying gold rings at 83.55 million VND/tael and selling at 84.55 million VND/tael, an increase of 350,000 VND in both buying and selling.

Gold price on world market

According to Kitco, at 5 a.m. this morning, Vietnam time, the world spot gold price reached 2,692.94 USD/ounce, up 0.42% compared to the previous session. Converted according to the USD exchange rate on the free market (25,360 VND/USD), the world gold price is about 83.11 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is currently about 2.88 million VND/tael higher than the world gold price.

Gold prices surged to an all-time high today as uncertainty surrounding the US presidential election and conflict in the Middle East sent investors rushing to seek safe-haven assets. A loose monetary policy environment also helped push gold prices higher.

Gold prices have surged more than 30% this year, surpassing previous records, on expectations that the Federal Reserve will continue to cut interest rates after cutting them by half a percentage point last month, along with global geopolitical uncertainties.

In addition to tensions in the Middle East, the upcoming U.S. election is also a major concern, according to Nitesh Shah, commodity strategist at WisdomTree. "This election looks like it's going to be a very tense one, and in times like these, gold is often a safe haven for investors," Shah said.

Gold prices are expected to rise to $2,941 an ounce within the next 12 months, according to forecasts from delegates at the London Bullion Market Association's annual meeting earlier this week.

"The LBMA poll released in Miami earlier this week predicted gold could hit close to $3,000 next year, with silver even higher. That's what's drawing investor interest," said Ole Hansen, head of commodity strategy at Saxo Bank.

According to CME's FedWatch tool, after last week's positive jobs report, the market is now pricing in an 88.8% chance that the Fed will cut interest rates by another 25 basis points at its meeting on November 7, and only 11.2% expect rates to remain unchanged.

Expert Peter A. Grant predicts that gold will continue to receive support from positive factors, with the possibility that this precious metal will reach nearly $3,000/ounce in the first quarter of 2025.

Many experts also believe that the European Central Bank (ECB) is likely to continue cutting interest rates, leading to predictions that the Bank of England (BoE) may also take similar action at its meeting next month, contributing to creating a positive signal for gold prices.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-18-10-2024-vang-nhan-lap-dinh-lich-su/20241018075717195