Gold ring price increases "skyrocketing", the world reaches a new record, there are many reasons to buy precious metals

Gold price today, October 24, 2024, on the world market continued to increase strongly, recording a new peak; domestic gold rings "closely chased" SJC gold bars. Experts commented that market participants do not want to sell in an environment with strong growth like today.

Update gold price today 10/24/2024

World gold prices continued to rise sharply, recording a new peak as conflicts in the Middle East and instability surrounding the upcoming US election boosted demand for safe-haven assets such as gold.

Gold has long been considered a safe haven, amid economic and geopolitical uncertainty.

Additionally, traders are pricing in an 89% chance that the Federal Reserve will cut interest rates by 0.25 percentage points at its November meeting, according to CME's FedWatch tool. Lower interest rates would increase the appeal of gold, which is a non-yielding asset.

According to the World and Vietnam Newspaper at 6:30 p.m. on October 23, the world gold price on the Kitco exchange was at 2,751.2 - 2,752.2 USD/ounce.

Domestic gold prices recorded that gold rings continued to increase sharply, equal to the price of SJC gold bars.

At the end of the afternoon of October 23, Saigon Jewelry Company listed the price of gold rings of type 1-5 at only 87 million VND/tael (buy) - 88.5 million VND/tael (sell), an increase of 700,000 VND/tael (buy) and 900,000 VND/tael (sell) compared to the morning of the same day.

87.48 million VND/tael (buy) - 88.98 million VND/tael (sell) is the price listed by Bao Tin Minh Chau Company Limited for plain round gold rings, increasing by 1 million VND/tael each way.

In the past week alone, the price of plain round gold rings has increased by nearly 5 million VND/tael. If we count the past month, this item has been adjusted to increase by 8.5 million VND/tael.

Subtracting the difference between buying and selling prices listed by trading units, the profit after one week of buying plain gold rings at DOJI and Bao Tin Minh Chau is 4.15 million VND and 3.65 million VND/tael, respectively.

Meanwhile, the price of SJC gold bars remained unchanged, set by businesses at 87 million VND/tael (buy) - 89 million VND/tael (sell).

Gold price today October 24, 2024: Gold ring price increases 'skyrocketingly', the world reaches a new record, there are many reasons to buy precious metals. (Source: Reuters)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of trading session on October 23:

Saigon Jewelry Company: SJC gold bars 87 - 89 million VND/tael.

Doji Group: SJC gold bars 87 - 89 million VND/tael.

PNJ system: SJC gold bars 87 - 89 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 87 - 89 million VND/tael.

The market is still underinvested in gold

Even as central bank buying appears to be easing, the news surrounding the U.S. presidential election could amplify safe-haven demand for precious metals, said Daniel Ghali, senior commodity strategist at TD Securities.

This expert commented that some dynamics in the gold market are changing, however, there is still a lot of room for gold prices to increase. Geopolitical instability will support gold prices to rise to record levels.

“In the medium term, there is a significant inflow into gold. According to our analysis, some investors are holding a very large amount of gold compared to history. I think the gold market is telling us that there is a lot of anxiety around the upcoming US election season,” he said.

This expert noticed that market participants do not want to sell in a bullish environment like the current one.

There are currently many factors supporting the precious metal to reach record highs such as: Geopolitical instability, especially in the Middle East. The US Federal Reserve (FED) has just entered a easing cycle...

In particular, Mr. Ghali said, central banks have been a key component in gold's record rally.

Meanwhile, Ms. Joni Teves, precious metals strategist at UBS Bank, commented that the future of gold after surpassing the threshold of 2,700 USD/ounce is very open.

“We remain bullish on gold. We think the outlook is quite positive going into next year. The Fed’s monetary easing continues to be supportive of the precious metal. Central bank buying will continue and that will also help gold prices rise rapidly,” she said.

UBS also believes that investors still have room to build gold positions. "Overall, we believe that the market remains underinvested in gold and therefore there is room to build further allocations," she said.

Source: https://baoquocte.vn/gia-vang-hom-nay-24102024-gia-vang-nhan-tang-vun-vut-the-gioi-dat-ky-luc-moi-co-rat-nhieu-ly-do-de-mua-kim-loai-quy-291093.html