Will Gold Prices "Turn Around" After the Surge? Investors Are Confident

Gold prices today, October 23, 2023, continue to rise amid ongoing conflicts in the Middle East. According to Kitco News, the precious metal is trading close to the $2,000/ounce mark and an all-time high seems to be in the near future.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 23 AND EXCHANGE RATE TODAY OCTOBER 23

1. PNJ - Updated: October 23, 2023 00:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	58,100	59,300
HCMC - SJC	70,200	71,100
Hanoi - PNJ	58,100	59,300
Hanoi - SJC	70,200	71,100
Da Nang - PNJ	58,100	59,300
Da Nang - SJC	70,200	71,100
Western Region - PNJ	58,100	59,300
Western Region - SJC	70,350	71,050
Jewelry gold price - PNJ rings (24K)	58,100	59,200
Jewelry Gold Price - 24K Jewelry	58,000	58,800
Jewelry Gold Price - 18K Jewelry	42,850	44,250
Jewelry Gold Price - 14K Jewelry	33,150	34,550
Jewelry Gold Price - 10K Jewelry	23,210	24,610

Domestic gold prices hit a historic peak and buying demand also increased. Recorded at Saigon Jewelry Company, buying was 70.2 million VND/tael, selling was 71.1 million VND/tael, an increase of 50,000 VND/tael compared to yesterday. Compared to the end of last week, SJC gold prices increased by 100,000 VND/tael and reached the highest level in history.

Similarly, the price of gold jewelry and gold rings of all kinds was traded at around 58.1 million VND/tael for buying and 59.2 million VND/tael for selling. Compared to the end of last week, the price of gold rings and gold jewelry increased by 100,000 VND/tael. Compared to the beginning of October, SJC gold rings with 4 numbers 9 increased by more than 1 million VND and reached a historical peak. The difference between the buying and selling price of SJC gold rings is still maintained at 1 million VND/tael.

The world gold price closed the trading session of the week listed on Kitco at 1,981.2 USD/ounce, up 48.7 USD/ounce compared to the closing price of the previous trading session.

Precious metals surged as the conflict between Hamas and Israel worsened. Investors’ worries even pushed gold prices higher despite US government bond yields hitting a 16-year high.

After Federal Reserve Chairman Jerome Powell spoke at the Economic Club of New York last weekend, many investors predicted the US central bank would continue to tighten monetary policy. That pushed the yield on the 10-year Treasury note above 5% for the first time.

At the current price, the world gold price converted to VND (including tax and processing fee) differs from the domestic SJC gold price by about 11.72 million VND/tael.

Gold price today October 23, 2023: Will gold price 'turn around' after a sudden increase? Investors are confident (Source: Twitter)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 21:

Saigon Jewelry Company listed the price of SJC gold at 70.25 - 71.07 million VND/tael.

Doji Group currently lists SJC gold price at: 70.30 - 71.10 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 70.15 - 71.00 million VND/tael.

PNJ system listed at: 70.20 - 71.10 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 70.25 - 70.95 million VND/tael; Rong Thang Long gold brand is traded at 57.83 - 58.83 million VND/tael; jewelry gold price is traded at 57.50 - 58.70 million VND/tael.

All-time high not far away?

Gold continued its strong rally last week amid ongoing conflict in the Middle East. The precious metal traded close to $2,000 an ounce and an all-time high seemed to be in the near future.

The latest Kitco News weekly gold survey shows that retail investors remain bullish on the precious metal, while market analysts expect a turnaround after this two-week surge.

Ole Hansen, head of commodity strategy at Saxo Bank, believes that gold prices will fall this week, "not because the bullish momentum has disappeared but because the market needs to consolidate with the resistance level of $ 1,985 / ounce".

Precious metals prices will continue to be driven by geopolitics, said Daniel Pavilonis, senior commodities broker at RJO Futures.

“If nothing dramatic happens, gold will pull back and test recent support levels,” the expert predicted. “Central banks will also be watching the gold market and they are not happy to see the precious metal rally. We will see more geopolitical volatility in the Middle East and I think that will support the precious metal.”

Darin Newsom, senior market analyst at Barchart.com, agrees, and sees more gains for gold this week. “Right now, it appears the investment side of the market continues to view gold as a safe haven amid the uncertainties in the Middle East,” he said.

According to Adam Button, chief currency strategist at Forexlive.com, gold and oil are still sensitive to new developments in the conflict in the Middle East.

“For any instability in the Middle East, there is always an increase in the price of gold, oil and the US dollar. So far, these commodities have performed according to the script,” he said.

Last week, 13 Wall Street analysts participated in the Kitco News gold survey. Four analysts, or 31%, expected higher gold prices this week. Six analysts, or 46%, predicted lower prices, and three experts, or 23%, were neutral on the precious metal for the coming week.

Meanwhile, 105 votes were cast in a poll of retail investors, with 72 retail investors, or 69 percent, expecting gold to rise next week. Another 20, or 19 percent, predicted lower prices, and 13, or 12 percent, were neutral on the precious metal.

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