LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 16 AND EXCHANGE RATE TODAY OCTOBER 16
| 1. PNJ - Updated: October 16, 2023 00:30 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 57,200 | 58,200 |
| HCMC - SJC | 69,800 | 71,000 |
| Hanoi - PNJ | 57,200 | 58,200 |
| Hanoi - SJC | 69,800 | 71,000 |
| Da Nang - PNJ | 57,200 | 58,200 |
| Da Nang - SJC | 69,800 | 71,000 |
| Western Region - PNJ | 57,200 | 58,200 |
| Western Region - SJC | 69,700 | 70,700 |
| Jewelry gold price - PNJ rings (24K) | 57,200 | 58,100 |
| Jewelry Gold Price - 24K Jewelry | 57,000 | 57,800 |
| Jewelry Gold Price - 18K Jewelry | 42,100 | 43,500 |
| Jewelry Gold Price - 14K Jewelry | 32,560 | 33,960 |
| Jewelry Gold Price - 10K Jewelry | 22,800 | 24,200 |
Domestic gold prices recorded a rapid increase and surpassed the peak of more than 1 year. At the end of this week's trading session (October 14), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.8 - 71.0 million VND/tael (buy - sell).
Thus, compared to the first trading session of the week on October 9 (at 68.8 - 69.52 million VND/tael (buy - sell), the price of SJC gold in the Hanoi market increased sharply by 1 million VND/tael in the buying direction and increased by 1.48 million VND/tael in the selling direction.
World gold prices witnessed their strongest performance since early spring this week. The precious metal rebounded to an important threshold, above = 1,990 USD/ounce and closed last week at a 3-week high.
With the US Federal Reserve (Fed) nearing the end of its tightening cycle, the drag that monetary policy has exerted on gold for most of 2023 is starting to wane, giving the market a chance to resume its activity.
The precious metal saw significant gains late in the week due to growing safe-haven demand as Israel intensifies its war with Hamas and the Russia-Ukraine crisis escalates.
According to TG&VN , the world gold price closed the trading week (ending October 13) on Kitco floor at 1,933.5 USD/ounce.
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| Gold price today October 16, 2023: Gold price will have more strength, the market 'attracts' new investors, what is the destination? (Source: Reuters) |
Summary of SJC gold prices at major domestic trading brands at the closing time of October 15:
Saigon Jewelry Company listed the price of SJC gold at 69.8 - 71.0 million VND/tael.
Doji Group currently lists SJC gold price at: 69.6 - 71.0 million VND/tael.
PNJ system listed at: 69.8 - 71.0 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 69.85 - 70.95 million VND/tael; Rong Thang Long gold brand is traded at 56.98 - 57.98 million VND/tael; jewelry gold price is traded at 56.65 - 57.75 million VND/tael.
Converted according to the USD price at Vietcombank on October 14, 1 USD = 24,615 VND, the world gold price is equivalent to 57.34 million VND/tael, 13.66 million VND/tael lower than the selling price of SJC gold.
Will gold prices continue to rise this week?
The latest Kitco News weekly gold survey shows that market analysts and retail investors are broadly in agreement on the precious metal’s bullish outlook this week.
John Weyer, director of commercial hedging at Walsh Trading, said that last week's strong price increase showed that all attention is on gold.
“I question whether investors who are investing in gold now are going to be in the market for the long term. Events like the conflict in Israel have created a risky safe-haven play for the precious metal. Gold could sell off if things remain stable and the conflict in Israel does not escalate further.”
Colin Cieszynski, chief market strategist at SIA Wealth Management, is also bullish on gold next week. He said it appears that U.S. Treasury yields and the dollar have paused their rally for now. Meanwhile, rising tensions in Israel could see renewed interest in the precious metal.
James Stanley, senior market strategist at Forex.com, sees further strength in the precious metal this week. “Gold has performed strongly this week even as the strength of the US dollar has returned,” he said.
This week, 14 Wall Street analysts participated in the Kitco News Gold Survey. Ten experts, or 72%, see higher gold prices next week. Two analysts, or 14%, see lower prices. Meanwhile, two others are neutral on gold next week.
595 votes were cast in Main Street’s online poll. Of those, 431 retail investors, or 72 percent, expect gold to rise next week. Another 106, or 18 percent, predict lower prices. And just 58 respondents, or less than 1 percent, were neutral on the precious metal’s near-term outlook.
This week is a relatively quiet one on the data front. The most important report next week is US retail sales for September. Economists say the weak consumer spending will focus more on slowing economic growth, which will make it harder for the central bank to raise interest rates next month.
Another important highlight was the message from Fed Chairman Jerome Powell's speech at the Economic Club of New York on October 19.
The yellow metal has had its best week yet, according to Marc Chandler, CEO at Bannockburn Global Forex.
“The next target is $1,950 an ounce. I suspect a series of US data in the coming days could push interest rates and the dollar lower, helping to lift gold prices,” Chandler said.
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