Gold price increases dramatically, heading towards the 2,000 USD mark, conflict in the Middle East pushes capital to seek shelter, SJC gold follows the trend

Gold price today October 19, 2023, Gold price increased sharply after the airstrike on the hospital in Gaza, prompting investors to seek safe-haven assets. The market witnessed a strong recovery of the precious metal. Gold is likely to reach $2,000/ounce. SJC gold increased in the same direction.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 19 AND EXCHANGE RATE TODAY OCTOBER 19

1. PNJ - Updated: October 18, 2023 21:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,200 ▲300K	58,200 ▲300K
HCMC - SJC	69,650 ▲150K	70,350 ▲150K
Hanoi - PNJ	57,200 ▲300K	58,200 ▲300K
Hanoi - SJC	69,650 ▲150K	70,350 ▲150K
Da Nang - PNJ	57,200 ▲300K	58,200 ▲300K
Da Nang - SJC	69,650 ▲150K	70,350 ▲150K
Western Region - PNJ	57,200 ▲300K	58,200 ▲300K
Western Region - SJC	69,650 ▲350K	70,350 ▲350K
Jewelry gold price - PNJ rings (24K)	57,200 ▲300K	58,100 ▲300K
Jewelry Gold Price - 24K Jewelry	57,000 ▲300K	57,800 ▲300K
Jewelry Gold Price - 18K Jewelry	42,100 ▲220K	43,500 ▲220K
Jewelry Gold Price - 14K Jewelry	32,560 ▲170K	33,960 ▲170K
Jewelry Gold Price - 10K Jewelry	22,800 ▲130K	24,200 ▲130K

Domestic gold prices on the morning of October 18 were listed as increasing by gold and gemstone companies.

In the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.45 - 70.17 million VND/tael (buy - sell), an increase of 150 thousand VND/tael in both buying and selling compared to the previous closing price.

At the same time, DOJI Gold and Gemstone Group listed the price of SJC gold in Hanoi market at 69.25 - 70.15 million VND/tael (buy - sell), keeping the same price in both buying and selling directions compared to the previous closing session.

Phu Quy Gold and Gemstone Group listed the price of SJC gold at 69.35-70.25 million VND/tael (buy - sell), an increase of 100 thousand VND in both buying and selling compared to the previous closing price.

Gold price today October 19, 2023: Gold price increased dramatically, towards the 2,000 USD mark, conflict in the Middle East pushed capital flows to seek shelter, SJC gold followed the trend. (Source: Kitco)

Meanwhile, in Asia, gold futures rose to a one-month high on October 18, after an explosion that killed hundreds of people in the Gaza Strip raised concerns about escalating conflict and maintained the appeal of safe-haven assets.

Spot gold rose 0.8% to $1,938.19 an ounce at 12:01 p.m. (Vietnam time), after rising to its highest level since September 20. US gold futures also rose 0.8% to $1,950.9 an ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of October 18:

Saigon Jewelry Company listed the price of SJC gold at 69.65 - 70.35 million VND/tael.

Doji Group currently lists the price of SJC gold at: 69.35 - 70.25 million VND/tael.

PNJ system listed at: 69.5 - 70.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.62 - 70.23 million VND/tael; Rong Thang Long gold brand is traded at 57.38 - 58.33 million VND/tael; jewelry gold price is traded at 56.85 - 58.05 million VND/tael.

Thus, compared to the early morning of October 18, the price of SJC gold in Hanoi market listed by Saigon Jewelry Company increased by VND200,000/tael for buying and VND180,000/tael for selling.

According to The Gioi & Viet Nam Newspaper , at 7:46 p.m. on October 18 (Vietnam time), the world gold price on Kitco was at 1,945.9 - 1,946.9 USD/ounce, an increase of 23.4 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on October 18, 1 USD = 24,690 VND, the world gold price is equivalent to 57.91 million VND/tael, 12.44 million VND/tael lower than the selling price of SJC gold.

Gold prices skyrocket

World gold prices increased by more than 1% in the trading day of October 18 after an airstrike on a hospital in Gaza killed more than 500 people, raising concerns about an escalation in the conflict in the Middle East and prompting investors to seek safe-haven assets.

Spot gold rose 1.1% to $1,944.90 an ounce at 11:31 GMT, its highest since Sept. 20. U.S. gold futures rose 1.2% to $1,958.90.

“We see the risk of war growing,” said Carlo Alberto De Casa , market analyst at Kinesis Money. “These risks are also reducing the likelihood of the Federal Reserve raising interest rates in the next few meetings. Therefore, we are seeing a strong recovery in gold and silver.”

“If the political scenarios get worse or if central banks send dovish signals to the market, there is a chance that gold will be at $2,000,” added analyst De Casa.

Hundreds of people were killed in an explosion at a hospital in Gaza City on October 17, Palestinian officials said, sparking protests across the Middle East.

Gold, seen as a safe haven in times of political and financial uncertainty, has risen more than $100 since the Middle East conflict erupted despite strong U.S. economic data fueling bets on higher interest rates for longer, which tends to weigh on non-financial investors.

Investors are awaiting a speech by Fed Chairman Jerome Powell on Friday (October 19) for clues on interest rates following recent dovish comments from some US policymakers.

According to the CME FedWatch tool, markets are pricing in about a 90% chance that the Fed will keep interest rates unchanged at its policy meeting next month.

Improved technical indicators are also supporting gold, with prices trading above their 50-, 100- and 200-day moving averages, which are considered bullish for investors who follow technical signals, said StoneX analyst Rhona O'Connell .

Taking cues from gold's move, spot silver rose 1.7% to $23.21, platinum rose 0.6% to $902.38 and palladium fell 1.2% to $1,129.54.

Earlier, OANDA Asia-Pacific market analyst Kelvin Wong said that gold prices increased sharply due to concerns about prolonged conflicts, and the risk of stagnant inflation due to high oil prices.

Meanwhile, market strategist at IG Yeap Jun Rong commented that the risk of escalating conflict could support gold prices at the moment, but the threshold of $1,945/ounce will be difficult to overcome.

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