Gold prices soar, with 'nothing but blue skies' ahead, boosted by the BRICS summit, gold rings surge.

Gold prices today, October 20, 2024, surged amid geopolitical changes and developments in the Middle East. Analysts expect the BRICS summit to boost the price of the precious metal. Prices of gold rings and SJC gold have also skyrocketed.

Gold price update for today, October 20, 2024

Domestic gold prices surged last week.

On Monday morning, October 14th, the prices of SJC gold rings and gold bars in Vietnam remained unchanged.

Specifically, Saigon Jewelry Company (SJC) and DOJI Gold and Jewelry Group announced the price of SJC gold bars at 82.5 - 84.5 million VND/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the previous closing session.

Meanwhile, the price of gold rings also remained unchanged. DOJI Gold and Gemstone Group listed the price of gold rings at 82.55 - 83.45 million VND/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the previous closing session.

By the morning of October 16th, while gold prices on the world market had slightly decreased, the price of SJC gold bars surged to 86 million VND/ounce. Specifically, Saigon Jewelry Company (SJC) and DOJI Gold and Gemstone Group announced the price of SJC gold bars at 84-86 million VND/ounce (buying price - selling price), an increase of 1 million VND/ounce in both buying and selling prices compared to the previous closing session.

However, the price of gold rings remained unchanged. DOJI Gold and Gemstone Group listed the price of gold rings at 82.95 - 83.85 million VND/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the closing price of the previous day.

As of October 18th, the price of SJC gold bars listed on the market and at some major gold, silver and gemstone businesses such as Bao Tin Minh Chau Co., Ltd., DOJI Gold, Silver and Gemstone Group and Saigon Gold, Silver and Gemstone Company Limited (SJC) is set at 84 million - 86 million VND/ounce (buying price - selling price), unchanged from the previous day.

Meanwhile, the price of gold rings fluctuated, increasing by approximately 500,000 VND/ounce compared to the previous day's closing price. Specifically, the selling price of Bao Tin Minh Chau gold rings was 83.98-84.98 million VND/ounce. Hung Thinh Vuong gold rings from DOJI Group were slightly higher at 84-85 million VND/ounce (buying price - selling price).

Gold prices today, October 20, 2024. (Source: Kitco News)

Summary of SJC gold bar and gold ring prices at major domestic gold trading brands at the close of trading on October 19th:

Saigon Jewelry Company (SJC): SJC gold bars 84 – 86 million VND/ounce; SJC gold rings 84 – 85.3 million VND/ounce.

Doji Group: SJC gold bars 84 – 86 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 84.7 – 85.7 million VND/ounce.

PNJ system: SJC gold bars are priced at 84-86 million VND/ounce; PNJ 999.9 plain gold rings are priced at 84.7-85.7 million VND/ounce.

Phu Quy Gold and Silver Group: SJC gold bars: 84.2 – 86 million VND/ounce; Phu Quy 999.9 round gold rings: 84.85 – 85.85 million VND/ounce.

At Bao Tin Minh Chau, SJC gold prices are listed at 84-86 million VND/ounce; plain gold rings are traded at 84.68-85.68 million VND/ounce.

Thus, compared to the beginning of the week on October 14th, the price of gold bars listed by DOJI Group increased by 1.5 million VND/ounce in both buying and selling prices; meanwhile, the price of gold rings increased by 2.15 million VND/ounce in the buying price and 2.25 million VND/ounce in the selling price.

According to the World and Vietnam Newspaper , at 4:20 PM on October 19th (Vietnam time), the world gold price at goldprice.org was 2,721.41 USD/ounce, an increase of 27.65 USD/ounce compared to the previous trading session.

Based on the USD exchange rate at Vietcombank on October 19th, 1 USD = 25,340 VND, the world gold price is equivalent to 83.08 million VND per tael.

World gold prices surpass all previous highs.

Global gold prices surged past a historical high of $2,700 per ounce in the final trading session of the week on October 18, driven by escalating tensions in the Middle East, uncertainty surrounding the US presidential election, and expectations of monetary policy easing.

At the close of trading, spot gold prices rose 1% to $2,720.05 per ounce, registering a 2.4% gain for the week. Meanwhile, US gold futures rose 0.8% to $2,730 per ounce.

Given the developments of the past week, it's no surprise that market participants see nothing but bright prospects for gold.

Kitco News ' latest weekly gold survey shows industry experts are largely in agreement on a bullish outlook for gold, while retail sentiment has also turned optimistic after three consecutive weeks of declining confidence in the precious metal's momentum.

Colin Cieszynski , chief market strategist at SIA Wealth Management, said: "I'm optimistic about gold next week. The current rally looks like it's going to continue... The most important thing for gold is that this rally is being driven by overall appreciation against all currencies, not just the USD. In this week's case, the rally has been driven by the European Central Bank's (ECB) interest rate cut."

Marc Chandler , managing director at Bannockburn Global Forex, said that overall, gold still has upward momentum.

"Gold reached a new high before the weekend near $2,717 per ounce. The most recent price surge coincided with a stronger US dollar and higher US interest rates," he said. "Tensions in the Middle East remain high and the upcoming BRICS summit highlights central bank demand for the precious metal."

"Upward trend," said Darin Newsom , senior market analyst at Barchart.com. "Global investors should continue to hedge against potential instability and chaos ahead of the U.S. presidential election. Once again, there are global players who are increasingly desperate to bring about political change."

"Higher," said Adam Button , Director of Currency Strategy at Forexlive.com. "This upward momentum is impressive. There's no need to fight it."

“Upward trend,” agrees James Stanley , senior market strategist at Forex.com. “There is currently little reason to doubt this trend, especially after the buyers have consistently shown impressive upward momentum, even as the USD strengthens.”

“The trend continues, especially with the upcoming BRICS meeting,” said Mark Leibovit of VR Metals/Resource Letter.

Sean Lusk , co-director of commercial hedging at Walsh Trading, wonders what could stop the upward trend in gold prices.

“You’re going to see an energy crash this week, that doesn’t matter,” he said. “You have the recent rise in the dollar, that doesn’t matter, right? I mean, it doesn’t matter at all. Stocks don’t matter, whether the bond market does or not, that doesn’t matter either.”

This week, 16 analysts participating in Kitco News' Gold Survey were very optimistic about the upward trend. Fifteen of the 16 experts, representing 94% of those surveyed, believe gold prices will rise further next week, while the single remaining analyst, representing 6%, remained neutral on the short-term outlook for gold. None of them considered predicting a decline in gold prices to be wise.

Meanwhile, 159 votes were cast in Kitco's online poll. 115 retail traders, or 72%, predicted gold prices would rise next week, while only 27, or 17%, predicted the price of the precious metal would fall. The remaining 17, or 11%, believed prices would trend sideways next week.

Kevin Grady , President of Phoenix Futures and Options, said what gold is doing is consistent with the overall supportive environment that has formed in recent months.

“I think interest rates will fall and gold is poised for higher numbers,” he said. “I think you’ll see higher prices and a test of $3,000 an ounce in the first quarter of next year.”

Grady also expects the BRICS summit next week to act as a short-term driver for gold prices, as their announcements are likely to harm the dollar and boost the precious metal.

Source: https://baoquocte.vn/gia-vang-hom-nay-20102024-gia-vang-tang-vun-vut-khong-gi-ngoai-bau-troi-xanh-phia-truoc-cu-day-tu-thuong-dinh-brics-vang-nhan-but-pha-290645.html