World gold price "stormy", SJC is about to break the peak, people are looking for a place to "shelter from the storm"

Gold prices today, October 12, 2023, hovered near their highest level in more than a week amid a weakening USD. According to experts, the prolonged Israel-Hamas conflict could spur a shift to safe-haven assets such as gold and USD.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 10/12 and EXCHANGE RATE TODAY 10/12

1. PNJ - Updated: 10/11/2023 22:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,400 ▲100K	57,400 ▲100K
HCMC - SJC	69,050 ▲50K	69,750 ▲50K
Hanoi - PNJ	56,400 ▲100K	57,400 ▲100K
Hanoi - SJC	69,050 ▲50K	69,750 ▲50K
Da Nang - PNJ	56,400 ▲100K	57,400 ▲100K
Da Nang - SJC	69,050 ▲50K	69,750 ▲50K
Western Region - PNJ	56,400 ▲100K	57,400 ▲100K
Western Region - SJC	69,300 ▲150K	69,900 ▲150K
Jewelry gold price - PNJ rings (24K)	56,400 ▲100K	57,300 ▲100K
Jewelry Gold Price - 24K Jewelry	56,300 ▲100K	57,100 ▲100K
Jewelry Gold Price - 18K Jewelry	41,580 ▲80K	42,980 ▲80K
Jewelry Gold Price - 14K Jewelry	32,150 ▲50K	33,550 ▲50K
Jewelry Gold Price - 10K Jewelry	22,500 ▲40K	23,900 ▲40K

Domestic gold prices skyrocketed due to conflicts in the Middle East and nearly reached 70,000 VND/tael.

Compared to October 9, the price of SJC gold bars has increased by about 250,000 VND/tael. Compared to about a week ago, the price of SJC gold bars has increased by more than 700,000 VND/tael.

The price of 9999 gold rings also skyrocketed to VND57.35 million/tael (sell) and VND56.35 million/tael (buy), an increase of VND200,000/tael compared to October 9.

In addition to the political instability that some people expect, the price of gold will increase from now until the end of 2023. Therefore, they plan to buy gold to make a profit, in the context of gloomy interest rates and other investment channels.

World gold prices hovered near their highest level in more than a week in the afternoon trading session on October 11, as the US dollar weakened after many US Federal Reserve (Fed) officials said that the recent sharp increase in US government bond yields had reduced the need to continue raising interest rates.

According to TG&VN at 7:00 p.m. on October 11, the world gold price on the Kitco exchange was at 1,871.4 - 1,872.4 USD/ounce, an increase of 11.4 USD compared to the previous trading session.

The dollar fell to a near two-week low against a basket of major currencies, after US government bond yields retreated from their highest levels since 2007 last week.

Minneapolis Fed President Neel Kashkari said it is “likely” that the recent rise in long-term US government bond yields means the Fed does not need to raise interest rates further.

Meanwhile, Atlanta Fed President Raphael Bostic predicted the Fed would stop raising interest rates.

Gold prices have recovered from a recent seven-month low as tensions in the Middle East boosted safe-haven demand, but the metal’s next move will depend on U.S. inflation data due this week.

Giá vàng hôm nay 12/10/2023: Giá vàng thế giới 'dậy sóng', SJC sắp phá đỉnh, người dân tăng dự trữ

Gold price today October 12, 2023: World gold price 'storms', SJC is about to break the peak, people are looking for a place to 'take shelter from the storm'. (Source: Newsweek)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 11:

Saigon Jewelry Company listed the price of SJC gold at 69.2 - 69.92 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.85 - 69.75 million VND/tael.

PNJ system listed at: 69.05 - 69.75 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.12 - 69.73 million VND/tael; Rong Thang Long gold brand is traded at 56.62 - 57.52 million VND/tael; jewelry gold price is traded at 56.20 - 57.30 million VND/tael.

Gold Price Forecast

Gold is often seen as a safe haven in times of global uncertainty. The ongoing Israel-Hamas conflict could spur a move to safe haven assets like gold and the US dollar.

Regarding the Vietnamese market, Mr. Tran Van Dang, General Director of ASEAN Gold and Gemstone Joint Stock Company (AJC) said that over the past 2 months, although world prices have not fluctuated much, the price of SJC gold has still increased from 67 million to 69 million VND/tael.

The price of gold rings was previously lower than the world gold price, but due to the limited supply of raw gold in recent months, purchasing power has improved and the price of this type of gold has increased.

Mr. Dang sees the possibility that the US Federal Reserve will continue to raise and maintain high interest rates for a long time. This could cause the USD to increase in value, thereby putting pressure on the world gold price to go down.

"However, there is a paradox that the price of SJC gold often does not decrease according to the world price. On the contrary, when the international gold price increases sharply when there is an incident in the global political, military, financial market... situation, domestic investors will use the excuse to push the price of SJC gold up, the purpose is to make the market expect the price to increase and encourage people to buy. This is the time when speculators will sell SJC gold to take profit", Mr. Tran Van Dang emphasized.

Source