World gold price faces short-term "headwind", investors' opportunity has come!

Gold prices today, October 10, 2024, maintained a downward trend in the world market as the USD increased in strength. Experts see the strength of the USD as a short-term "headwind" at this time, preventing a new all-time high for gold.

[WIDGET_GOLD_RATE:::SJC:]

Update gold price today 10/10/2024

Domestic gold price recorded a sharp decrease in gold rings, SJC recorded no new fluctuations - closing at 9/10.

Currently, businesses mainly trade SJC gold bars at 83 - 85 million VND/tael (buy - sell). 4 state-owned banks (BIDV, Agribank , VietinBank, Vietcombank) continue to list the selling price of SJC gold bars to people at 85 million VND/tael.

Saigon Jewelry Company (SJC) announced the selling price of gold rings at 81.8 - 83.1 million VND/tael (buy - sell), down 200 thousand VND/tael in both buying and selling compared to yesterday's closing price.

DOJI Group, Phu Quy Group, and Bao Tin Minh Chau also adjusted the price of gold rings down. The reduction ranged from 200,000 to 300,000 VND. After the adjustment, the common transaction price of this item is currently at 82.4 - 83.5 million VND/tael.

Gold prices continued to fall as the US dollar strengthened. The US dollar index, which measures the greenback’s strength against a basket of major currencies, rose to a seven-week high, making gold more expensive for holders of other currencies.

According to the World and Vietnam Newspaper at 6:00 p.m. on October 9, the world gold price on the Kitco exchange was at 2,618.1 - 2,619.1 USD/ounce, down 3.1 USD compared to the previous trading session.

Investors are now waiting for the minutes of the US Federal Reserve's latest policy meeting to look for clues on the bank's interest rate path.

The market is awaiting the minutes of the Fed's September policy meeting, as well as reports on the US Consumer Price Index (CPI) and Producer Price Index (PPI).

Markets are no longer expecting the Fed to cut rates by half a percentage point next month after last week's strong jobs report, according to the CME's FedWatch tool. Traders now see an 86% chance of a 25 basis point cut. Gold, which does not pay interest, tends to appreciate in a low-interest-rate environment.

Gold price today October 10, 2024: World gold price welcomes short-term 'headwind', investors' opportunity has come! (Source: Bloomberg)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of October 9 :

Saigon Jewelry Company SJC: SJC gold bars 83 - 85 million VND/tael.

Doji Group: SJC gold bars 83 - 85 million VND/tael.

PNJ system: SJC gold bars 83 - 85 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars 83 - 85 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 83 - 85 million VND/tael.

Gold price rally is being halted

"The strength of the US dollar is a short-term headwind at this point that prevents new all-time highs for gold," said Peter A. Grant, vice president and senior strategist at Zaner Metals, an investment services firm.

In my view, gold prices have short-term potential to reach $2,700 and long-term target at $3,000/ounce due to safe-haven demand from geopolitical tensions and political uncertainty, especially as the US election approaches.

Market Watch also noted that the gold price increase will not last forever. Accordingly, the gold price is still increasing based on expectations of the recovery of the Chinese economy and the Fed will soon cut the operating interest rate.

"Both of these factors are unlikely to happen, so the gold price increase may be stopped," wrote Market Watch .

On the contrary, many analyses also show that the "driving forces" that push gold prices higher continue. Specifically, geopolitical instability continues to increase, such as conflicts in the Middle East or Ukraine.

In the short term, the US election could also be a factor that could push gold prices higher.

Currently, the continuous decrease in gold prices is considered a good opportunity for investors with long-term accumulation strategies.

The price correction can be seen as an opportunity to buy at more attractive prices, in the context that the long-term outlook of gold is still positively assessed by many factors such as interest rate cuts by major central banks and economic and political instability...

Source: https://baoquocte.vn/gia-vang-hom-nay-10102024-gia-vang-the-gioi-don-con-gio-nguoc-ngan-han-co-hoi-cua-nha-dau-tu-da-toi-289420.html