World gold price increases "violently", may break the 2,000 USD mark, SJC gold price exceeds 71 million VND

Gold prices today, October 21, 2023, hit a three-month high, on track to record a second consecutive weekly increase, due to escalating tensions in the Middle East and the prospect of the Fed's interest rate hike cycle nearing its end. SJC gold bar prices traded above 71 million VND/tael.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 21 AND EXCHANGE RATE TODAY OCTOBER 21

Domestic gold prices continued to increase sharply following developments in the world market, before the escalating conflict in the Middle East, trading above 71 million VND/tael in the selling direction.

At the end of the session on October 20, Saigon Jewelry Company listed the price of SJC gold at its branches in Hanoi and Ho Chi Minh City at VND70.25 million/tael for buying and VND70.95 - 70.97 million/tael for selling, an increase of VND100,000/tael in both directions compared to the opening price this morning.

Doji Group is buying SJC gold at 70.3 million VND/tael - an increase of 250,000 VND/tael and selling at 71.1 million VND/tael, an increase of 150,000 VND/tael.

At the end of the session on October 20, Bao Tin Minh Chau store system recorded an increase of 80,000 VND/tael in buying and 40,000 VND/tael in selling, trading equivalent to 70.25 million VND/tael and 70.97 million VND/tael.

The price of 9999 gold, the price of gold jewelry, continued to increase sharply from yesterday, increasing more strongly than gold bars and continuously setting new peaks. Currently, the domestic price of 9999 gold has reached 59 million VND/tael. Thus, after only 1 day, the price of 9999 gold has increased by 1 million VND/tael in both directions. Compared to 3 months ago, each tael of gold ring increased by nearly 2 million VND, equivalent to an increase of about 3.2%.

At the end of the trading session on October 20, the price of 9999 gold traded at Saigon Jewelry Company increased by 250,000 VND/tael in both buying and selling compared to early this morning.

Doji Group's 9999 gold price is listed at 58.15-59.08 million VND/tael (buy - sell), an increase of 650 thousand VND/tael for buying and 730 thousand VND/tael for selling compared to yesterday.

The world gold price traded at 9:25 p.m. on October 20 (Vietnam time) at 1,986.6 USD/ounce, up 11.3 USD compared to the previous session, according to the World & Vietnam Newspaper. The December gold futures price last traded increased 0.5% to 1,989.90 USD/ounce.

Gold prices have continued to climb since the latest flare-up in hostilities between Israel and Hamas on October 6. The spot price of the precious metal has risen by more than $162 in the past two weeks, hitting a high of nearly $1,978 on October 20.

Better-than-expected jobs growth and consumer price index data in September are raising the possibility of a Federal Reserve interest rate hike in December. Meanwhile, gold prices have been volatile amid the outbreak of violence in the Middle East, prompting traders and investors to seek safe haven assets such as gold. Gold, considered a safe store of value in times of political and financial uncertainty, rose 2.4% this week.

Converted at the current USD exchange rate, the world gold price (including tax and processing fees) differs from domestic SJC gold by about 11.72 million VND/tael.

Giá vàng hôm nay 21/2: Giá vàng tăng mạnh, SJC tăng vượt kỷ lục, nhà đầu tư trong nước lãi to?. (Nguồn: Newstextarea)

Gold price today October 21, 2023: World gold price continues to climb, SJC gold price exceeds 71 million VND, gold can break the 2,000 USD mark. (Source: Newstextarea)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 20:

Saigon Jewelry Company listed the price of SJC gold at 70.25 - 70.97 million VND/tael.

Doji Group currently lists SJC gold price at: 70.30 - 71.10 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 70.15 - 71.05 million VND/tael.

PNJ system listed at: 70.30 - 71.10 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 70.25 - 70.97 million VND/tael; Rong Thang Long gold brand is traded at 57.88 - 58.88 million VND/tael; jewelry gold price is traded at 57.55 - 58.75 million VND/tael.

Gold price may break the $2,000/ounce mark

The US Department of Labor said weekly jobless claims fell by 13,000 to 198,000. The data was better than expected, with economists forecasting a rise of 210,000. Meanwhile, US retail sales rose 0.7% in September. While revised data for August showed retail sales rising 0.8% instead of the previously reported 0.6%.

Fed Chairman Jerome Powell agreed in principle in his speech to the Economic Club of New York that the rate hikes are tightening financial conditions further and are close to the point where additional rate hikes may not be needed. Markets are pricing in the Fed to leave rates unchanged at its policy meeting next week, according to the CME FedWatch tool.

Sean Lusk, Co-Director of Commercial Hedging at Walsh Trading, said that under these conditions, he expects gold prices to continue to rise regardless of bond yields and sees oil providing additional support for the yellow metal.

Gold prices could break the $2,000/ounce mark in the near future if the conflict escalates, said expert Ryan McIntyre of Sprott Asset Management .

Meanwhile, JPMorgan forecasts that spot gold prices will average around $1,920 an ounce in the fourth quarter of 2023.

There are concerns that the Israel-Hamas war could escalate into a broader regional crisis, potentially a protracted conflict, so we’re seeing investors seek safe havens, said Kyle Rodda, financial markets analyst at Capital.com .

“Gold prices are also supported as concerns about another Fed rate hike in 2023 have eased. We remain neutral on gold prices in 2023, expecting prices to average $1,950/oz,” Fitch Solutions said in a note.

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