Precious metals hold steady at high levels

The world gold price today listed on Kitco is at 1976 USD/ounce, down 04 USD/ounce compared to early this morning.

Precious metal prices edged lower but remained at elevated levels on concerns about further escalation in the Middle East conflict.

Craig Erlam, senior market analyst at OANDA, said it was no surprise that investors were flocking to gold. With so much uncertainty over what would happen this weekend, investors were flocking to gold to protect their assets.

Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said that if the conflict in the Middle East escalates, gold prices will surpass $2,000 an ounce.

Gold prices fell slightly today. (Photo: kitco.com).

Gold has gained 2.9% this week and is up nearly $160 since the Israel-Hamas conflict broke out.

In a recent note, Fitch Solutions forecasts gold prices to average $1,950 an ounce this year. In addition to geopolitical uncertainty, gold is also supported “as concerns about another Fed rate hike in 2023 ease.”

Gold price movements today

+ Domestic gold price

At 6:30 a.m. on October 23, the gold price at Doji was listed at 70.3 - 71.1 million VND/tael (buy - sell), unchanged from early this morning.

Meanwhile, gold price at SJC was listed at 70.25 - 70.95 million VND/tael (buy - sell), unchanged from early this morning.

+ International gold price

The world gold price listed on Kitco is at 1976 USD/ounce, down 04 USD/ounce compared to early this morning. Gold futures last traded at 1,980 USD/ounce.

Gold price forecast

Retail investors remained bullish on the yellow metal for the week ending October 27, while market analysts expect a pullback after this two-week surge, according to the latest Kitco News weekly gold survey.

Of the Wall Street analysts surveyed, 31% expect gold to rise this week; 46% expect prices to fall. Meanwhile, 69% of retail investors expect gold to rise, while 20% expect prices to fall.

Ole Hansen, commodity strategist at Saxo Bank, predicts a decline in prices, not because the gold rally is over, but because the market needs to consolidate at the resistance level of $1,985 an ounce, he said.

Marc Chandler, CEO of Bannockburn Global Forex, also expects gold to fall this week. Chandler said that with geopolitical tensions showing no signs of abating, it is difficult to see gold falling without some resolution to the situation in the Middle East.

However, he said that the $2,000/ounce level is psychologically important and for short-term momentum traders, gold will fall a bit before rising again. He forecasted that initial support could be near $1,950/ounce and then $1,920/ounce.

Ngoc Vy

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