Breaking all records, will gold prices increase or decrease next week?

(NLDO) - Both analysts and investors predict that gold prices will continue to rise as it is currently the safest haven.

At 8:30 a.m. on October 20, the price of SJC gold bars listed by businesses was VND84 million/tael for buying and VND86 million/tael for selling, maintaining a high level in recent months. Compared to the end of last week, the price of SJC gold bars increased by VND1.5 million/tael, a very strong increase in recent days.

Since the State Bank implemented a new plan to stabilize the gold market in early June 2024, the price of SJC gold bars has increased by about VND9 million/tael. However, the price of gold bars is still more than VND7 million away from the historical peak of VND91.3 million/tael.

The biggest shock of the past week was 999.9 gold rings and all kinds of jewelry gold. At the end of the week, SJC Company traded gold rings at 84 million VND/tael, and sold at 85.3 million VND/tael.

Gold price today is forecast to continue to increase

Bao Tin Minh Chau Company listed the price of gold rings produced by this company at 84.68 million VND/tael for buying and 85.68 million VND/tael for selling.

The highest price for 99.99 gold rings is PNJ Company, when this company listed buying price at 84.7 million VND/tael, selling price at 85.7 million VND/tael. Compared to last weekend, each tael of gold rings has increased by 2.4 million VND/tael, an unprecedented high in history.

Domestic gold prices increased sharply while world gold prices continued to surge. At the end of the weekend trading session, international gold prices temporarily stopped at 2,720 USD/ounce, an increase of more than 60 USD/ounce compared to the end of last week.

This is also a new record for the precious metal, breaking all previous records. In just one month, each ounce of gold has increased by 134 USD, equivalent to an increase of 5.21%.

However, both analysts and investors expect gold prices to continue to rise, according to Kitco's gold price trend survey.

Specifically, in a survey on Wall Street, 16 analysts participated in the survey, of which 94% said that gold prices would continue to increase, no one predicted that gold prices would decrease, and the remaining 6% said that gold prices would remain stable.

Domestic gold prices have had a strong week of increase for both SJC gold bars and 999.9 gold rings.

Similarly, in an online survey on Main Street, 159 investors responded with 72% predicting gold prices to continue to rise, only 17% said gold prices would fall and the rest predicted gold prices to remain flat.

Gold is becoming a safe haven and a "sparkling" investment channel in the context of political tensions in the Middle East that show no signs of cooling down.

Despite the strong recovery of the USD in the international market, when the USD index (DXY) surpassed 103.3 points, gold prices still increased strongly.

Currently, the world gold price converted according to the listed exchange rate is about 83.2 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-20-october-xo-do-moi-ky-luc-gia-vang-tuan-sau-tang-hay-giam-19624102008491106.htm