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

(NLDO) – Both analysts and investors predict that the price of gold will continue to rise, given that it is currently the safest haven.

At 8:30 AM on October 20th, SJC gold bars were listed by businesses at 84 million VND/ounce for buying and 86 million VND/ounce for selling, maintaining a high level seen in recent months. Compared to the end of last week, the price of SJC gold bars increased by 1.5 million VND/ounce, 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 various types of jewelry. 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 prices are predicted to continue rising today.

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

The highest price for 99.99% pure gold rings is listed by PNJ Company, with the buying price at 84.7 million VND/ounce and the selling price at 85.7 million VND/ounce. Compared to the end of last week, each ounce of gold rings has increased by 2.4 million VND/ounce, reaching an unprecedented high in history.

Domestic gold prices increased sharply while world gold prices continued to fluctuate. 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 also marks a new record high for the precious metal, breaking all previous records. In just one month, each ounce of gold has increased by $134, equivalent to a 5.21% rise.

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

Specifically, in a survey on Wall Street, 16 analysts participated in the response, 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 saw a sharp increase this week 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 US dollar in international markets, with the USD index (DXY) surpassing 103.3 points, the price of gold continued to rise sharply.

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

Source: https://nld.com.vn/gia-vang-hom-nay-20-10-xo-do-moi-ky-luc-gia-vang-tuan-sau-tang-hay-giam-19624102008491106.htm