What makes many people believe that gold prices will hit new highs?

(NLDO) – Both analysts and investors expect the price of gold to continue to increase today, possibly reaching $2,800/ounce.

On Sunday, October 27, SJC Company listed the price of SJC gold bars at VND87 million/tael for buying and VND89 million/tael for selling, maintaining the high price since the beginning of the week. Compared to the end of last week, today's gold price increased by VND3 million/tael and is at its highest level in many months.

The price of 99.99 gold rings and 24K jewelry gold of all kinds was also kept unchanged by businesses such as SJC and PNJ at VND87 million/tael for buying and VND88.5 million/tael for selling. The highest price of gold rings at Bao Tin Minh Chau Company was VND88.98 million/tael for selling and VND87.88 million/tael for buying. Compared to the end of last week, the highest price of gold rings increased by about VND3.3 million/tael.

Gold price today is forecast to continue to increase

Domestic gold prices continuously set new historical peaks, due to the influence of world gold prices. In the international market, gold prices closed the trading week at 2,748 USD/ounce, up nearly 30 USD/ounce compared to the end of last week.

Despite the strong increase, gold prices next week are still forecast to continue rising towards the $2,800/ounce mark for both analysts and investors, according to Kitco's survey on gold price trends.

Accordingly, in a survey on Wall Street, 9 analysts participated in the response, of which 56% said that gold prices will continue to increase, only 22% said that gold prices will decrease and the remaining 22% predicted that gold prices will remain stable.

Similarly, in an online survey on Main Street, 213 investors responded, of which 59% forecast gold prices to continue to rise, 22% expect gold prices to fall and 19% said gold prices will go sideways.

Gold price today hits peak with 99.99 gold ring

According to analysts, factors supporting the upward momentum of gold prices such as conflicts in the Middle East and central banks cutting interest rates continue.

On the other hand, the US presidential election results are only 2 weeks away, the USD continues to increase in value and US government bond yields are rising... which could put pressure on gold prices.

However, if gold prices adjust, it will be in the short term and many opinions say that the precious metal could head towards the $2,800/ounce range in the near future.

Currently, the world gold price converted according to the listed exchange rate is about 84.4 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-27-10-dieu-gi-khien-nhieu-nguoi-tin-gia-vang-se-lap-dinh-moi-196241027084306405.htm