Gold price today October 10, 2024: Sharp drop to near 2600 USD/Ounce

Domestic gold price today October 10, 2024

At the time of survey at 5:00 a.m. on October 10, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82.3 million VND/tael for buying and 83.3 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased sharply by 400 thousand VND/tael for buying and 300 thousand VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84.2-85 million VND/tael (buy - sell). The price of Mi Hong SJC gold bars decreased by 300 thousand VND/tael for both buying and selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 83-85 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 83-85 million VND/tael (buy in - sell out).

Since the beginning of the year, the price of gold rings has increased by 30%, while the price of SJC gold bars has increased by only 15%. Currently, buying SJC gold bars online is difficult due to the limited number of points of sale, mainly in Hanoi and Ho Chi Minh City.

People in other provinces and cities have difficulty buying SJC gold bars due to a lack of outlets. Buyers of gold rings have to queue up at stores. According to experts, this situation stems from limited supply and gold hoarding by businesses.

The current gold market is divided into two segments: SJC gold bars and smooth round gold rings, with SJC gold bars being less volatile due to being controlled. Many people are switching to buying gold rings because the price is more volatile.

Mr. Nguyen Quang Huy, a financial expert, said that the gold bar market is shrinking, while the price of gold rings is increasing due to lack of strict control. The price of gold rings does not always follow the trend of the world gold market and can differ in some periods. In the long term, the two gold markets will tend to be similar, but not constantly connected.

The latest gold price list today, October 10, 2024 is as follows:

World gold price today October 10, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,610.6 USD/Ounce. Today's gold price decreased by 30.13 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,360 VND/USD), the world gold price is about 80.74 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 4.25 million VND/tael higher than the international gold price.

Gold prices are under pressure due to uncertainty around US interest rates, with markets no longer expecting the Fed to cut interest rates by 50 basis points in November, with the probability of a 25 basis point cut at 87% according to CME FedWatch.

Minutes of the Fed's September meeting will be released on Wednesday, providing insight into the central bank's stance, after it cut interest rates by 50 basis points and began its monetary easing cycle.

The sharp rise in payrolls in September raised doubts about the Fed’s ability to cut interest rates further, strengthening the dollar and putting pressure on precious metals. Inflation data due on Thursday could influence the Fed’s decision.

The Fed will release the minutes of last month's meeting, and the consumer price index (CPI) and producer price index (PPI) reports will be released on October 10 and 11.

Commerzbank said that although the report may show easing price pressures in the US, the Fed may not cut interest rates sharply. Gold prices are currently rising mainly due to concerns about geopolitical risks.

In the physical gold market, gold ETFs continued to be net buyers for a fifth month, and silver prices fell 4.3% to $30.30 an ounce. Platinum and palladium also fell.

Gold prices are high, but analysts say the trend can’t last forever. The recent rally has been driven by two factors: expectations of an economic recovery in China and the possibility of a Fed rate cut. But both are becoming uncertain.

However, other factors still support gold prices, including geopolitical instability in the Middle East and Ukraine, as well as the upcoming US election with unpredictable results.

In the long term, global economic divisions, such as the trade conflict between the US and China, and Europe imposing trade barriers with China, also push gold prices higher.

In addition, the expansion of the BRICS bloc and the trend of reducing dependence on the USD in international payments also increase the attractiveness of gold as part of national reserves.

Gold Price Forecast

Peter A. Grant of Zaner Metals said that a strong US dollar could dampen gold's short-term upside potential. He predicted that gold could soon hit $2,700 an ounce and has a long-term target of $3,000 an ounce due to increased risk-off demand.

An investment expert quoted by Newsweek predicts gold prices could reach $2,800 an ounce by the end of the year and even $3,000 an ounce this year.

China’s central bank has stopped buying gold for the past five months, possibly waiting for more attractive prices to buy. Nitesh Shah of Wisdom Tree said the PBOC may have to buy gold sooner due to falling global interest rates and rising geopolitical tensions.

Analysts from Capital Economics said that China may only have temporarily stopped buying gold and that the country's demand for gold remains high due to geopolitical tensions and efforts to diversify assets.