Gold price today October 11, 2024: World gold is forecast to reach 2,800 USD by the end of 2024

Domestic gold price today October 11, 2024

At the time of survey at 5:00 a.m. on October 11, 2024, the gold price on the trading floors of some companies was as follows:

The price of 9999 gold today is listed by DOJI at 82 million VND/tael for buying and 82.9 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased sharply by 300 thousand VND/tael for buying and by 400 thousand VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83.7-84.50 million VND/tael (buy in - sell out). The price of Mi Hong SJC gold bars decreased by 500 thousand VND/tael for buying and 550 thousand VND/tael for selling compared to yesterday.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.5-84.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82.5-84.5 million VND/tael (buy in - sell out). Compared to yesterday, the price of SJC gold bars has decreased sharply by 500 thousand VND/tael for both buying and selling.

The latest gold price list today October 11, 2024 is as follows:

World gold price today October 11, 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 2,624.04 USD/Ounce. Today's gold price increased by 16.41 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,350 VND/USD), the world gold price is about 81.11 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.39 million VND/tael higher than the international gold price.

UBS Bank forecasts gold prices to rise, reaching $2,800 by the end of 2024 and $3,000 by 2025. This price increase reflects strong and continued demand for gold from many market segments without selling pressure.

Macroeconomic factors such as global monetary easing are creating favorable conditions for gold purchases. Low interest rates reduce the cost of holding gold, encouraging investors to invest more in the precious metal.

UBS expects central banks and official institutions to continue buying gold to replenish reserves. Central banks are looking to diversify their reserves due to concerns about sanctions risks and geopolitical uncertainty, although the pace of purchases may slow.

Physical gold demand from consumers, especially in China and India, is expected to remain stable despite rising prices.

Gold price forecast

Gold tends to rise in value in low interest rates because it is a non-yielding asset. Experts predict that gold prices could rise to $2,700 an ounce in the short term and $3,000 an ounce in the long term due to the demand for safe assets amid political and geopolitical uncertainty.

Gold prices are rising, but it is uncertain whether they will continue to do so, according to Market Watch. The current rally is based on two expectations: China's economic recovery and the Fed cutting interest rates. Both of these factors are uncertain and could prevent gold from rising.

Despite the uncertainty, many financial institutions predict that gold prices could reach $2,700 an ounce this year or early next year. Key factors driving the rise in gold prices include the Fed cutting interest rates and other factors such as geopolitical instability and central bank demand for gold.