Gold price today October 15, 2024: World gold price slightly decreased, opposite to domestic increase

Domestic gold price today October 15, 2024

At the time of survey at 5:00 a.m. on October 15, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82.95 million VND/tael for buying and 83.85 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased sharply by 400 thousand VND/tael for both buying and selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 84-84.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by businesses 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). Compared to yesterday, the price of SJC gold bars increased sharply by 500 VND/tael for both buying and selling.

The latest gold price list today, October 15, 2024 is as follows:

World gold price today October 15, 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 2,650.17 USD/Ounce. Today's gold price decreased by 6.4 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 81.89 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.11 million VND/tael higher than the international gold price.

Precious metals remain in the spotlight, as investors continue to buy in whenever prices correct.

Despite the view that investors should sell gold to lock in profits, in reality, they still hold gold due to uncertainties about the Fed's monetary policy.

While expectations for further Fed rate cuts have eased, the gold market has reacted more strongly to specific monetary policy decisions. The Fed may not cut rates as aggressively as it has in the past, but it is expected to continue easing monetary policy even in the face of high inflation.

Inflation in the US has increased the chances of the Fed cutting interest rates at its November meeting, supporting gold prices higher. The Fed is expected to cut interest rates two more times this year, each by 0.25%.

Geopolitical tensions and the ongoing conflict between Russia and Ukraine also contribute to maintaining demand for gold as a safe investment.

The US economy remains strong, but the Fed needs to consider cutting interest rates due to the slowdown in some sectors, such as real estate.

Producer prices were little changed in September, and consumer prices posted their slowest gain since early 2021, bolstering expectations the Fed will cut interest rates next month.

The biggest risk to this positive outlook is that inflation could rise again quickly, forcing the Fed to reconsider its plans to cut interest rates. This could boost the value of the US dollar and negatively affect gold prices.

Gold has remained stable against the US dollar despite persistent inflationary pressures and the dollar’s ​​decline as a global reserve currency. Investors continue to hunt for bargain gold amid global economic uncertainty.

In India, gold prices rose for the first time in two months as demand for gold jewelry increased during the festive season, making India the world's largest gold consumer.

The precious metals market has shown a strong recovery and upside potential, attracting the attention of investors and market analysts, especially since July 26, 2023.

Gold prices this week were influenced by US retail sales data, the European Central Bank's monetary policy, and other economic reports such as US manufacturing surveys and housing figures.

The market is also closely monitoring developments in China, especially the $283 billion economic stimulus package from government bonds.

Gold Price Forecast

CPM Group recommends short-term gold sales, although prices could rise to new highs.

Despite the positive market sentiment, gold prices are expected to decline. In the short term, prices may fluctuate, potentially reaching $2,675-$2,680 per ounce before falling to $2,625 per ounce.

Daniel Pavilonis from RJO Futures believes that gold prices will continue to rise, with the possibility of reaching $3,000/ounce due to tensions in the Middle East.

UOB Research forecasts that gold may correct in the short term but will reach new highs, possibly $2,700/ounce in the fourth quarter of 2024 and $2,800 early next year. Prices could rise to $3,000/ounce in the third quarter of 2025.

In a Kitco News survey, 47% of Wall Street experts predicted higher gold prices, 13% predicted lower prices, and 40% were uncertain about the short-term outlook.

In an online poll, 56% of retail investors predicted gold prices would rise, 27% predicted a fall, and 17% predicted prices would remain flat next week.