Gold price today October 16, 2024: World gold price drops to near 2650 USD
Gold price today October 16, 2024: 9999 gold ring price stabilized at a record level of nearly 84 million VND/tael. World gold weakened, trading retreated to near the 2650 USD mark, the difference increased significantly, exceeding the 2 million VND mark.
Domestic gold price today October 16, 2024
At the time of survey at 5:00 a.m. on October 16, 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 82.95 million VND/tael for buying and 83.85 million VND/tael for selling.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed 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).
The latest gold price list today, October 16, 2024 is as follows:
| Gold price today | October 16, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 83 | 85 | - | - |
| DOJI Group | 83 | 85 | - | - |
| Mi Hong | 84 | 84.5 | - | - |
| PNJ | 83 | 85 | +500 | - |
| Vietinbank Gold | 85 | - | - | |
| Bao Tin Minh Chau | 83 | 85 | - | - |
| Bao Tin Manh Hai | 83 | 85 | - | - |
| 1.DOJI- Updated: 10/16/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 83,000 | 85,000 |
| AVPL/SJC HCM | 83,000 | 85,000 |
| AVPL/SJC DN | 83,000 | 85,000 |
| Raw material 9999 - HN | 82,850 | 83,150 |
| Raw materials 999 - HN | 82,750 | 83,050 |
| AVPL/SJC Can Tho | 83,000 | 85,000 |
| 2.PNJ- Updated: 10/16/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 82,800▲100K | 83,800▲100K |
| HCMC - SJC | 83,000 | 85,000 |
| Hanoi - PNJ | 82,800▲100K | 83,800▲100K |
| Hanoi - SJC | 83,000 | 85,000 |
| Da Nang - PNJ | 82,800▲100K | 83,800▲100K |
| Da Nang - SJC | 83,000 | 85,000 |
| Western Region - PNJ | 82,800▲100K | 83,800▲100K |
| Western Region - SJC | 83,000 | 85,000 |
| Jewelry gold price - PNJ | 82,800▲100K | 83,800▲100K |
| Jewelry gold price - SJC | 83,000 | 85,000 |
| Jewelry gold price - Southeast | PNJ | 82,800▲100K |
| Jewelry gold price - SJC | 83,000 | 85,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 82,800▲100K |
| Jewelry gold price - Jewelry gold 999.9 | 82,700▲100K | 83,500▲100K |
| Jewelry gold price - 999 jewelry gold | 82,620▲100K | 83,420▲100K |
| Jewelry gold price - 99 jewelry gold | 81,770▲100K | 82,770▲100K |
| Jewelry gold price - 916 gold (22K) | 76,090▲100K | 76,590▲100K |
| Jewelry gold price - 750 gold (18K) | 61,380▲80K | 62,780▲80K |
| Jewelry gold price - 680 gold (16.3K) | 55,530▲70K | 56,930▲70K |
| Jewelry gold price - 650 gold (15.6K) | 53,030▲70K | 54,430▲70K |
| Jewelry gold price - 610 gold (14.6K) | 49,690▲70K | 51,090▲70K |
| Jewelry gold price - 585 gold (14K) | 47,600▲60K | 49,000▲60K |
| Jewelry gold price - 416 gold (10K) | 33,490▲50K | 34,890▲50K |
| Jewelry gold price - 375 gold (9K) | 30,060▲30K | 31,460▲30K |
| Jewelry gold price - 333 gold (8K) | 26,310▲40K | 27,710▲40K |
| 3. SJC - Updated: October 16, 2024 05:10 - Website time of supply - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 83,000▲500K | 85,030▲530K |
| SJC 5c | 83,000▲500K | 85,030▲510K |
| SJC 2c, 1C, 5 phan | 83,000▲500K | 85,030▲500K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 81,900▲300K | 83,300▲300K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 81,900▲300K | 83,400▲300K |
| 99.99% Jewelry | 81,800▲300K | 83,000▲300K |
| 99% Jewelry | 80,178▲297K | 82,178▲297K |
| Jewelry 68% | 54,095▲204K | 56,595▲204K |
| Jewelry 41.7% | 32,264▲125K | 34,764▲125K |
World gold price today October 16, 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 2,651.06 USD/Ounce. Today's gold price decreased by 2.67 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 81.91 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.08 million VND/tael higher than the international gold price.
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Gold prices fell as investors were less enthusiastic about China's fiscal stimulus measures. Investors are waiting for comments from US Federal Reserve officials for hints on the future of interest rates.
Ricardo Evangelista, an analyst at ActivTrades, said the market initially reacted positively to the stimulus package, but new data from China showed the economy was not doing so well.
Mr. Evangelista also pointed out that, with the slowdown of the Chinese economy, the risk of risks in the financial market has increased. China's export growth slowed sharply in September, and imports also fell unexpectedly, much lower than forecast.
Despite some unfavorable factors, overall, gold prices are expected to continue to rise.
Investors are paying attention to comments from Federal Reserve officials to assess the possibility of future interest rate cuts.
CME's FedWatch tool shows there is an 88% chance the Fed will cut interest rates by 25 basis points in November, which could boost gold prices.
Investors are also awaiting US retail sales data and further rate cuts from the Fed.
China’s pledge of fiscal stimulus could support gold demand, but the market needs more concrete measures. A slight rise in the dollar index reduces the appeal of gold to investors using other currencies.
Gold is seen by central banks as an important asset in their reserve strategies, helping to diversify investments and increase financial security amid global uncertainties.
The central banks of Mexico, along with Mongolia and the Czech Republic, are expected to increase their gold reserves, not use gold derivatives and keep their gold in London.
Mongolia wants to repatriate some of its gold, while other banks have no such plans.
Since the start of 2024, gold prices have risen 28%, outperforming both stocks and US bonds, largely thanks to central bank buying.
Central banks around the world hold about 15% of their foreign exchange reserves in gold, according to Impact Evaluation Lab executive director Terrence Keeley.
The World Gold Council reported that global central bank gold purchases increased by 6% in the second quarter of 2024, but are expected to decline for the full year, although gold demand from these banks remains important to the gold market.
Gold price forecast
The market is awaiting the Federal Reserve's decision on interest rates. Lower interest rates could reduce the cost of investing in gold.
Joseph Cavatoni from the World Gold Council said that geopolitical tensions and global factors are supporting gold prices.
Daniel Pavilonis from RJO Futures predicts gold prices could rise to $3,000 an ounce due to tensions in the Middle East.
Chantelle Schieven from Capitalight Research also believes that gold prices could hit $3,000 an ounce by the end of the year.
Naeem Aslam of Zaye Capital Markets said gold prices could reach $2,800 an ounce if safe-haven demand increases. Otherwise, prices could stabilize at $2,500 an ounce.
Florian Grummes of Midas Touch Consulting is bullish on gold, despite the possibility of a short-term price pullback. Gold buying is on the rise due to market optimism, even as prices fluctuate.
