Gold price today October 20, 2024: Domestic gold price increases in parallel with world gold price

Domestic gold price today October 20, 2024

At the time of survey at 5:00 a.m. on October 20, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.7 million VND/tael for buying and 85.7 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings continued to increase by 150 thousand VND/tael in both buying and selling directions.

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 85.2-86 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 84-86 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 84-86 million VND/tael (buy in - sell out).

The latest gold price list today, October 20, 2024 is as follows:

World gold price today October 20, 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 2,721.31 USD/Ounce. Today's gold price increased by 2.72 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 84.12 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.88 million VND/tael higher than the international gold price.

In the last two trading sessions of the week, the world gold price skyrocketed, surpassing the level of 2,700 USD/ounce for the first time, a new record. This week, the gold price increased by 2.4%, demonstrating its strong growth in the international market.

Key factors influencing gold prices include: geopolitical instability in the Middle East, uncertainties surrounding the upcoming US presidential election, and expectations that central banks will continue loose monetary policy.

Tensions in the Middle East, especially between Hezbollah and Israel, have made gold a safe haven for investors.

Despite ceasefire commitments from both sides, US President Joe Biden has expressed hope that the US will become a mediator between Israel and Iran.

Markets are also keeping an eye on the US presidential election, with former President Donald Trump having a strong chance of being re-elected. If Trump returns to the presidency, there are concerns that US debt and budget deficits will increase, weakening the economy and increasing the appeal of gold as a hedge against risk.

The accommodative monetary policies of central banks around the world have contributed to the rise in gold prices. The European Central Bank has cut interest rates three times this year to combat low inflation and slow economic growth.

Low interest rates reduce the appeal of investing in bonds, making gold more attractive because it does not pay interest. Gold prices rise as the opportunity cost of holding the metal falls. The ECB could cut interest rates again in December, Reuters reported, if there is no economic improvement.

Gold prices have risen more than 30% since the start of the year, potentially making 2024 the strongest year for gains since 1979.

Gold is becoming a safe haven for investors due to concerns about geopolitical instability and expectations that the US Federal Reserve will ease monetary policy.

Analysts say that due to the "fear of missing out" (FOMO) mentality, many investors are buying gold, causing prices to rise, but also creating risks for future gold prices.

If FOMO sentiment wanes, gold prices could fall sharply. Naeem Aslam, chief investment officer at Zaye Capital Markets, warned that the rise in FOMO sentiment could be a sign of a “bubble” in the gold market.

Mr. Aslam also said that any change in the Fed's monetary policy could lead to a correction in gold prices.

Daniel Ghali, senior commodity strategist at TD Securities, pointed out that risks are rising in the gold market, with much of the momentum coming from the over-the-counter (OTC) market, which is difficult to monitor and assess. Ghali stressed that it is difficult to assess the sustainability of the current gold rally.

Gold Price Forecast

Max Layton, head of global commodities research at Citi, said that in the next 6 to 12 months, gold prices could rise to $3,000 an ounce due to uncertainty in the US and European economies, increasing investment demand for gold.

Jesse Colombo, an independent precious metals analyst and founder of the BubbleBubble Report, believes the gold market is still in its early stages and retail investors have not fully participated. He believes the sense of missing out (FOMO) will intensify as gold prices approach $3,000 an ounce.

Colombo also stressed that if gold prices close stably above $2,700 an ounce, this would support further increases in gold prices to $3,000 an ounce.

The London Bullion Market Association (LBMA) predicts that gold prices could reach $2,941 an ounce within the next year.

Currently, investors are betting at a 91% rate that the US Federal Reserve (Fed) will cut interest rates by 0.25% at the upcoming meeting, while some others predict the Fed will not cut interest rates.