Gold price today October 22, 2024: World gold accelerated strongly at the beginning of the week

Domestic gold price today October 22, 2024

At the time of survey at 5:00 a.m. on October 22, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 85.8 million VND/tael for buying and 86.8 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings continued to increase sharply by 1.1 million VND/tael in both buying and selling directions.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 87.3-88 million VND/tael (buy - sell). Mi Hong gold price increased sharply by 2.1 - 2 million VND/tael in the buying - selling direction compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 86-88 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).

Gold price increased sharply by 2 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, October 22, 2024 is as follows:

World gold price today October 22, 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 at 2,735.95 USD/Ounce. Today's gold price increased by 14.64 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 84.57 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.42 million VND/tael higher than the international gold price.

Since the beginning of October, the price of gold rings has increased by VND2.5 million/tael for buying and VND2.2 million/tael for selling. Compared to the beginning of the year, the price of each tael of plain gold rings has increased by more than VND21 million, achieving a profit margin of over 35%.

The selling price of SJC gold bars at state-owned commercial banks and SJC Company has increased by VND2 million per tael, marking the strongest increase since June 3, when the State Bank began increasing the supply of gold bars.

Since October 10, the world gold price has increased by 125 USD/ounce, equivalent to about 3.8 million VND per tael compared to the international gold price.

Gold prices have enjoyed one of the strongest and most consistent gains of the year in the past week. Despite the tense situation, experts predict that gold prices will continue to rise.

A majority of gold industry experts are bullish on gold, according to the weekly Kitco News gold survey. After three weeks of caution, retail investors in the latest survey have become bullish on gold again.

Many views assert that there is no doubt about the upward trend of gold. Despite the rise of the US dollar and bond yields, gold prices continue to rise strongly.

Demand for gold will increase amid tensions in the Middle East and the BRICS meeting, said Bannockburn Global Forex CEO Marc Chandler.

Barchart.com expert Darin Newsom also agreed that gold prices will increase as investors look to protect their assets against upcoming uncertainties, especially in the context of the US presidential election.

Rich Checkan, chairman and CEO of Asset Strategies International, said that while gold prices are at record highs, they are still undervalued relative to their future growth potential. He advised investors to get into the gold market now.

According to the International Monetary Fund (IMF), global spending could increase by 7-8% of GDP annually by 2030. The US presidential election also has an impact on the gold market, with both candidates Donald Trump and Kamala Harris facing rising public debt. The national debt is expected to hit a record high in the next three years, with Harris's plan to add $3.5 trillion to the debt and Trump's plan to add $7.5 trillion, making gold more attractive.

Central banks are now the most active buyers of gold, with their share of gold holdings in reserves rising from 3% to 10% over a decade.

Gold Price Forecast

Analysts say optimism is fueling demand for gold, sending prices higher.

Investors are rushing to buy gold, expecting prices to continue rising, possibly reaching $2,941 an ounce in the short term and $3,000 an ounce early next year.

Colin Cieszynski of SIA Wealth Management said that gold prices are constantly rising, reaching new highs without any supporting events. This increase is not only due to the USD exchange rate but also the exchange rates of other currencies and the European Central Bank's interest rate cut.

Kevin Grady from Phoenix Futures and Options predicts that, with interest rates falling, gold will hit $3,000 an ounce in the first quarter of next year.

Jim Wyckoff from Kitco also predicts that the gold price uptrend will continue, based on geopolitical and technical factors.

Market attention this week is focused on the International Monetary Fund meeting and the BRICS summit, with speculation that decisions there could impact the USD and gold prices.

Some say that FOMO is causing investors to rush to buy gold, driving up prices but also creating risks. If this sentiment eases, gold prices could fall rapidly.