Gold price today October 23, 2024: World gold price approaches record peak of 2740 USD/ounce

Domestic gold price today October 23, 2024

At the time of survey at 5:00 a.m. on October 23, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 86.6 million VND/tael for buying and 87.6 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings continued to increase sharply by 800 thousand 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 88.3-89 million VND/tael (buy - sell). Mi Hong gold price increased sharply by 1 million VND/tael in both buying and selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87-89 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy in - sell out).

Gold price increased sharply by 1 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, October 23, 2024 is as follows:

World gold price today October 23, 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 2,736.52 USD/Ounce. Today's gold price increased by 2.82 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 85.26 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.73 million VND/tael higher than the international gold price.

Since early June, those who bought gold to stabilize the price have made a profit of VND8 million per tael, an increase of 7.5%. The State Bank has sold gold through four commercial banks and SJC.

The initial price of SJC gold was VND78.98 million/tael and was sold for VND79.98 million/tael. People lined up to buy gold, then gold sales moved online. The price of SJC gold has increased by VND18 million/tael since the beginning of the year, an increase of 25.3%. SJC gold is approaching the record price of VND92.4 million/tael, reached in May.

Last week, the price of each tael of plain rings increased by VND3.5 million and gold bars increased by VND4 million. Compared to the beginning of the year, the price of plain rings increased by VND23.5 million per tael, an increase of 37%; gold bars increased by VND20 million per tael, an increase of 20%.

Despite the price increase, domestic gold bar and plain ring trading remains weak due to limited supply. Many people have difficulty buying gold and major brands are often out of stock.

Marc Chandler, CEO of Bannockburn Global Forex, stressed that demand for gold will continue to increase due to tensions in the Middle East and the BRICS meetings.

Experts expect the BRICS Summit to be a short-term gold price driver, given its impact on the US dollar and interest in gold.

At the BRICS Summit, announcements on new members and new payment systems are expected, which could positively affect gold prices.

The BRICS group of emerging economies (Brazil, Russia, India, China and South Africa) now holds more than 20% of the world’s gold, a significant figure that reflects the growing economic power and influence of these countries.

According to the World Gold Council, Russia leads the group with 2,340 tons of gold (8.1% of global gold reserves), while China has 2,260 tons. Russia and China account for 74% of BRICS gold, while India owns 840 tons, leading the rest of the group.

The BRICS gold holdings have important economic implications. Gold is considered a safe-haven asset, helping to reduce economic risks and protect against inflation. This reinforces the BRICS’ role as major economic powers. At the same time, the potential creation of a common BRICS currency, perhaps backed by gold, could challenge the dominance of the US dollar and change the global balance of power.

Rising demand for gold, fueled by central bank buying and economic uncertainty, also presents a great investment opportunity. The upcoming BRICS summit in Kazan, Russia, will provide more details on plans to launch a common currency, which could accelerate the de-dollarization process.

The BRICS gold reserves and the possibility of a new currency could have a profound impact on the global financial system. Investors and governments should closely monitor these developments to seize opportunities and respond to possible changes in world markets.

Gold Price Forecast

Darin Newsom, senior market analyst at Barchart.com, is bullish on the future of gold and other precious metals.

Mr. Newsom predicted that the world gold price will increase due to the demand of investors seeking safety in the face of uncertainties related to the upcoming US presidential election.

Kevin Grady, president of Phoenix Futures and Options, said that with interest rates falling, gold has the potential to reach new highs. Grady also predicted that gold prices could reach $3,000 an ounce in the first quarter of 2025.

Major banks predict that the price of precious metals could rise to $3,000 an ounce next year. Investors are advised to have a small portion of their portfolio in precious metals, especially given the recent price increase.

Many analysts believe that gold prices will continue to rise, possibly reaching $3,000 an ounce.

Michael Widmer from Bank of America believes that gold prices are in a favorable period, possibly exceeding $3,000 due to rising public debt and geopolitical instability.

Citi experts also believe that gold prices could reach $3,000 in the next 6 to 9 months, and could rise further if oil prices rise due to tensions in the Middle East.

Commonwealth Bank of Australia predicts gold prices could remain at $3,000 in the fourth quarter of next year, due to a weak US dollar. However, the current price is expected to average $2,800.