Gold price today October 31, 2024: World gold and domestic gold break records

Domestic gold price today October 31, 2024

At the time of survey at 5:00 a.m. on October 31, 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 88.6 million VND/tael for buying and 89.6 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased by 600 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 88.5-90 million VND/tael (buy - sell). Compared to yesterday, the price of gold bars increased by 100 thousand VND/tael for buying and 1 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 88-90 million VND/tael (buy - sell). At Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy - sell). Gold bar prices have increased sharply by 1 million VND in both buying and selling directions compared to yesterday.

The latest gold price list today October 31, 2024 is as follows:

World gold price today October 31, 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 2,775.28 USD/Ounce. Today's gold price increased by 14.47 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,780 VND/USD), the world gold price is about 87.21 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.79 million VND/tael higher than the international gold price.

Currently, SJC is the only major brand in Vietnam that continuously supplies plain gold rings, but also limits each person to a maximum of 5 coins. Other major gold brands such as DOJI, PNJ, Bao Tin Minh Chau... often run out of plain rings, and many stores have even stopped accepting pre-orders.

Buying gold bars is not easy either. People said that the procedure to buy gold bars at 5 units authorized by the State Bank (SJC and 4 state-owned banks) has become more difficult than before. The purchase amount is limited to 1-2 taels and only applies to customers who have successfully registered online. The registration number of these banks often runs out very quickly.

Meanwhile, other brands licensed to trade in gold bars such as PNJ, DOJI, and Bao Tin Minh Chau have stopped selling this type of gold for many months now due to a lack of supply after the State Bank intervened in setting prices.

The gold market is currently being impacted by several key economic factors, raising expectations of growth potential. Conflicts in the Middle East are also boosting demand for gold as it is a safe haven asset in times of uncertainty.

Gold prices hit a new record high on Wednesday morning, rising 0.5% after rising 1.5% on Tuesday, surpassing $2,790 an ounce for the first time. Year to date, gold is up 36%, outpacing the S&P 500's 23% gain.

Experts predict that the US presidential election on November 5 could cause major volatility in the gold market, especially if the race is tense. In this context, gold is favored as a hedge against political risks.

Investors are awaiting key economic reports, including the ADP jobs report, the Personal Expenditures Index (PCE) and US payrolls, to get a clearer view of the Federal Reserve's policy ahead of its next interest rate decision on November 7. Currently, the market predicts a 98% chance that the Fed will cut interest rates by another 0.25% in November.

The gold market is expected to be driven by record demand from central banks and unprecedented commercial demand in Asia, especially China, in the first half of 2024. According to the latest report from the World Gold Council (WGC), total gold demand in the third quarter reached 1,313 tonnes, up 5% year-on-year.

Investment demand has been a key driver of the gold market, with prices hitting new highs. Investment demand increased by 364.1 tonnes in the third quarter, up 132% from the third quarter of 2023. Exchange-traded fund (ETF) demand increased by 94.6 tonnes in the quarter, marking a recovery after nine consecutive months of outflows.

ETF holdings of gold increased by 94.6 tonnes in the third quarter, while demand in the OTC market increased by 137 tonnes, mainly from large individual investors seeking protection against economic and geopolitical risks.

Demand for gold bars and coins fell 9% to 269.4 tonnes, with weak demand from China, Türkiye and Europe. Jewelry demand fell 12% to 459 tonnes due to record high gold prices.

While central banks remained net buyers, demand fell 49% to 186.2 tonnes as a sharp rise in gold prices since March curbed some buying activity.

Gold demand in the technology sector increased 7% to 83 tonnes, mainly from the electronics sector thanks to new products from major smartphone makers.

WGC believes that this trend will likely continue to support the gold market until the end of the year, although there are still many uncertainties, especially from the impact of China's economic stimulus policies.

Gold price forecast

If the market expects interest rates to continue to fall, investment demand for gold will increase, pushing the price up, said UBS expert Giovanni Staunovo. He predicted that gold prices could reach $2,900 an ounce within the next 12 months.

Meanwhile, TD Securities strategist Daniel Ghali believes gold will definitely hit $2,800 an ounce this week. He explains that the elections are making many people hesitant to sell, so any factor that stimulates buying demand will have a big impact on gold prices.

However, Mr. Robert Minter, Director of Investment Strategy at ABRDN Fund, advised investors to look at long-term trends instead of focusing on short-term market fluctuations. He said that falling interest rates and persistent inflation could cause real interest rates to fall faster than expected. In this context, he recommended investors pay attention to commodities, especially gold.

By the end of this year, Mr. Minter predicts gold prices could hover around $2,800 an ounce, slightly higher than current levels, and could hit $3,000 an ounce by 2025.

Gold's bullish trend could last until 2025 as favorable U.S. interest rates and geopolitical tensions continue to boost the precious metal's appeal, a Reuters survey found.