Gold price today, October 16: 9999 gold ring exceeds 84 million VND/tael

At 9:45 a.m., Doji Group's gold ring price increased to its highest level ever, with the buying and selling prices being VND83.2 -84.1 million/tael, respectively, with an increase of VND780,000/tael in both directions compared to early this morning.

At the same time, SJC gold ring price also reached its highest level, with buying and selling prices of 82.3 - 83.7 million VND/tael, respectively, an increase of 350,000 VND per tael in both directions compared to early this morning.

Gold bar prices also saw a sharp increase, reaching VND86 million per tael. Both Doji and SJC listed the buying and selling prices of gold bars at VND84 - 86 million per tael, respectively, an increase of VND1 million in both directions compared to early this morning.

The central exchange rate announced by the State Bank of Vietnam on October 16, 2024 was 24,187 VND/USD, a slight increase of 10 VND compared to the previous trading session.

The USD price at commercial banks this morning fluctuated at 24,730 VND (buy) and 25,120 VND (sell), reflecting market fluctuations.

Domestic gold prices are increasing sharply, contrary to the slight downward trend of world gold prices.

This morning at 6am, the world gold price was 2,661 USD/ounce, down 2 USD compared to yesterday. The increase in the USD, with the Dollar Index above 103 points, was the main reason why the gold price did not increase. The gold price also decreased due to selling pressure after a long period of price increase.

Tensions in the Middle East are no longer having much of an impact on the market, and rising US bond yields are also weighing on gold prices.

However, gold prices could rise due to increased demand for gold as a hedge against risks from the US election.

There are rumors that the Fed could cut interest rates by 0.25%, which could push gold prices to new highs and could reach $2,800/ounce by the end of 2024.

The market predicts a 90% chance that the Fed will cut interest rates in November 2024, increasing the attractiveness of investing in gold.

The gold market is waiting for US economic data such as retail sales and industrial production to assess the situation.

Gold Price Forecast

Analysts expect gold prices to increase in the coming time due to the impact of inflation, global political fluctuations and unstable interest rate policies of major powers.

Investors believe that the US economy will recover after the upcoming presidential election, and the new administration will implement strong economic stimulus measures.

Gold prices are currently stable due to reduced demand for gold by central banks as gold prices rise.

However, forecasts still show that gold prices could continue to rise, possibly reaching $2,700 an ounce by the end of this year and even higher by early 2025 if the Federal Reserve cuts interest rates and demand for gold in Asia increases during the peak shopping season.

However, the increase in gold prices may not be too large, considering that gold prices have increased 28% year-to-date.