Gold price today October 12, 2024: World gold price increases again

Domestic gold price today October 12, 2024

At the time of survey at 5:00 a.m. on October 12, 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 82.3 million VND/tael for buying and 83.2 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased sharply by 300 thousand VND/tael for both buying and selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84-84.50 million VND/tael (buy in - sell out). The price of Mi Hong SJC gold bars increased slightly by 200 thousand VND/tael for buying compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 82.5-84.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82.5-84.5 million VND/tael (buy in - sell out).

The latest gold price list today, October 12, 2024 is as follows:

World gold price today October 12, 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 2,649.84 USD/Ounce. Today's gold price increased by 23.18 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,340 VND/USD), the world gold price is about 81.85 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.64 million VND/tael higher than the international gold price.

Gold prices rose again, despite a higher-than-expected US inflation report, reducing expectations of a sharp interest rate cut from the Federal Reserve (Fed).

The US Department of Labor reported that the Consumer Price Index (CPI) rose 0.2% month-on-month in September and 2.4% year-on-year, higher than analysts had expected. However, annual inflation remained at its lowest level since February 2021.

Information from the CME FedWatch Tool shows that the market predicts an 83.3% chance that the Fed will cut interest rates, and only a 16.7% chance that the Fed will not cut interest rates at the November meeting, with the entire possibility of a cut being 0.25%.

Although gold prices are expected to fall slightly at the end of the week, the market still expects the Fed to continue to cut interest rates but at a smaller level in the coming time.

The latest CPI inflation data reinforces this view, but is weighed against labor market information showing jobless claims rose more than expected.

The US dollar fell after jobless claims data rose, which could prompt the Fed to cut interest rates to support the labor market.

While the Fed may cut interest rates more slowly than expected, lower interest rates will support gold and other non-yielding assets, as the opportunity cost decreases.

Other precious metals also gained on Friday, with platinum rising 3.2% to $987.85 an ounce and silver rising 2.9% to $31.558 an ounce, recovering from recent losses.

Gold price forecast

Before Thursday's rebound, gold prices had fallen for six consecutive sessions on market expectations that the Federal Reserve would slow down its interest rate cuts.

Although the Fed is likely to continue cutting interest rates, this is still supportive of gold prices, as gold is a non-interest-bearing asset.

Alex Ebkarian, chief operating officer at Allegiance Gold, said the Consumer Price Index (CPI) report did not bring any big surprises and the jobs data showed a decline, increasing the likelihood of the Fed cutting interest rates, which is beneficial for gold prices.

“Gold prices have not been rising in recent days, so this could be the right time for a recovery,” Mr. Ebkarian also stressed.

He also pointed out that, despite the recent slowdown, geopolitical tensions in the Middle East and central banks' gold buying trends remain positive factors for gold prices.

Hung Cuong