Gold price today October 18, 2024: Domestic and world gold compete to break records

Domestic gold price today October 18, 2024

At the time of survey at 5:00 a.m. on October 18, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 83.55 million VND/tael for buying and 84.55 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased sharply by 200 thousand VND/tael for buying and selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 85.2-86 million VND/tael (buy - sell). 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 84-86 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).

The latest gold price list today, October 18, 2024 is as follows:

World gold price today October 18, 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 2,688.6 USD/Ounce. Today's gold price increased by 14.02 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 83.11 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.88 million VND/tael higher than the international gold price.

The price of domestic gold rings has increased to an unprecedented high, reaching VND84.45 million/tael, while SJC gold bars are at their highest level of VND86 million.

People today have difficulty buying plain gold rings and gold bars due to scarcity and complicated purchasing processes.

International gold prices have increased by nearly 30% since the beginning of the year, and are likely to increase to $3,000/ounce next year, an increase of about 10-12%.

Financial experts advise investors to invest a small portion in gold as a safe investment channel, especially when gold prices have increased recently.

The situation on the Korean peninsula and the Middle East is heating up, with new developments such as North Korea's discovery of South Korean drones and the US military buildup in Israel.

Despite the rise in the US dollar, international gold prices continued to rise amid global tensions and uncertainty ahead of the US presidential election.

Precious metal prices edged closer to all-time highs in yesterday's trading session, supported by falling US bond yields.

Expectations that major central banks will cut interest rates and safe-haven demand due to concerns about tensions have boosted prices of the metal.

US Treasury yields fell to their lowest in more than a week, boosting the appeal of gold, which typically gains in a low-interest-rate environment.

Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals, expressed his expectation that the US Federal Reserve (Fed) will cut interest rates by 25 basis points at its upcoming meeting.

The International Monetary Fund (IMF) forecasts that global public debt could exceed $100 trillion by the end of this year, accounting for about 93% of global GDP, much higher than previously expected.

There has been an increase in safe-haven buying of gold, and at the London Bullion Market Association's annual conference, central banks highlighted the recent strong demand for gold.

Reports showing inflation in Europe and the UK have raised expectations that the European Central Bank (ECB) and the Bank of England (BoE) will ease monetary policy.

According to CME's FedWatch tool, there is a 96% chance that US interest rates will be cut by another 25 basis points at the policy meeting in November.

Experts predict that the ECB will likely continue to cut interest rates at its meeting on October 17, and expectations for a BoE rate cut at next month's meeting are increasing as inflation in the UK shows signs of slowing.

Gold Price Forecast

Investors are paying attention to the possibility of Israel taking action in response to Iran, which could have serious consequences.

As the fighting between Israel and Hezbollah continues, Yemen is also at risk of being drawn into escalating military conflicts in the region.

Due to geopolitical tensions, investors often seek safe assets such as gold.

Despite the rise in the US dollar due to the strong US economy and the Fed's delay in cutting interest rates, gold is still expected to continue to rise in price and possibly reach new highs.

Every time gold prices approach the record high of $2,685/ounce, selling pressure to take profits increases.

Although there are predictions that gold prices could surpass $2,700/ounce by the end of this year and could reach $3,000/ounce by early 2025, some experts have recently reduced their expectations for gold's upward trend.

Grant, an optimistic expert, predicts that gold prices could reach nearly $3,000 an ounce by the first quarter of 2025.

There is not much economic data from the US this week, but today there will be new information on retail sales and weekly jobless claims figures released.

Hung Cuong