Gold price today October 19, 2024: World gold breaks the peak of 2,700 USD/ounce

Domestic gold price today October 19, 2024

At the time of survey at 5:00 a.m. on October 19, 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 84.55 million VND/tael for buying and 85.55 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings increased sharply by 1 million 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 85.2-86 million VND/tael (buy - sell).

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 19, 2024 is as follows:

World gold price today October 19, 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 2,718.59 USD/Ounce. Today's gold price increased by 24.44 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 84.03 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.96 million VND/tael higher than the international gold price.

Buying SJC gold bars domestically is facing difficulties due to limited supply and strict regulations. Buyers and investors now prefer to buy gold rings because they are easier to buy and more flexible.

Gold rings are suitable for small accumulation and are popular during holidays. The demand for gold rings increases, causing its price to increase as well. Other investment channels are not as attractive as gold in the current context.

The stock market is unstable, and the bond market needs time to adjust. Real estate has potential but requires large capital, not everyone can afford it. Gold, especially gold rings, becomes a good choice for investors with little capital. Investing in gold only requires a few million VND and can make a profit from short-term price fluctuations.

World gold prices have increased sharply, reaching an all-time high due to increased demand for financial security amid concerns about the world political situation and uncertainties related to the US presidential election.

Additionally, buying gold based on technical analysis, when gold prices are in an uptrend, also contributes to the increase in the prices of gold and silver.

Some important US economic data has just been released showing growth: September retail sales increased 0.4%, higher than the forecast of 0.3%; and the number of weekly jobless claims was 241,000, lower than the forecast of 260,000. These figures reflect the views of the supporters of tight monetary policy in the US, who want the Federal Reserve to limit the rate cuts. However, these data may not be enough to influence the current monetary policy of the Fed.

The European Central Bank also met and decided to cut its main interest rate by 25 basis points, bringing the deposit rate down to 3.25%. This was a decision that was expected by the market.

Notably, according to information from brokerage SP Angel, Hong Kong is planning to become a major gold trading center. According to the Chief Executive of Hong Kong, the city's stability and security will be an advantage to become an attractive place to store physical gold.

SP Angel also pointed out that gold is increasingly being favoured by developing economies looking to diversify their foreign exchange reserves, as evidenced by the large holdings of China, Russia and Türkiye. The upcoming BRICS summit will focus on reducing dependence on the dollar, with Russia as host.

Gold prices have increased significantly this year, with an increase of over 30%, setting many new records.

The rally was largely due to expectations that the US Federal Reserve (Fed) would cut interest rates, coupled with global geopolitical and political uncertainty.

Central banks around the world are buying gold, contributing to the bullish trend in the precious metal.

Not only the Fed, but many other central banks are also loosening monetary policy, creating favorable conditions for gold prices to increase.

The European Central Bank (ECB) cut interest rates by 0.25% on October 17, the third cut this year.

Investors are concerned about the situation in the Middle East and the upcoming US presidential election, which increases uncertainty and is usually beneficial for gold prices.

At the London Bullion Market Association (LBMA) conference, the gold price is forecast to rise to $2,941/oz in the next 12 months. The LBMA forecast also said that the gold price could reach nearly $3,000/oz next year, and the silver price will also increase sharply.

Data from the FedWatch Tool shows traders believe there is a high chance the Fed will cut interest rates by 0.25% at its upcoming meeting.

Gold price forecast

Mr. Nguyen Quang Huy, CEO of the Faculty of Finance and Banking at Nguyen Trai University, commented that gold prices will continue to increase in the short term.

As the world gold price has exceeded 2,700 USD/ounce, the price of gold rings in Vietnam will also increase.

Geopolitical instability such as tensions in the Middle East and the conflict between Russia and Ukraine make gold an attractive safe-haven asset.

Expectations of interest rate cuts from major central banks, such as the US Federal Reserve (Fed), could keep gold prices higher in the short term.

Dr. Nguyen Tri Hieu, a banking and finance expert, said that gold prices are stable but gold rings are fluctuating.

If gold rings become too hot, which could affect the macro economy, the Government and the State Bank of Vietnam will control more strictly.

Mr. Hieu predicts that the world gold price could reach 3,000 USD/ounce by 2025.

Mr. Peter A. Grant predicts that gold will continue to receive support from many positive factors and may increase in price, even reaching nearly $3,000/ounce in the first quarter of 2025.

Experts predict that the European Central Bank (ECB) is likely to cut interest rates, which also raises expectations that the Bank of England (BoE) will cut interest rates at its meeting next month, which is beneficial for gold prices.

Hung Cuong