Gold price today October 24, 2024: World gold price pulls gold ring price to the top

Domestic gold price today October 24, 2024

At the time of survey at 5:00 a.m. on October 24, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 88 million VND/tael for buying and 89 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings continued to increase sharply by 1.4 million VND/tael in both buying and selling directions. The buying price is 1 million VND/tael higher than gold bars, the selling price is equal to SJC gold bars.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 88.5-89 million VND/tael (buy - sell). Mi Hong gold price increased by 200 thousand VND/tael in the buying direction compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87-89 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy in - sell out).

The latest gold price list today, October 24, 2024 is as follows:

World gold price today October 24, 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 2,735.54 USD/Ounce. Today's gold price decreased by 4.24 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,620 VND/USD), the world gold price is about 85.42 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.57 million VND/tael higher than the international gold price.

Mr. Luu Chi Khang, Director of the Research Center of CSI Securities Company, said that the recent sharp increase in the price of SJC gold bars and gold rings was due to the increase in bank exchange rates and the sharp increase in world gold prices. This caused the domestic gold price to increase, especially gold bars and gold rings.

Currently, buying gold through official channels has become difficult due to limited gold supply and high demand. Many banks and financial institutions are overloaded with orders, making it difficult to buy gold online. Meanwhile, gold rings have also become scarce as many people rush to buy, and large businesses often run out of stock or require pre-orders.

Faced with this situation, many people have turned to buying and selling gold through online groups, even though the price of gold on the "black market" is often higher than through official channels.

On the “black market”, the price of SJC gold bars was pushed up to 91 million VND/tael on October 22, higher than the listed gold price on official channels.

However, buying gold by hand carries many risks regarding gold quality, you may encounter fake or substandard gold.

Experts recommend that people should be cautious and only buy gold through official channels to ensure quality and avoid losses when the market fluctuates.

The world gold price is currently increasing strongly, yesterday reaching a new record of 2758.34 USD/ounce. This increase in price occurred despite the strengthening of the USD and US Treasury bond yields.

Analysts predict that gold prices could continue to rise if they are not affected by bond yields and the US dollar.

Geopolitical tensions, especially around the US election, are seen as a major factor driving demand for gold as a safe-haven asset, although central bank buying has eased somewhat.

Investors are currently holding large amounts of gold, reflecting high levels of anxiety ahead of the presidential election.

The gold market shows no selling trend despite high prices, which supports the possibility that gold prices could continue to rise.

The current world demand for gold is mainly concentrated in China, India and the US:

China is the largest consumer of gold, with demand from both the jewelry and investment markets. The country is also building up its gold reserves to reduce its dependence on the US dollar.

India has a long tradition of using gold, especially in jewellery, with demand rising during festivals and weddings. The country imports large amounts of gold to meet domestic demand.

The US also has high demand for gold, mainly from investors looking for safe assets to deal with inflation and market volatility.

In addition, many central banks also increased their gold reserves to ensure financial security in the face of global economic instability.

Gold prices were also supported by signs of slowing cash flow into US stocks after indexes such as the Dow Jones, S&P 500 and Nasdaq continuously set records. The Dow Jones index rose from 22,000 to a peak of 43,275 points, but has recently shown signs of falling. US stocks may face profit-taking pressure and lack of supportive information in the coming time, leading to the possibility of sideways or falling. Chinese stocks also slowed down after the CSI 300 index increased by more than 30%.

The CME Fedwatch tool shows an 89% chance that the US Federal Reserve (Fed) will cut interest rates by another 0.25% at its November 2024 meeting.

Gold Price Forecast

Grant predicts that gold prices could rise to $3,000 an ounce this year or early next year due to tensions in the Middle East.

Major central banks are planning to ease policy, which could also boost gold prices.

Paul Wong of Sprott Asset Management said that gold has started a new bull cycle, driven by central bank buying, rising US debt and a possible peak in the US dollar. Gold prices hit a new high of $2,700 an ounce.

Vivek Dhar from Commonwealth Bank of Australia predicts gold prices will average $3,000 in the fourth quarter of 2025 due to a weakening US dollar.

Dhar also expects gold prices to average $2,800 in the fourth quarter of this year, a similar prediction from Citi that sees gold prices hitting $2,800 within three months.

Hung Cuong