Gold price today October 26, 2024: World gold may exceed 3,000 USD/ounce
Gold price today October 26, 2024: World gold is forecast to exceed 3,000 USD/ounce in the next three months. 9999 gold rings slightly decreased to 88.9 million VND/tael.
Domestic gold price today October 26, 2024
At the time of survey at 5:00 a.m. on October 26, 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 87.9 million VND/tael for buying and 89.9 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased slightly by 100 thousand 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 88-89 million VND/tael (buy - sell). Mi Hong gold price decreased by 300 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 26, 2024 is as follows:
| Gold price today | October 26, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 87 | 89 | - | - |
| DOJI Group | 87 | 89 | - | - |
| Mi Hong | 88 | 89 | -300 | - |
| PNJ | 87 | 89 | - | - |
| Vietinbank Gold | 89 | - | - | |
| Bao Tin Minh Chau | 87 | 89 | - | - |
| Bao Tin Manh Hai | 87 | 89 | - | - |
| 1.DOJI- Updated: 10/26/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 87,000 | 89,000 |
| AVPL/SJC HCM | 87,000 | 89,000 |
| AVPL/SJC DN | 87,000 | 89,000 |
| Raw material 9999 - HN | 87,800▼100K | 88,200▼100K |
| Raw materials 999 - HN | 87,700▼100K | 88,100▼100K |
| AVPL/SJC Can Tho | 87,000 | 89,000 |
| 2.PNJ- Updated: 10/26/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 87,600 | 88,900 |
| HCMC - SJC | 87,000 | 89,000 |
| Hanoi - PNJ | 87,600 | 88,900 |
| Hanoi - SJC | 87,000 | 89,000 |
| Da Nang - PNJ | 87,600 | 88,900 |
| Da Nang - SJC | 87,000 | 89,000 |
| Western Region - PNJ | 87,600 | 88,900 |
| Western Region - SJC | 87,000 | 89,000 |
| Jewelry gold price - PNJ | 87,600 | 88,900 |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Southeast | PNJ | 87,600 |
| Jewelry gold price - SJC | 87,000 | 89,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 87,600 |
| Jewelry gold price - Jewelry gold 999.9 | 87,500 | 88,300 |
| Jewelry gold price - 999 jewelry gold | 87,410 | 88,210 |
| Jewelry gold price - 99 jewelry gold | 86,520 | 87,520 |
| Jewelry gold price - 916 gold (22K) | 80,480 | 80,980 |
| Jewelry gold price - 750 gold (18K) | 64,980 | 66,380 |
| Jewelry gold price - 680 gold (16.3K) | 58,790 | 60,190 |
| Jewelry gold price - 650 gold (15.6K) | 56,150 | 57,550 |
| Jewelry gold price - 610 gold (14.6K) | 52,610 | 54,010 |
| Jewelry gold price - 585 gold (14K) | 50,410 | 51,810 |
| Jewelry gold price - 416 gold (10K) | 35,480 | 36,880 |
| Jewelry gold price - 375 gold (9K) | 31,860 | 33,260 |
| Jewelry gold price - 333 gold (8K) | 27,890 | 29,290 |
| 3. SJC - Updated: October 26, 2024 05:10 - Website time of supply - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 87,000 | 89,000 |
| SJC 5c | 87,000 | 89,020 |
| SJC 2c, 1C, 5 phan | 87,000 | 89,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 87,000 | 88,500 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 87,000 | 88,600 |
| 99.99% Jewelry | 86,900 | 88,200 |
| 99% Jewelry | 85,326 | 87,326 |
| Jewelry 68% | 57,631 | 60,131 |
| Jewelry 41.7% | 34,433 | 36,933 |
World gold price today October 26, 2024 and world gold price fluctuation chart in the past 24 hours
According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was 2,738.58 USD/Ounce. Today's gold price increased by 9.41 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,800 VND/USD), the world gold price is about 86.12 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.
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Currently, the demand for gold rings in the country is increasing sharply due to the wedding season and the interest of investors. However, the limited supply of gold leads to an imbalance between supply and demand, affecting the price of gold rings.
While gold bars are strictly controlled and the supply to the market is quite low, buyers have switched to buying gold rings, making the supply of this item increasingly scarce. The high demand, while the limited supply, makes the price of gold rings less affected by the downward trend of world gold prices, but more sensitive to the upward trend. This means that if the world gold price increases sharply, the domestic price of gold rings will easily "explode" as well.
In addition, the monetary easing policies of major central banks are also a factor driving gold prices. According to CME's FedWatch Tool, the market expects a 97% chance that the US Federal Reserve (Fed) will cut interest rates at its November meeting, helping to support gold prices.
David Meger, director of metals trading at High Ridge Futures, said gold remains well supported by its role as a safe haven amid inflation and political uncertainty ahead of the US presidential election. Regardless of who wins – Donald Trump or Kamala Harris – the risk of inflation from continued budget deficits and rising public debt remains, creating a favorable environment for gold prices in the long term.
Tensions in the Middle East have also made gold a safe haven asset, contributing to the price increase. Stepan Pirko, president of the Czech investment fund Bohemian Empire, said the recent rise in gold prices could be related to the BRICS Summit. Confidence in the US dollar is waning, and there are rumors that BRICS may introduce a new currency partly backed by gold to reduce dependence on the US dollar. Although this is a prediction, this instability still boosts demand for gold.
The main factors driving the continued rise in gold prices are the reduction in interest rates and the loose monetary policies of central banks, according to Jaroslav Jarolim of the Czech Economic Times. XTB expert Jiri Tylecek believes that the prospect of lower global interest rates and geopolitical tensions are the most important factors driving gold prices.
In addition, demand for physical gold by central banks is also a big factor. The Czech National Bank is now among the world's largest central banks accumulating gold, showing that demand from large institutions is increasing.
Falling global gold mine production due to lack of investment, as well as gold remaining relatively cheap compared to the S&P 500 index, are additional reasons supporting gold prices.
Gold price forecast
Although gold prices are high, domestic experts recommend caution when investing in gold.
Mr. Pham Vu Thang Long, from HSC Securities Company, commented that investing in gold now may contain risks due to the high price.
Mr. Long said that the price of gold rings has increased to an unreasonable level and there is a possibility that there will be intervention from authorities to stabilize the market.
Mr. Truong Vi Tuan, from Giavang.net, predicts that the price of gold rings will continue to depend on the world gold price and may skyrocket if the world gold price increases sharply.
Julia Khandoshko, CEO of Mind Money, said the upcoming US presidential election results are difficult to predict and this could make gold more attractive to investors. Gold prices could reach $2,800 an ounce and even surpass $3,000 an ounce in the next three months.