Gold price today October 28, 2024: World gold price this week still increases strongly

Domestic gold price today October 28, 2024

At the time of survey at 5:00 a.m. on October 28, 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.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 88.3-89 million VND/tael (buy - sell).

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 28, 2024 is as follows:

World gold price today October 28, 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 at 2,745.19 USD/Ounce. Today's gold price increased by 22.84 USD/Ounce compared to the beginning of last week. Converted according to the USD exchange rate, on the free market (25,500 VND/USD), the world gold price is about 85.33 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.66 million VND/tael higher than the international gold price.

Dr. Nguyen Bich Lam, former General Director of the General Statistics Office, recommends that individual investors should be cautious when buying gold at this time because prices are fluctuating unpredictably.

"Currently, many governments are increasing their gold purchases for national reserves. On the contrary, investing in gold for profit purposes at this time is very risky. In the first and second quarters, the world gold price increased due to geopolitical conflicts, causing many governments to actively buy gold. However, this demand is no longer as high as before, and gold prices are currently mainly influenced by geopolitical conflicts," said Dr. Nguyen Bich Lam.

Economist Dinh Trong Thinh said that plain gold rings, which were previously bought mainly as gifts, are now being bought by many people to accumulate assets. However, because gold prices are rising and unpredictable, he advised people not to buy and sell gold in large quantities.

Sharing the same view, expert Nguyen Tri Hieu advised that people should only buy gold when really necessary. Those who have bought gold before and have the desired profit should consider selling.

“Buying domestic gold at this time may run the risk of ‘catching the peak’ if the world gold price drops sharply in the short term. If you have already taken a profit and the price continues to increase, there is no need to regret, because the profit from gold rings since the beginning of the year has reached an attractive level of 25-30%,” Mr. Hieu shared.

Mr. Hieu also commented that the recent shortage of gold bars and gold rings may be due to people still holding onto gold, waiting for prices to rise before selling. At the same time, the State Bank has not allowed businesses to import gold, and the dismantling of many gold smuggling rings has also contributed to the shortage of supply. If the "fever" for gold rings continues, the State Bank may intervene.

Currently, the country has 22 banks and 16 businesses licensed to trade in gold bars. Unlicensed gold jewelry businesses still trade gold bars with people, or people buy and sell with each other, which is against the regulations.

The most important report investors will be watching next week is the core personal consumption expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge, due out on Thursday.

Analysts expect gold prices to be volatile next week as the market digests a number of important data, including non-farm payrolls data on Friday.

In addition, the US September jobs report will also be released on Friday. Economists expect the report to show 140,000 new jobs, down from 254,000 in August. If the labor market weakens and inflation remains high, this could be a favorable condition for gold prices, as rising fears could increase demand for the precious metal.

While the outcome of the US presidential election between Kamala Harris (Democrat) and Donald Trump (Republican) is still unclear, international investors are focusing on the Fed, the world's most powerful central bank.

Gold Price Forecast

Gold prices have been rising steadily as international investors continue to see it as a safe haven amid tense geopolitical conflicts and the uncertain outcome of the upcoming US presidential election (November 5, 2024).

Mr. Kevin Grady, President of Phoenix Futures and Options in the US, predicts that the world gold price could reach 3,000 USD/ounce in the first quarter of 2025.

FxPro expert Alex Kuptsikevich believes that gold prices may temporarily correct in the short term. After reaching $2,758/ounce, gold prices have decreased and tend to trade cautiously. Gold prices are forecast to fluctuate in the range of $2,670-2,700/ounce next week.

Marc Chandler, director of Bannockburn Global Forex, said that if gold breaks below $2,700 an ounce, long-term investors could face significant pressure. He predicted that gold prices would range between $2,600 and $2,800 an ounce.

According to the weekly Kitco News gold survey, bullish sentiment among experts and traders is slightly down. In the latest survey, nine analysts participated: two saw gold prices rising, two saw prices falling, and two were neutral on the short-term outlook for gold.

Hung Cuong