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Gold prices today on the international market turned to increase sharply after the US announced information favorable for gold prices. In the country, Doji gold rings have reached the same price as SJC gold bars.
The price of gold on the Kitco floor at 8:30 p.m. (October 24, Vietnam time) was trading at $2,741.7/ounce, up 0.91% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,752.7/ounce.
At the beginning of the trading session on October 24 (US time), world gold prices increased sharply after the US announced that the number of unemployment benefit applications reached 227,000, down from the previous expectation of 242,000.
The data shows that the US economy is stable in a high inflation environment. This further boosts the possibility of the US Federal Reserve (Fed) cutting interest rates further at its meeting in November.
Previously, gold was under strong pressure to fall to $2,720/ounce, as the DXY index (measuring the strength of the USD against a basket of major currencies) increased by 0.3% and bond yields rose sharply to a 3-month high.
Bob Haberkorn, senior market strategist at RJO Futures, said that gold prices cannot fall further because of the support from safe-haven demand. He predicted that gold could rise to $2,800 an ounce after the end of this week.
Ole Hansen, head of commodity strategy at Saxo Bank, believes that gold will not lose its position as a top-yielding investment channel due to the impact of the uncertainty related to the US election. The increasing debt burden of the world's largest economy is causing investors to worry and seek gold.
According to most experts, although gold prices are at their peak, the upward momentum is not over yet. Among them, Ms. Joni Teves, precious metals strategist at UBS, affirmed that the Fed's monetary policy easing and other fundamental factors are still supporting the precious metal.
In the domestic market, at the end of the session on October 24, the price of 9999 gold bars at SJC was 87 million VND/tael (buy) and 89 million VND/tael (sell). Doji listed it at 87 million VND/tael (buy) and 89 million VND/tael (sell).
SJC announced the price of gold rings of type 1-5 at only 87-88.5 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 88-89 million VND/tael (buy - sell).
Gold Price Forecast
According to CME's FedWatch tool, US inflation has been contained, the market is expecting a 94.5% chance that the Fed will cut 25 basis points at its meeting on November 7 and a 5.5% chance that it will keep interest rates unchanged at current levels.
Ms. Joni Teves predicts that gold could reach $2,800/ounce this year and $3,000/ounce next year. In addition, the gold market may witness many fluctuations in the coming weeks due to the impact of developments before the US presidential election and the situation in the Middle East.
Vivek Dhar, an analyst at Commonwealth Bank of Australia, forecasts gold prices to average $3,000 in the fourth quarter of 2025 due to a weaker US dollar.
Implementing the directions of the Government and the Prime Minister, based on current legal regulations, in recent times, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high difference in gold prices between international and domestic, stabilize the gold market, and contribute to stabilizing the macro-economy. In particular, it is requested that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision and monitoring according to their assigned functions, tasks and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc. causing instability in the gold market; organize direct bidding and sale of gold bars to supplement the supply of SJC gold bars to the market. With the implemented solutions, the difference between domestic gold prices and converted world gold prices has significantly decreased.
In the coming time, the State Bank will continue to implement solutions to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.
