Gold price today October 15, 2023, Gold price increased sharply, precious metal encountered 'fertile land', towards the 2,000 USD mark, SJC gold surpassed the peak

Gold price today October 15, 2023, world gold price witnessed the best weekly increase since mid-March. This precious metal is playing its best role. Safe haven demand will push gold prices higher in the coming time. SJC gold skyrocketed.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 15 AND EXCHANGE RATE TODAY OCTOBER 15

1. PNJ - Updated: October 15, 2023 11:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	57,200	58,200
HCMC - SJC	69,800	71,000
Hanoi - PNJ	57,200	58,200
Hanoi - SJC	69,800	71,000
Da Nang - PNJ	57,200	58,200
Da Nang - SJC	69,800	71,000
Western Region - PNJ	57,200	58,200
Western Region - SJC	69,700	70,700
Jewelry gold price - PNJ rings (24K)	57,200	58,100
Jewelry gold price - 24K jewelry	57,000	57,800
Jewelry gold price - 18K jewelry	42,100	43,500
Jewelry Gold Price - 14K Jewelry	32,560	33,960
Jewelry gold price - 10K jewelry	22,800	24,200

Domestic gold prices last week exceeded a peak of more than 1 year.

Domestic gold price in the first morning session of the week on October 9, in Hanoi market, Saigon Jewelry Company listed SJC gold price at 68.8 - 69.52 million VND/tael (buy - sell), an increase of 300 thousand VND/tael for buying and 200 thousand VND/tael for selling compared to the previous session.

In the context of instability in the Middle East pushing up world gold prices, on the morning of October 12, domestic gold prices officially surpassed their peak of more than 1 year, with a transaction level of over 70 million VND. This is the peak of more than 1 year when gold prices stood at this level for the last time in May 2022. In the Hanoi market, Saigon Jewelry Company listed SJC gold prices at 69.4 - 70.12 million VND/tael (buy - sell), an increase of 250 thousand VND/tael in both buying and selling compared to the previous closing price.

Along with the world's downward trend, the domestic gold price on the morning of October 13 was adjusted down by gold and gemstone companies. In the Hanoi market, Saigon Jewelry Company listed the SJC gold price at 69.4-70.12 million VND/tael (buy-sell), down 150 thousand VND/tael in both buying and selling compared to the previous closing price.

At the close of trading this week (October 14), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 69.8 - 71.0 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on October 9 (at 68.8 - 69.52 million VND/tael (buy - sell), the price of SJC gold in the Hanoi market increased sharply by 1 million VND/tael in the buying direction and increased by 1.48 million VND/tael in the selling direction.

Gold price today October 15, 2023, Gold price increased sharply, precious metal encountered 'fertile land', towards the 2,000 USD mark, SJC gold surpassed the peak. (Source: Shutterstock)

World gold prices rose back above the threshold of 1,900 USD/ounce in the trading session on October 13 and closed last week at the highest level in 3 weeks, as the tension in Israel increased demand for gold, which is considered a "safe haven" in times of instability.

At the end of the session, the price of gold for December 2023 delivery increased by 58.50 USD, or 3.1%, to 1,941.50 USD/ounce, the highest closing level since September 22. For the whole week, the price of gold increased by 5.2%.

According to the World & Vietnam Newspaper, the world gold price closed the trading week (October 13) on the Kitco floor at 1,933.5 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of October 14:

Saigon Jewelry Company listed SJC gold price at 69.8 - 71.0 million VND/tael.

Doji Group currently lists SJC gold price at: 69.6-71.0 million VND/tael.

PNJ system listed at: 69.8 - 71.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 69.85 - 70.95 million VND/tael; Rong Thang Long gold brand is traded at 56.98 - 57.98 million VND/tael; jewelry gold price is traded at 56.65 - 57.75 million VND/tael.

Converted according to the USD price at Vietcombank on October 14, 1 USD = 24,615 VND, the world gold price is equivalent to 57.34 million VND/tael, 13.66 million VND/tael lower than the selling price of SJC gold.

World gold price increased impressively

With the US Federal Reserve (Fed) nearing the end of its tightening cycle, the drag that monetary policy has had on gold for most of 2023 is starting to wane, giving the market a chance to continue operating.

After hitting a seven-month low last Friday, the precious metal is on track for its best weekly gain since mid-March. Prices are $90 higher than last week’s close, compared with December gold last trading at $1,941.50 an ounce and up more than 6% from last week’s low.

The precious metal saw significant gains over the weekend due to growing safe-haven demand as Israel intensified its war with Hamas and the Russia-Ukraine crisis escalated.

“In times like these, when there is so much uncertainty, investors flock to gold. The precious metal is doing its job,” said Joseph Cavato , North America market strategist at the World Gold Council.

Adding to tensions with Russia, the US announced on October 13 that it would tighten sanctions on Russian crude oil exports. As a result, oil prices returned to the impressive $90/ounce mark and rose nearly 4% on the day.

Some analysts note that rising oil prices, if sustained, could add to gold's safe-haven role as a hedge against persistent inflation.

Christopher Vecchio , head of foreign exchange at Tastylive.com , said that while he expects inflation to be quite volatile through the end of the year, that won't be enough to force the Fed to raise interest rates again.

“The Fed is done. We’ve heard from five Fed members that further rate hikes are not needed. Rates have become a secondary factor for gold as investors focus on geopolitical uncertainty. This is fertile ground for gold to move higher,” he said.

Edward Moya , senior market analyst at OANDA, said he also sees safe-haven demand driving gold prices higher in the near term.

“Safe-haven demand is becoming more prominent as monetary policy is sufficiently restrictive and rising energy prices could easily kill the global outlook,” he said. “High inflation and a resilient economy could lead to more Fed rate hikes, but it looks like the economy is finally starting to slow. If rates peak, the gold rally could be prolonged.”

While gold and silver are seeing significant gains over the weekend and sentiment is turning firmly bullish, some analysts are also warning investors to be cautious and not chase the market.

While gold remains well supported by growing safe-haven demand, prices face challenging resistance at $1,950 an ounce, said Ole Hansen , head of commodity strategy at Saxo Bank.

Hansen added that he wants to see institutional investors return to the ETF market to help gold return to $2,000 an ounce and then to all-time highs.

Commodity analysts at Capital Economics also noted weak ETF demand as futures prices surged.

“Total ETF holdings of gold actually fell during the week, reinforcing our view that the market is waiting to see how the conflict plays out,” the analysts said.

Meanwhile, commodity analysts at Commerzbank are also taking a more cautious view on gold’s recovery. Thu Lan Nguyen, head of commodity research at the German bank, pointed out that a weaker US dollar and falling bond yields are helping to fuel the precious metal’s rally.

However, she also noted that it remains unclear whether the Fed is done raising interest rates and said the threat of higher interest rates over the long term will keep a lid on gold prices.

“It is clear that the Fed will not raise interest rates again by the end of the year, which is good news for gold. However, gold prices are only likely to rise further and eventually surpass $2,000 an ounce again when there are clearer signs of a Fed rate cut, which we do not expect until mid-next year,” said Thu Lan Nguyen.

Analysts note that while economic data will take a back seat to geopolitical issues, investors still need to keep an eye on some important data releases.

The most important report next week is US retail sales for September. Economists say weak consumer spending will point more to slowing economic growth, which will make it harder for the central bank to raise interest rates next month.

Another important highlight was the message from Fed Chairman Jerome Powell's speech at the Economic Club of New York on October 19.

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