The domestic gold price today, October 26, is being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at 41.67 million VND/tael (up 70,000 VND/tael for buying) and 41.97 million VND/tael (up 70,000 VND/tael for selling) compared to yesterday morning's session.
Doji Hanoi Jewelry was listed at 41.75 million VND/tael (up 100,000 VND for buying) and 41.95 million VND/tael (up 100,000 VND for selling) compared to the session yesterday morning.
Ho Chi Minh City SJC listed at 41.67 million VND/tael (up 100,000 VND/tael for buying) and 41.95 million VND/tael (up 70,000 VND for selling) compared to the morning session on October 25.
The world gold price today, October 26, immediately stood at 1.505.410 USD/oz (up 3.23 USD/oz for buying) and 1.505.790 USD/oz (up 3.23 USD/oz for selling).
Converted to USD at Vietcombank (23,265 VND/USD), the world gold price is equivalent to about 42.17 million VND/tael, 220,000 VND/tael higher than the selling price of SJC gold.
The market is expecting the US Federal Reserve to cut interest rates by another 25 basis points next week.
US President Donald Trump has once again called on the Fed to continue cutting interest rates to stimulate the economy, just days before the Fed's policy meeting.
Mr. Trump also specifically criticized Fed Chairman Jerome Powell, who was appointed by Mr. Trump to run the Fed. The Fed was too fast to raise interest rates and too slow to cut rates, the president said.
The trend of monetary policy easing is spreading globally. The next two central banks to implement interest rate cuts are Indonesia and Turkey.
Central banks around the world are trying to support economic growth by cutting interest rates, even to negative levels.
However, Jamie Dimon, CEO of the US bank JPMorgan Chase, warned that cutting interest rates to low levels, including below zero, is not a "game-changer" in promoting lending and improving economic growth.
"If we want to promote growth, it is best to apply many policies, such as capital allocation, instead of relying only on interest rates. I hope this will not happen in the US," said Jamie.
Gold may increase due to uncertainty over whether the UK will leave the European Union next week.
Many experts say that the upward trend of gold will still dominate in the short term.
However, India's gold imports fell 68% in September, hitting a three-year low. That means demand for gold has shown signs of decline. Investors may be waiting as they expect gold to continue to fall.
