Update on the closing price of gold on October 10: Gold rings continue to decline

Update SJC gold price

As of 5:30 p.m., the price of SJC gold bars listed by DOJI Group was at 82.5 - 84.5 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold price at DOJI decreased by 500,000 VND/tael for both buying and selling.

The difference between buying and selling prices of SJC gold at DOJI Group is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 82.5 - 84.5 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold price at Bao Tin Minh Chau decreased by 500,000 VND/tael for both buying and selling.

The difference between buying and selling price of SJC gold at Bao Tin Minh Chau is at 2 million VND/tael.

9999 round gold ring price

As of 5:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 82-82.9 million VND/tael (buy - sell); down 300,000 VND/tael for buying and down 400,000 VND/tael for selling compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 81.5 - 82.8 million VND/tael (buy - sell); down 300,000 VND/tael in both directions compared to the close of the previous trading session.

Bao Tin Minh Chau listed the price of plain round rings at 81.88 - 82.88 million VND/tael, down 400,000 VND/tael for both buying and selling.

World gold price

As of 5:30 p.m., the world gold price listed on Kitco was at $2,616.3/ounce, down $5.5/ounce compared to yesterday afternoon.

Gold Price Forecast

World gold prices fell amid signs of an increase in the USD index. Recorded at 5:30 p.m. on October 10, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 102.697 points.

World gold prices continued to fall sharply after news that Hezbollah wanted to discuss a ceasefire with Israel.

Besides, the market continued to decline due to the possibility that the US Federal Reserve (FED) would drastically cut interest rates, after the US announced the September employment report.

The market predicts an 85% chance that the Fed will cut interest rates by 25 basis points in November 2024. Gold is a non-interest-bearing asset favored by investors in low-interest-rate environments as well as in times of economic and geopolitical uncertainty.

The Fed has just released the minutes of its September 17-18 meeting, noting that the pace of future interest rate cuts will not be determined by the September rate cut. Last month, the agency announced a 0.5 percentage point interest rate cut.

David Meger, director of precious metals trading at High Ridge Futures, said prices have been falling over the past few days as the prospect of the Fed cutting interest rates aggressively has become increasingly dim. US government bond yields have also increased, making gold less attractive.