Update SJC gold price
As of 5:00 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 close of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.
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 previous trading session, gold prices at Bao Tin Minh Chau remained unchanged in both buying and selling directions.
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 5:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 82.3-83.2 million VND/tael (buy - sell); an increase of 300,000 VND/tael for both buying and selling compared to the close of the previous trading session.
Bao Tin Minh Chau listed the price of plain round rings at 82.28-83.18 million VND/tael, an increase of 400,000 VND/tael for buying and 300,000 VND/tael for selling.
World gold price
As of 5:00 p.m., the world gold price listed on Kitco was at 2,637.3 USD/ounce, up 21 USD/ounce compared to yesterday afternoon.
Gold Price Forecast
World gold prices increased in the context of the USD index decreasing. Recorded at 5:00 p.m. on October 11, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 102.697 points (down 0.07%).
Kelvin Wong, senior market analyst for Asia Pacific at OANDA, said that gold prices are bullish in the short term as recent data has been positive. If PPI data is weaker, gold prices could continue to rise. From a technical perspective, gold could return to $2,657/oz in the near term, and would be close to its all-time high if it breaks through this level.
According to CME's FedWatch tool, markets now see an 84.4% chance of the Fed cutting interest rates by 25 basis points at its November 2024 meeting, compared to 76% previously.
According to Kitco, some market analysts believe that the world gold price rally is not over yet. Ms. Chantelle Schieven - Head of Research Division at Capitalight Research said that the slower pace of interest rate cuts could continue to put pressure on gold in the coming time, as investors adjust their expectations about the market. In addition, geopolitical instability continues to support gold.
"Geopolitical uncertainty has been a key driver of gold's nearly 30% rally this year. However, the safe-haven premium for gold remains low, as investors are only just starting to focus on some of the geopolitical hotspots," Schieven said.
Schieven said that rising geopolitical tensions could easily push gold prices up another 10% as a safe-haven asset. “In that scenario, $3,000 an ounce is not far away. However, it is also possible to see this 10% increase diminish as tensions ease,” he said.
Looking beyond short-term volatility, Schieven said gold remains well supported as long-term factors come into focus. In addition, gold has the potential to transform markets.
Some long-term factors such as rising debt could also become a concern at this point. That would push gold prices higher. Schieven said that gold has been on an impressive run over the past year, but the precious metal is just starting a new bull run.
"The world is moving away from globalization. The US dollar is not disappearing, but its role is decreasing. So some countries will look for alternatives by continuing to buy a lot of gold," Schieven noted.
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