Update on the closing price of gold on October 2: Gold rings increased dramatically

    Khương Duy |

    Updated gold price at the end of session 10/2: 9999 round smooth gold rings increased, while SJC gold bars continued to move sideways.

    Update SJC gold price

    As of 6:00 p.m., the price of SJC gold bars was listed by DOJI Group at 82 - 84 million VND/tael (buy - sell).

    Compared to the beginning of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.

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

    Gia vang SJC trong nuoc chot phien 2.10.2024.
    Domestic SJC gold price closed on October 2, 2024.
    Dien bien gia vang SJC thang qua. Bieu do: Linh Trang
    SJC gold price developments last month. Chart: Linh Trang

    Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 82 - 84 million VND/tael (buy - sell).

    Compared to the beginning of 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 Saigon Jewelry Company is at 2 million VND/tael.

    Price of round gold ring 9999

    As of 6:45 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 82.20 - 83.15 million VND/tael (buy - sell), an increase of 300,000 VND/tael for buying and an increase of 250,000 VND/tael for selling.

    Dien bien gia vang nhan tron tron 2 thang gan day. Bieu do: Linh Trang
    Price movements of plain round gold rings in the last 2 months. Chart: Linh Trang

    Bao Tin Minh Chau also adjusted the price of plain round gold rings to increase to 82.18 - 83.14 million VND/tael (buy - sell), an increase of 300,000 VND for buying and an increase of 260,000 VND/tael for selling.

    In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

    World gold price

    As of 6:45 p.m., the world gold price listed on Kitco was at 2,650.9 USD/ounce, up 0.3 USD/ounce compared to the closing price yesterday afternoon.

    Dien bien gia vang the gioi. Nguon: Kitco
    World gold price developments. Source: Kitco

    Gold Price Forecast

    World gold prices did not change much when the USD index strengthened. Recorded at 6:45 p.m. on October 2, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 101.042 points (up 0.11%).

    In an interview with Kitco News, George Milling-Stanley - chief gold strategist at State Street Global Advisors - said that gold is watching the latest monetary policy decisions of the US Federal Reserve (FED).

    Milling-Stanley said the Fed’s monetary policy decision will continue to support gold prices. The expert sees solid potential for gold prices to rise to $2,700 an ounce by year-end.

    However, in the short term, Milling-Stanley remains relatively neutral on gold, saying that gold is currently trading around fair value.

    Later this week, the Institute for Supply Management (ISM) services sector data and the September 2024 jobs report are due out.

    Matt Simpson, senior analyst at City Index, said there is a chance that both the ISM and jobs reports will surprise.This could push gold prices lower from current levels on expectations of a more aggressive monetary policy from the Fed.

    Traders see a 65% chance the Fed will cut rates by 25 basis points in November. The chance of a 50 basis point cut is 35%.

    Unless tensions in the Middle East escalate further, gold will remain below record highs as the market awaits further data, the expert said.

    See more news related to gold prices HERE...

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