Update on the closing price of gold on October 7: Reversal, towards a new peak

Update SJC gold price

As of 5:00 p.m., the price of SJC gold bars was listed by DOJI Group at 82-84 million VND/tael (buy - sell).

Compared to the previous trading session, gold price at DOJI remained unchanged. The difference between buying and selling price of SJC gold at DOJI Group is at 2 million VND/tael.

Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 82-84 VND/tael (buy - sell).

Compared to the previous trading session, the gold price at Saigon Jewelry Company SJC remained unchanged. The difference between the buying and selling price of SJC gold at Saigon Jewelry Company SJC was at 2 million VND/tael.

Last week, SJC gold price increased, however the high difference between buying and selling gold caused investors to suffer heavy losses.

If you buy gold at DOJI Group on September 30 at VND84 million/tael and sell it today (October 7), you will lose VND2 million/tael. Similarly, those who buy gold at Saigon Jewelry Company SJC will also lose VND2 million/tael.

Currently, the difference between the buying and selling price of gold is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

Price of round gold ring 9999

As of 6:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 82.75-83.60 million VND/tael (buy - sell); down 100,000 VND/tael for buying and unchanged for selling compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 82-83.3 million VND/tael (buy - sell); unchanged from the previous trading session.

World gold price

As of 5:00 p.m., the world gold price listed on Kitco was at 2,657.1 USD/ounce, up 3.3 USD/ounce compared to the closing price of last week's trading session.

Gold Price Forecast

World gold prices recovered slightly despite the USD index still showing an upward trend. Recorded at 5:10 p.m. on October 7, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 102.335 points (up 0.06%).

The latest Kitco News weekly gold survey shows that industry experts are increasingly cautious about the short-term outlook for gold, while investors remain bullish, albeit at a slightly lower level than last week.

This week, 16 analysts participated in the Kitco News gold survey. Seven experts expect gold prices to rise next week. Three experts predict that the precious metal will fall. The remaining six analysts believe that gold will trade sideways this week.

Meanwhile, 176 votes were cast in Kitco’s online poll. The majority of investors still expect gold to rise. 104 traders expect gold prices to rise this week, while 36 predict the precious metal will trade lower. Only 38 believe gold prices will remain stable this week.

Mark Leibovit - editor of VR Metals/Resource Letter magazine - also said that the price "is heading towards the target of 2,700 USD/ounce and is very close". He expects that in the coming time, the price of gold and USD will move in the same direction and increase together.

Leibovit said there are two main reasons for the market's rise. One is the view that interest rates will fall. The other is that China's economy could improve after a series of stimulus policies last week. China is the world's leading consumer of gold.

Darin Newsom, a market analyst at Barchart.com, said: "From a technical perspective, prices are trending up in the short term. Issues such as the US presidential election and other geopolitical volatility will continue to make gold attractive to investors looking for shelter."