Update SJC gold price
As of 7:34 p.m., the price of SJC gold bars listed by DOJI Group was at 82-86 million VND/tael (buy - sell).
Compared to the previous trading session, the gold price at DOJI increased by 1 million VND/tael for buying and 500,000 VND/tael for selling. The difference between the buying and selling prices of SJC gold at DOJI Group is at 4 million VND/tael.
Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 82-86 million VND/tael (buy - sell).
Compared to the previous trading session, the gold price at Saigon Jewelry Company SJC increased by 1 million VND/tael for buying and increased by 500,000 VND/tael for selling. The difference between the buying and selling price of SJC gold at Saigon Jewelry Company SJC is at 4 million VND/tael.
Bao Tin Minh Chau listed SJC gold price at 82.3-86 million VND/tael (buy - sell).
Compared to the previous trading session, the gold price at Bao Tin Minh Chau increased by 1.3 million VND/tael for buying and increased by 500,000 VND/tael for selling. The difference between the buying and selling prices of SJC gold at Bao Tin Minh Chau is at 3.7 million VND/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 7:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 83.35-85.15 million VND/tael (buy - sell), an increase of 2.35 million VND/tael for buying and 1.35 million VND/tael for selling compared to the close of the previous trading session.
Bao Tin Minh Chau listed the price of gold rings at 83.32-85.12 million VND/tael (buy - sell); an increase of 2.04 million VND/tael for buying and 1.04 million VND/tael for selling compared to the close of the previous trading session.
After a decline, today, November 8, domestic gold prices reversed and recovered. In Hanoi, many people flocked to gold shops to buy.
Waiting in line since the gold shop on Cau Giay Street (Hanoi) had not opened yet to buy gold rings, Ms. Nguyen Thi Phuong (Cau Giay District, Hanoi) shared: "Although I came very early to wait to buy gold rings, I still missed out because in front of me was a long line of people also waiting.
The amount of gold the store sells is not much, today each person is allowed to buy 3 taels. I want to buy a few taels to store as assets but it's really too difficult."
Similar to Ms. Phuong, Mr. Nguyen Huy Nam (Cau Giay district, Hanoi) waited in line early but still could not buy any gold rings.
"Not only me, but many people could not buy because all the gold coupons were sold out. I planned to come back in the afternoon to wait to buy, but I don't know if they will sell them or not. The staff here did not announce the time frame for selling rings in advance," said Mr. Nam.
World gold price
As of 7:45 p.m., the world gold price listed on Kitco was at 2,689.8 USD/ounce, up 24.6 USD/ounce compared to the close of the previous trading session.
Gold Price Forecast
World gold prices recover despite high USD index. Recorded at 7:45 p.m. on November 8, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 104.437 points (up 0.07%).
According to Kitco, central banks cutting interest rates, a wave of buying... are supporting gold prices to recover.
On Thursday, the US Federal Reserve (FED) continued its long-anticipated and anticipated interest rate cut. The Federal Open Market Committee (FOMC) lowered the federal funds rate by 25 basis points, in line with expectations. The rate is currently trading in a range of 4.5% to 4.75%.
The Fed's latest interest rate cut was not unexpected, but still put downward pressure on the USD and US Treasury bond yields, thereby increasing the attractiveness of gold.
Not only the FED, the Bank of England (BoE) has also just decided to cut interest rates further. In a long-awaited move, the BoE cut the bank rate to 4.75% on Thursday.
According to Kitco senior analyst Jim Wyckoff, another reason for gold's recovery last night was a wave of buying as the metal fell sharply before the US presidential election results.
“Gold is still in a bull market and nothing this week, from the US presidential election to the Fed meeting, can change that. Unless the Fed signals a pause in rate cuts, gold could well recover all the losses from the previous session,” independent precious metals trader Tai Wong told Reuters.
