SJC gold bar price
As of 6:00 a.m. on October 7, the price of SJC gold bars listed by DOJI Group was 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.
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.
9999 gold ring price
As of 6:00 a.m. on October 7, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 82.85 - 83.60 million VND/tael (buy - sell), unchanged.
PNJ also adjusted the price of plain round gold rings to increase to 82.80 - 83.60 million VND/tael (buy - sell).
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 6:00 a.m. on October 7, the world gold price listed on Kitco was at 2,653.8 USD/ounce.
Gold Price Forecast
World gold prices recovered slightly despite the USD index still increasing. Recorded at 6:00 a.m. on October 7, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 102.280 points (up 0.52%).
The latest Kitco News weekly gold survey shows that industry experts are increasingly cautious about gold’s near-term prospects, 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 the precious metal will fall. The remaining six analysts believe that gold will trade sideways next 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 next week, while 36 predict the precious metal will trade lower. Only 38 believe gold prices will remain stable next week.
Although gold received a less bright forecast than previous weeks, the outlook for the precious metal is still highly appreciated.Neils Christensen - an analyst at Kitco News commented: "The above factors are the obstacles that gold is facing.In normal market conditions, these factors can easily push gold prices down.However, the world gold price is still showing strength, not falling deeply".
Ole Hansen - Head of the Commodity Strategy Division at Saxo Bank, gave the briefest explanation for gold's resilience: "Gold is holding firm for one reason only, which is geopolitical tensions in the Middle East".
Many people are increasingly concerned that geopolitical tensions here will continue to escalate and spread.Reuters reported that consecutive fierce airstrikes by Israel attacked the southern suburbs of the capital Beirut (Lebanon) from late October 5 to the morning of October 6.
The air strikes came after days of Israeli bombing of Beirut suburbs - considered a stronghold of the Iran-backed Hezbollah militant group - killing its leader Sayyed Hassan Nasrallah and possibly his potential successor.
On October 5, a Lebanese security source said that Hashem Safieddine - a potential successor to Hezbollah leader - has been out of contact since October 4, after an Israeli airstrike near Beirut international airport was believed to have targeted him.
A growing number of analysts believe gold could easily hit $3,000 an ounce this year. But that milestone could just be the beginning. Gold’s appeal as a safe haven asset comes amid geopolitical uncertainty.
In a world of rising global debt and uncertainty, gold remains the only risk-free asset. Analysts are quick to point out that these are the two biggest reasons central banks hoard gold.
See more news related to gold prices HERE...
