Update SJC gold price
As of 9:00 a.m., the price of SJC gold bars was listed by DOJI Group at 88-90 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, Saigon Jewelry Company SJC listed the price of SJC gold at 87.5-89.5 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, the gold price at Saigon Jewelry Company SJC decreased by 500,000 VND/tael for both buying and selling.
The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.
Bao Tin Minh Chau listed SJC gold price at 87.5-89.5 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold price at Bao Tin Minh Chau decreased by 500,000 VND/tael for both buying and selling.
The difference between buying and selling price of SJC gold at Bao Tin Minh Chau is at 2 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 9am today, the price of 9999 Hung Thinh Vuong round gold ring at DOJI is listed at 88.25-89.25 million VND/tael (buy - sell); down 350,000 VND/tael in both directions.
Bao Tin Minh Chau listed the price of gold rings at 88.23-89.23 million VND/tael (buy - sell); down 350,000 VND/tael in both directions.
World gold price
As of 9:00 a.m., the world gold price listed on Kitco was at 2,750.6 USD/ounce, down 35 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices fell as the USD index held high. Recorded at 9:10 a.m. on November 1, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.847 points (down 0.03%).
Mr. David Meger - Director of Metal Trading at High Ridge Futures - said that gold prices slowed down in this session because many investors took profits, in the context of many important events affecting the gold market next week, which are the US election on November 5 and the meeting of the US Federal Reserve (FED) on November 5-6.
The U.S. economy continues to inch closer to a soft landing as the labor market continues to maintain its resilience, with the number of Americans filing for unemployment benefits falling unexpectedly, according to Kitco News analyst Neils Christensen.
Initial state unemployment claims fell to a seasonally adjusted 216,000 for the week ended Oct. 26, the Labor Department said Thursday.
Claims fell 12,000 from the previous week's estimate of 228,000. The data beat expectations, with the consensus estimate showing claims of 229,000.
The gold market reacted strongly to the US labor market data. The market immediately came under technical selling pressure. December gold futures last traded at $2,784.10 an ounce, down 0.59% on the day.
The gold sell-off has intensified as the US economy remains resilient and inflationary pressures have remained steady over the past three months.
In fact, some experts have predicted the decline in gold. In an interview with Kitco News, prominent commodities investor Dennis Gartman expressed some concerns about the amount of attention gold has attracted in the past few weeks. New investment demand has pushed prices up significantly.
“I remain bullish on gold in the long term, but in the short term I am a little concerned. Gold could fall another $50 an ounce in the coming period as investors adjust their inflation expectations,” he said last week.
A potential correction in the stock market could also contribute to gold's short-term risk, potentially triggering a liquidity event, he added.
Despite the sharp drop in gold prices, many investors believe that the precious metal will soon recover. Ole Hansen, head of commodity strategy at Saxo Bank, believes that gold prices will continue to rise due to the impact of the Fed possibly cutting interest rates by another 25 basis points. At the same time, risks from the US presidential election have also caused many investors to choose gold as a safe haven for their assets.
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