The domestic gold price today, October 11, is being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at 41.68 million VND/tael (down 140,000 VND/tael for buying) and 41.95 million VND/tael (down 140,000 VND/tael for selling) compared to yesterday morning's session.
Doji Hanoi Jewelry was listed at 41.60 million VND/tael (down 400,000 VND for buying) and 41.90 million VND/tael (down 400,000 VND for selling) compared to the previous morning session.
Ho Chi Minh City SJC listed at 41.68 million VND/tael (down 140,000 VND/tael for buying) and 41.93 million VND/tael (down 140,000 VND for selling) compared to the morning session on October 10.
The world gold price today, October 11, immediately stood at 1,495.69 USD/oz for buying and 1,496.07 USD/USD/z for selling (down 10.65 USD/oz in both directions).
Gold decline is said to be a weakening USD price. In addition, the Dow Jones industrial index increased quite strongly.
The decrease is also due to a new move from US President Donald Trump. Specifically, Mr. Trump recently wrote on Twitter that he will meet with Chinese Vice Premier Liu He. This information raises hopes that the two powers can make progress in trade negotiations.
In a press conference in Washington, Trump said the US and China are facing a very good chance to reach an agreement and said China wanted this more than the US. However, if negotiations do not progress, he will be ready to increase tariffs on $250 billion of Chinese goods from 25% to 30% on October 15.
Therefore, many experts believe that gold prices will dance along with world geopolitical developments, especially the negotiations between the US and China.
Amid rising uncertainty, Russia and China continue to increase gold purchases. According to Kitco, since the beginning of the year, Russia and China have purchased a total of 251 tons of gold.
Central banks of countries around the world also bought a total of nearly 500 tons of gold in the first 8 months of 2019, which is a record amount. In the long term, gold will still increase again, it is unlikely to fall sharply, investors should not rush to sell at this time.
