SJC gold bar price
As of 8:50 a.m., the price of SJC gold bars was listed by DOJI Group at 84 - 86 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold price at DOJI increased by 1 million VND/tael for both buying and selling.
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 83 - 85 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 Bao Tin Minh Chau is at 2 million VND/tael.
PNJ listed the price of SJC 9999 gold bars at 84 - 86 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold price at PNJ increased by 1 million VND/tael for both buying and selling.
The difference between buying and selling price of SJC gold at PNJ is at 2 million VND/tael.
9999 gold ring price
This morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 82.95-83.85 million VND/tael (buy - sell); both buying and selling prices remained the same compared to early yesterday morning.
Bao Tin Minh Chau listed the price of plain round gold at 82.93-83.83 million VND/tael (buy - sell), keeping both buying and selling prices unchanged.
The price of PNJ 9999 plain gold rings is listed by PNJ at 83-84 million VND/tael (buy - sell), an increase of 400,000 VND/tael in both directions.
World gold price
As of 8:30 a.m. on October 16, the world gold price listed on Kitco was at 2,663.8 USD/ounce, up 14.8 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices increased despite the high USD index. Recorded at 8:30 a.m. on October 16, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.025 points.
Gold rose amid falling US Treasury yields, while cautious investors waited for more data for fresh clues on the US Federal Reserve's monetary easing cycle.
The yield on the 10-year bond fell as a report released earlier in the day showed a slowdown in manufacturing activity in New York state.
Currently, many forecasts say that gold will continue to increase and may reach 2,700 USD/ounce by the end of this year and may go higher in early 2025 when the FED continues to lower interest rates and demand increases as Asia enters the peak gold consumption season.
IG market strategist Yeap Jun Rong praised the strength of the precious metal, saying that gold has resisted the strength of the US dollar and Treasury yields.
He added that the US election could increase demand for gold reserves as a hedge against risk, while the possibility of a Fed rate cut could push prices to record highs, heading towards $2,800 an ounce by year-end.
Gold prices have risen about 28% since the beginning of 2024, outperforming both stocks and US bonds. Experts say the surge has been fueled by central banks buying gold aggressively, as they seek out the precious metal to protect their national assets from geopolitical and economic turmoil.
According to Mr. Terrence Keeley - former senior manager of financial group BlackRock and currently CEO of market research company Impact Evaluation Lab, on average 15% of foreign exchange reserves of central banks are in precious metals according to market valuation.
The World Gold Council (WGC) announced that the amount of gold purchased by global central banks increased by 6% (equivalent to 183 tons) in the second quarter of 2024.However, the WGC forecast shows that this figure may decrease to 150 tons on average for the whole year.However, gold demand from central banks is still a key factor shaping the gold market.
See more news related to gold prices HERE...
