SJC gold bar price
As of 9:00 a.m., the price of SJC gold bars was listed by DOJI Group at 82 - 84 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold price at DOJI increased by 500,000 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 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
This morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 81.9-82.9 million VND/tael (buy - sell); down 100,000 VND/tael for buying and unchanged for selling compared to early yesterday morning.
Bao Tin Minh Chau listed the price of plain round gold rings at 81.88-82.88 million VND/tael (buy - sell), down 660,000 VND/tael for buying and down 560,000 VND/tael for selling compared to early this morning.
Round plain gold rings often move in the same direction as world gold. In the context of world gold prices reversing sharply, the price of gold rings may soon be adjusted to increase again.
World gold price
As of 9:00 a.m., the world gold price listed on Kitco was at 2,660.2 USD/ounce, up 21.7 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices increased amid a decrease in the USD index. Recorded at 9:00 a.m. on October 2, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 100.930 points (down 0.01%).
Gold prices rose in part due to fears of an all-out war in the Middle East after Iran fired missiles at Israel. Reuters reported that Iran fired a barrage of missiles at Israel on October 1 in retaliation for Israel’s campaign against Tehran’s Hezbollah allies in Lebanon.
“If there are serious casualties in Israel, then we could have a full-blown war in the Middle East, which is what I think traders are worried about right now, which could drive even more safe-haven demand for gold,” said Jim Wyckoff, senior market analyst at Kitco Metals.
Safe-haven demand for gold will continue to be strong if the situation in the Middle East worsens, according to Kitco Metals senior market analyst Jim Wyckoff.
Goldman Sachs has just announced that it has increased its gold price forecast by $200, from $2,700/ounce to $2,900/ounce by early 2025.
“We reiterate our long-term gold buy recommendation driven by lower global interest rates, higher central bank demand and gold’s benefits as a hedge against geopolitical, financial and recession risks,” the bank said in a note.
Currently, the market is "waiting" for US labor data and statements from many US Federal Reserve (FED) officials to know more information about the FED's policy stance.
Market analyst Han Tan of Exinity Group said that if the US unemployment rate is higher than expected, it will force the Fed to loosen its policy more aggressively and that move could send gold prices back to all-time highs.
“We could see gold hitting $2,700 an ounce in the near term as long as expectations of a Fed rate cut remain intact,” Han Tan added.
