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 prices at DOJI remained unchanged in both buying and selling directions.
The difference between buying and selling prices 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 82.50-83.20 million VND/tael (buy - sell); an increase of 300,000 VND/tael for buying and an increase of 50,000 VND/tael for selling compared to early yesterday morning.
With the sharp increase in the buying price, the difference between buying and selling of plain round gold rings at DOJI is only 700,000 VND/tael. This helps investors reduce the possibility of loss when buying.
Bao Tin Minh Chau listed the price of plain round gold rings at 82.28-83.18 million VND/tael (buy - sell), an increase of 90,000 VND/tael for buying and 40,000 VND/tael for selling compared to early this morning.
Despite the drop in world gold prices, the price of plain round gold rings in the domestic market remains high.
World gold price
As of 9:15 a.m., the world gold price listed on Kitco was at 2,659 USD/ounce, up 2.6 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices recovered slightly amid a decline in the USD index. Recorded at 9:15 a.m. on October 4, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 101.657 points (down 0.09%).
According to Kitco, some experts believe that the world gold price rally is not over yet. Ole Hansen - Head of Commodity Strategy Division at Saxo Bank expressed optimism about gold since the beginning of the year. In his fourth quarter outlook, he said he would maintain a positive view on the precious metal.
“We forecast further gains in gold prices through year-end and into 2025, until the metal can reach the psychologically important $3,000/ounce level,” he said in his report.
Hansen’s comments come as gold prices continue to consolidate at higher levels. December gold futures last traded at $2,673 an ounce, up 0.13% on the day.
Hansen said he expects to see some consolidation in gold prices in the near term, arguing that bullish positioning remains at a four-year high.
Despite the less positive forecasts from some experts, Hansen said the market remains well supported as the US Federal Reserve begins a new easing cycle. He also noted that investors are starting to return to gold-backed exchange-traded funds as interest rates fall.
“Although overall demand has eased from its highs in early 2024, gold reserve accumulation remains active, with activity concentrated in emerging market central banks,” Marissa Salim, senior research team leader at the World Gold Council (WGC), wrote in their latest monthly report.
“Emerging market central banks accounted for 70% of reported net purchases through October, with Türkiye accounting for 25% of total central bank purchases year to date,” she said.
If further signs point to the possibility of the Fed cutting rates by another 50 basis points at its meeting next month, that would be positive for gold. Conversely, if data dashes expectations of another deep cut from the Fed, gold will fall, according to David Meger, director of metals trading at High Ridge Futures.
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