Domestic gold prices today, October 5, are being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by Doji Hanoi Jewelry at 41.75 million VND/tael (down 50,000 VND for buying) and 42.25 million VND/tael (up 50,000 VND for selling) compared to yesterday morning's session.
PNJ Ho Chi Minh City listed at 41.75 million VND/tael (up 50,000 VND/tael for buying) and 42.10 million VND/tael (up 50,000 VND for selling) compared to the morning session on October 4.
Bao Tin Minh Chau listed at 41.87 million VND/tael (up 160,000 VND/tael for buying) and 42.17 million VND/tael (up 160,000 VND/tael for selling) compared to the session yesterday morning.
The world gold price today, October 5, immediately traded at 1,505.52 USD/oz, down 3.18 USD/oz for buying and 1,505.90 USD/oz, down 3.16 USD/oz for selling compared to the morning session on October 4.
Charlie Nedoss, senior market strategist at LaSalle Futures Group, said that gold will find it difficult to hold on to high prices. The reason is because there is a sell-off of gold by investors in the market.
The Fed is scheduled to meet later this month. Last month, the central bank cut interest rates for the second time in 2019.
ANZ analyst Daniel Hynes said that disappointing economic indicators from the US in recent days have supported gold purchases. US service sector activity in September 2019 slowed to a three-year low, following a series of weak economic figures released earlier.
However, experts say that there are still many positive factors supporting the return of gold prices as the unfinished agreements of Brexit, the impeachment of the US President, and the US-China trade dispute are good opportunities for gold to return as a safe haven asset in the market.
