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 82.85-83.60 million VND/tael (buy - sell); an increase of 350,000 VND/tael for buying and an increase of 400,000 VND/tael for selling compared to early yesterday morning.
PNJ adjusted the price of PNJ 9999 plain gold rings to increase to 82.8-83.6 million VND/tael (buy - sell).
Despite the decline in world gold prices, the price of plain round gold rings in the domestic market is still high. If bought half a year ago, investors would have made a profit of about 10.8 million VND/tael for each tael of gold rings.
World gold price
As of 9:00 a.m., the world gold price listed on Kitco was at 2,653.8 USD/ounce, down 5.2 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices fell amid a rising USD index. Recorded at 9:15 a.m. on October 5, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 102.280 points (up 0.52%).
According to Kitco, the USD increased, gold prices encountered difficulties when the US economy created 254,000 jobs in September. The strong growth in the country's labor market is creating new selling pressure on gold, causing gold prices to fall rapidly.
US nonfarm payrolls increased by 254,000 last month, according to the US Bureau of Labor Statistics. The monthly figure far exceeded the consensus estimate of 147,000.
At the same time, the unemployment rate fell to 4.1%, down from 4.2% in August. Economists expected the rate to remain unchanged.
Gold markets are struggling to hold their ground as the jobs data weighs on sentiment. December gold futures were last trading at $2,662.70 an ounce, down 0.62% on the day.
Market watchers have reduced expectations for a larger rate cut at the Federal Open Market Committee (FOMC) meeting in November, with the CME FedWatch Tool now showing a 90% chance of a 25 basis point rate cut.
“While the focus remains squarely on employment in the dual mandate, Fed Chair Jerome Powell’s recent assertion that the committee is in “no rush” to cut quickly, coupled with the data released today, means that a 25 basis point cut pace is likely at the November meeting and beyond,” said Michael Brown, senior research strategist at Pepperstone.
Analysts note that the change in market expectations has boosted the US dollar, which could in turn weigh on gold prices.
Adam Button, head of currency strategy at Forexlive.com, noted that unemployment has fallen to its lowest level since March. “I think you can bury the idea of the Fed cutting another 50 basis points even if the October report is not very good,” he said.
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