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 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 82.75-83.60 million VND/tael (buy - sell); down 100,000 VND/tael for buying and unchanged 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), unchanged.
Despite the drop in world gold prices, the price of plain round gold rings in the domestic market is still increasing.
World gold price
As of 9:00 a.m., the world gold price listed on Kitco was at 2,647.1 USD/ounce, down 6.7 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices fell despite the decline in the USD index. Recorded at 9:00 a.m. on October 7, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 102.217 points (down 0.06%).
GoldPrice.org said that the price of an ounce of gold has increased by 45.93% over the past year, with an increase of 6.58% over the past 30 days. As of October 3, the world gold price was $2,642.45 and experts believe that the price of gold will increase to a record $3,000 before the end of 2024.
Michael Martin, Vice President of Market Strategy at TradingBlock, said it is not surprising that gold prices have surged during times of great geopolitical uncertainty.
Matthew Jones, a precious metals analyst at Solomon Global, predicts that gold prices could reach $3,000 if Israel retaliates against Iran.
Tehran launched about 180 missiles at Israel on October 1 in response to Israel’s killing of Hamas and Hezbollah leaders. “Gold will reach and surpass $3,000 as soon as Israel launches missiles,” he said.
In addition to the ongoing war in the Middle East, world gold prices are rising as new investors and central banks in Asia increase their gold purchases.
“We are seeing a lot of first-time gold buyers. With gold up 25% in the last six months, gold is attracting new investors,” Fulton said, noting that central banks in China and India are increasing their purchases.
The economic calendar is not particularly busy this week, but investors will still pay attention to the US consumer price index for September, due for release on Thursday morning. Market participants will be looking at whether inflationary pressures continue to ease, which would support the Fed's easing cycle.
Other notable economic data that could impact gold prices next week include the minutes of the Fed’s most recent monetary policy meeting due Wednesday afternoon; the weekly jobless claims report on Thursday and the University of Michigan’s preliminary U.S. producer price index and consumer sentiment on Friday morning.
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