Gold price today October 8: Suddenly increased by a million VND/tael

SJC gold bar price

As of 9:00 a.m., the price of SJC gold bars was listed by DOJI Group at 83 - 85 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold price at DOJI increased by 1 million VND/tael for both buying and selling.

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 83 - 85 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold price at Bao Tin Minh Chau increased by 1 million VND/tael for both buying and selling.

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); unchanged compared to early yesterday morning.

PNJ adjusted the price of PNJ 9999 plain gold rings to increase to 82.7-83.6 million VND/tael (buy - sell), down 100,000 VND/tael for buying and kept the same for selling.

Bao Tin Minh Chau listed the price of plain round gold at 82.68 - 83.58 million VND/tael (buy - sell).

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 9:05 a.m., the world gold price listed on Kitco was at 2,644.1 USD/ounce, down 3 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 9:05 a.m. on October 8, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 102.150 points (down 0.15%).

Gold prices fluctuated strongly due to many conflicting factors. Jesse Colombo, an independent analyst, said that the complicated situation in the Middle East made it impossible for anyone to predict what would happen. Therefore, people rushed to buy gold and kept the price stable as it is now.

According to Ole Hansen - head of commodity strategy at Saxo Bank, precious metal prices can only increase again when a series of US economic data is released this week.

On the other hand, Michael Moor, founder of Moor Analytics, believes that gold prices will decline during this time. Meanwhile, Mark Leibovit, publisher of VR Metals/Resource Letter, believes that the market has reached a short-term cyclical peak.

Regarding central banks' gold imports, according to precious metals analysts at Heraeus, despite rising gold prices, India's gold imports have skyrocketed to their highest level since early 2021.

In its latest precious metals update, analysts at Heraeus said India's gold imports have hit a 3.5-year high in preparation for strong seasonal demand.

“Strong consumer demand in India and restocking by the metals industry ahead of Diwali saw the country’s gold imports surge to a more than three-year high of 125 tonnes in August. This marked a 58% increase year-on-year and a 212% increase month-on-month. Imports were supported by a cut in import duties on the precious metal in July.”

In contrast to India, the People’s Bank of China (PBoC) decided not to buy gold for its reserves in September, extending its streak of inactivity to the fifth consecutive month. The PBoC had previously purchased gold monthly for 18 consecutive months until it first stopped buying in May. The news has many investors expressing concerns about the solid upward trend in gold prices.