The domestic gold price today, October 9, is being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at 41.70 million VND/tael (up 150,000 VND/tael for buying) and 41.97 million VND/tael (up 100,000 VND/tael for selling) compared to yesterday morning's session.
Doji Hanoi Jewelry was listed at 41.80 million VND/tael (up 350,000 VND for buying) and 42.20 million VND/tael (up 250,000 VND for selling) compared to the session yesterday morning.
Ho Chi Minh City SJC listed at 41.70 million VND/tael (up 150,000 VND/tael for buying) and 41.95 million VND/tael (up 100,000 VND for selling) compared to the morning session on October 8.
The world gold price today, October 9, immediately stood at 1,506.25 USD/oz, up 13.73 USD/oz for buying and 1,506.69 USD/oz, up 13.79 USD/oz for selling compared to the morning session on October 8.
Gold prices increased as the National Association for Business Economics (NABE) announced the results of a survey on October 7 with a forecast that US gross domestic product (GDP) growth in 2020 will decrease below 2% for the first time since 2016.
Accordingly, NABE's forecast for US economic growth in 2020 decreased to 1.8%, from the previous forecast of an increase of 2.1%.
Meanwhile, many experts maintain the view that gold is a safe haven for cash flow as the trade war may get worse.
Washington and Beijing have hardly made any progress and investors are increasingly losing faith in the possibility of the world's two largest economies reaching a deal.
Even before the negotiations, US President Donald Trump raised the tariffs on Chinese goods to an additional $4 billion. In response, Beijing wants to narrow the scope of negotiations this time.
On the other hand, the US Federal Reserve (Fed) may cut interest rates at its policy meeting from October 29-30 to support the economy.
Gold may also increase due to too large a purchase price. The World Gold Council said that world central banks in August bought 62.1 tons of gold and sold 4.8 tons.
In addition, factors that can change the situation of the world financial market include: Uncertainty in Hong Kong, the Middle East, the UK's withdrawal from the European Union ( Brexit) also help gold become a safe and effective storage channel.
In Hong Kong, the situation is still quite tense. The rich are looking for a way abroad to avoid the crisis. Meanwhile, people jostle to shop and withdraw cash to store.
