.jpg "Real estate market in the south of Hai Duong city is bustling")
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-ac017d3d3ce25d3405471795d6bb26f0.jpg "Gia Loc needs over 10 billion VND to invest in renovating and expanding landfills.")
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Gold prices on October 6 on the world market closed the week down. The US employment report was positive, causing gold prices to fall. The market is waiting for new developments from the Middle East.
At the end of the week, the world gold price traded at 2,653 USD/ounce. The December 2024 gold futures price traded at 2,673 USD/ounce.
The market was expecting the US economy to slow, but the jobs report was eye-catching. The US economy created 254,000 jobs last month, according to the Bureau of Labor Statistics. The unemployment rate fell to 4.1%. These were surprising numbers for economists.
According to the CME FedWatch Tool, the market had previously priced in a 30% chance of a 50 basis point rate cut in November. After the jobs report, that expectation dropped to 1%.
The US Dollar Index (DXY), which measures the greenback's performance against a basket of six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose to a seven-week high of 102 points.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, said the driving force behind gold prices at the moment is tensions in the Middle East. The world is collectively holding its breath, waiting to see what Israel will do next. Geopolitical uncertainty can cause price volatility as gold is seen as a safe-haven asset.
Meanwhile, domestic gold prices remained stable compared to the previous trading session. At 6:00 a.m. on October 6, gold prices at Doji were listed at VND82 - 84 million/tael (buy - sell), unchanged from the early morning of October 5. Gold rings were priced at VND82.85 - 83.6 million/tael.
At the same time, the price of gold at SJC was listed at 82 - 84 million VND/tael (buy - sell), unchanged from early this morning. Gold rings were priced at 82 - 83.3 million VND/tael.
Gold Price Forecast
According to experts, with rising global debt and instability, gold remains the only risk-free asset. This is why central banks are hoarding gold. In the long term, gold remains an irreplaceable safe haven in investment portfolios.
Gold is caught between improving economic data and the Middle East situation, with support at $2,630 an ounce and resistance at $2,675 an ounce, said Lukman Otunuga, a market analyst.
According to Phillip Streible, an expert at Blue Line Futures, if the geopolitical situation continues to be tense, gold futures prices could surge to $2,700/ounce and reach new record highs.
VN (synthesis)