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Gold price today, October 11, 2024, on the international market increased sharply again, pulling up domestic gold ring price, while SJC gold bar price remained unchanged after the previous plunge.
Gold price movements today show Domestic gold ring price fluctuated little this morning.
Opening the trading session this morning, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 81.5-82.9 million VND/tael (buy - sell), unchanged in the buying direction but increased by 100 thousand VND/tael in the selling direction compared to the end of yesterday's trading session.
Doji Gold and Gemstone Group listed the buying and selling price of gold rings of type 1-5 at only 82-82.9 million VND/tael, keeping the closing price yesterday.
At the beginning of the trading session on October 11, the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at VND 84.5 million/tael (selling).
The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:36 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:34 a.m. as follows:
| Buy | Sell | |
| SJC HCMC | 82,500,000 VND/tael | 84,500,000 VND/tael |
| Doji Hanoi | 82,500,000 VND/tael | 84,500,000 VND/tael |
| Doji HCMC | 82,500,000 VND/tael | 84,500,000 VND/tael |
SJC and Doji gold price list updated early morning October 11
Central rate on October 11, 2024 announced by the State Bank is 24,175 VND/USD, an increase of 3 VND compared to the previous trading session. The USD price at commercial banks this morning (October 11) was commonly listed at 24,640 VND/USD (buy) and 25,030 VND/USD (sell).
At 8:36 a.m. today (October 11, Vietnam time), the world spot gold price was at 2,634.9 USD/ounce, up 12.8 USD/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at 2,651.9 USD/ounce.
On the morning of October 11, the world gold price converted to USD bank price was nearly 80.3 million VND/tael, including tax and fees, about 4.2 million VND/tael lower than the domestic gold price.
The price of gold on the Kitco floor at 9:00 p.m. (October 10, Vietnam time) was trading at $2,622.1/ounce, up 0.53% from the beginning of the session. The price of gold futures for December 2024 delivery on the Comex New York floor was trading at $2,641.5/ounce.
At the beginning of the trading session on October 10 (US time), the world gold price suddenly increased sharply again after the US announced that the number of unemployment benefit applications reached 258,000, higher than the previous forecast of 230,000. This shows that the US economy is still unstable, increasing the possibility of interest rate cuts by the US Federal Reserve (Fed).
However, analysts say that world gold is still under pressure due to the recovery of the USD. The DXY index is reaching its highest level in the past 2 months.
In addition, in the minutes of the latest Fed meeting, experts found that officials of the US Central Bank are leaning towards the possibility of cutting interest rates by 25 basis points in November - this also puts more pressure on gold.
The rising DXY and recent economic data are more supportive of a 25 basis point cut - factors that continue to weigh on gold prices, said Phillip Streible, market strategist at Blue Line Futures.
Although the precious metal is under pressure in the short term, it is likely to remain supported in the long term thanks to expectations of lower interest rates and geopolitical tensions in the Middle East, according to Carlo Alberto De Casa, market analyst at Kinesis Money.
In the domestic market, at the end of the session on October 10, the price of 9999 gold bars at SJC was 82.5 million VND/tael (buy) and 84.5 million VND/tael (sell), down 500,000 VND per tael compared to the previous session.
Doji also decreased similarly when listed at 82.5 million VND/tael (buy) and 84.5 million VND/tael (sell).
The price of gold rings has decreased by 200,000 - 400,000 VND. Accordingly, SJC announced the price of gold rings of type 1-5 at only 81.5-82.8 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 82-82.9 million VND/tael (buy - sell).
Gold Price Forecast
According to CME's FedWatch tool, the market is expecting an 84.9% chance that the Fed will cut by 25 basis points at its November meeting.
Peter A. Grant, vice president and senior metals strategist at Zaner Metals, predicts that gold prices could soon reach $2,700 an ounce and even $3,000 an ounce due to increased demand for risk protection.
Some other experts also expect gold prices to continue to rise in the coming time due to global economic and geopolitical instability. Despite the pressure from fluctuating US interest rates and geopolitical tensions, the precious metal remains a safe choice for long-term investors.
Swiss bank UBS predicts that the ongoing easing of monetary policy, not only by the Fed but also by other central banks globally, will create a favorable environment for gold purchases.
University (according to Vietnamnet)