Experts have not yet seen a way out.

Update on the closing price of gold on October 8: Experts have yet to see a direction — Updated gold price closing session October 8. Illustration photo: Tung Giang

Domestic gold price

Source: VDOS Dragon Online Service Joint Stock Company.

Domestic gold price developments

World gold price developments

World gold prices increased sharply in the context of the USD falling. At 5 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 105,840 points (down 0.21%).

In the short term, some analysts say gold is at risk of falling further in the face of high bond yields and a strong US dollar.

Gold suffered a sharp sell-off last week as the US 30-year bond yield rose to 5% for the first time since 2007, while the 10-year bond yield hit a 16-year high of 4.8%.

Analysts point out that bond yields are being driven by expectations that the Federal Reserve, even after it finishes raising interest rates, will keep them on hold for the foreseeable future.

Many analysts and investors are currently showing their hesitation in predicting gold prices next week. Specifically, in an online survey of 13 Wall Street analysts by Kitco News, 5 people, equivalent to 38%, said that gold prices will increase. Conversely, 5 people also predicted that the precious metal will decrease. The remaining 3 people predicted that gold will go sideways.

Similarly, an online survey of 528 individual investors showed that the number of people predicting an increase and a decrease was equal. The result was that 227 people, or 43%, thought that the price of gold would increase. On the other hand, 222 people, or 42%, said that the precious metal would decrease. The remaining 79 investors, or 15%, thought that gold would go sideways.

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