Gold price today October 8, 2023, Gold price finds 'light at the end of the tunnel', bottom forecast, SJC gold turns the wave to increase inexplicably

Gold price today October 8, 2023, gold price experienced a difficult week with the longest series of declines in 7 years. Although the price of precious metals can still fall further, some analysts believe that there may be some light at the end of the tunnel. SJC gold increased spectacularly.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 8 AND EXCHANGE RATE TODAY OCTOBER 8

1. PNJ - Updated: October 8, 2023 01:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	55,600	56,600
HCMC - SJC	68,500	69,200
Hanoi - PNJ	55,600	56,600
Hanoi - SJC	68,500	69,200
Da Nang - PNJ	55,600	56,600
Da Nang - SJC	68,500	69,200
Western Region - PNJ	55,600	56,600
Western Region - SJC	68,600	69,300
Jewelry gold price - PNJ rings (24K)	55,600	56,500
Jewelry gold price - 24K jewelry	55,500	56,300
Jewelry gold price - 18K jewelry	40,980	42,380
Jewelry Gold Price - 14K Jewelry	31,690	33,090
Jewelry gold price - 10K jewelry	22,170	23,570

Domestic gold prices increased sharply last week.

On the first trading morning of October (October 2), domestic gold prices recorded a downward trend, as businesses adjusted the price down by up to 100,000 VND/tael.

In the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 68.15 - 68.87 million VND/tael (buy - sell), down 100,000 VND/tael in both buying and selling compared to the previous closing price.

After 3 volatile mid-week sessions, on October 6, while concerns about interest rates caused world gold prices to fall for 9 consecutive sessions, domestic gold prices in some places increased slightly.

At the opening time, in Hanoi market, DOJI Gold and Gemstone Group listed SJC gold price at 68.15 - 69.05 million VND/tael (buy - sell), an increase of 50 thousand VND in both buying and selling compared to the previous closing price.

At the close of this week's trading session (October 7), in the Hanoi market, Saigon Jewelry Company listed the price of SJC gold at 68.5 - 69.32 million VND/tael (buy - sell), an increase of 50 thousand VND/tael for buying and 150 thousand VND/tael for selling compared to the previous closing session.

Thus, compared to the first trading session of the week on October 2 (at 68.15 - 68.87 million VND/tael (buy - sell)), the price of SJC gold in the Hanoi market increased by 350 thousand VND/tael for buying and increased by 450 thousand VND/tael for selling.

Gold price today October 8, 2023, Gold price finds 'light at the end of the tunnel', about to hit bottom, SJC gold splits the wave and increases inexplicably. (Source: Shutterstock)

According to the World & Vietnam Newspaper, the world gold price closed the trading week (October 6) on the Kitco floor at 1,834.1 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of October 7:

Saigon Jewelry Company listed SJC gold price at 68.5 - 69.32 million VND/tael.

Doji Group currently lists SJC gold price at: 68.25- 69.25 million VND/tael.

PNJ system listed at: 68.5 - 69.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.52 - 69.18 million VND/tael; Rong Thang Long gold brand is traded at 56.28 - 57.18 million VND/tael; jewelry gold price is traded at 55.90 - 57.00 million VND/tael.

Converted according to the USD price at Vietcombank on October 7, 1 USD = 24,550 VND, the world gold price is equivalent to 54.25 million VND/tael, 15.07 million VND/tael lower than the selling price of SJC gold.

It was a tough week for gold as the market saw its longest losing streak in seven years with prices hovering near their lowest levels since March.

Although gold prices could still fall further in the coming period, some analysts believe there may be some light at the end of the tunnel. The precious metal ended the trading session on the weekend (October 6) with a modest gain, ending a nine-day losing streak.

The gain on October 6 came after gold prices fell to a fresh seven-month low after data showed the US economy created 336,000 jobs last month, far exceeding market expectations.

However, disappointing wage growth and unchanged unemployment rates make it likely the US Federal Reserve will keep interest rates unchanged next month, according to some analysts.

Gold ended Friday's trading session at $1,843.80 an ounce, up 0.66% on the day. Although the precious metal snapped its longest losing streak in nearly a decade, it still ended the week down 1%. Last week, gold prices recorded a 4% decline.

Michael Moor , founder of Moor Analytics, said that while the gold market is still in a bearish correction, it is testing the severity of the decline, which could prompt some investors to explore the market's upside potential.

Moor Analytics experts predict that the bottom of gold prices could fall to around $1,800/ounce, then bounce back, and commented: "If this price level holds and we see a recovery, it could signal the beginning of a new long-term bullish structure."

Meanwhile, many analysts remain neutral on gold as they wait to see whether bond yields have peaked.

Rising long-term bond yields remain the biggest driver of gold prices. This week’s sell-off in the precious metal came as the yield on the 30-year U.S. Treasury bond rose to 5% for the first time since 2007, while the yield on the 10-year bond hit a new 16-year high of 4.8%.

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

While bond yields are likely to rise further, with many analysts expecting the 10-year bond to hit 5%, some say a peak is in sight.

The latest jobs data should be good for the US economy, said Edward Moya , senior market analyst at OANDA, adding that consumers are feeling the brunt of rising interest rates as credit card debt continues to rise.

Some analysts have noted that the rise in long-term bonds, coupled with the steepening of the yield curve, is another strong sign that the US economy is heading for a recession.

Next week’s inflation data could provide some short-term support for gold, Moya said. Benign inflation readings could boost expectations that the Fed is done raising interest rates, which would ease some of the pressure on bond yields, he explained.

While Moya sees gold prices falling to $1,800 an ounce, rising market risks could make current levels an attractive entry point.

“In the short term, I think gold is a buy at this level, even if bond yields move higher. With so much economic uncertainty, there are a lot of factors that will drive gold prices higher,” he said.

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