Gold price movements today show that domestic gold rings this morning were adjusted downward.

Opening the trading session this morning, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 81.8-83.1 million VND/tael (buy - sell), down 200 thousand VND per tael in both buying and selling compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group also lowered the buying and selling price of 1-5 chi gold rings to 82.4-83.4 million VND/tael, down 300,000 VND/tael for buying and down 200,000 VND/tael for selling compared to yesterday's closing price.

At the beginning of the trading session on October 9 , the price of SJC 9999 gold remained the same as the closing price of yesterday's trading session, at 85 million VND/tael (selling price).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:30 a.m. and the price of 9999 gold was updated by Doji Jewelry Group at 8:31 a.m. as follows:

Buy Sell
SJC HCMC 83,000,000 VND/tael 85,000,000 VND/tael
Doji Hanoi 83,000,000 VND/tael 85,000,000 VND/tael
Doji HCMC 83,000,000 VND/tael 85,000,000 VND/tael

                                SJC and Doji gold price list updated early morning October 9

The central exchange rate on October 9, 2024 announced by the State Bank is 24,168 VND/USD, unchanged from the previous trading session. The USD price at commercial banks this morning (October 9) was commonly listed at 24,635 VND/USD (buy) and 25,025 VND/USD (sell).

At 8:34 a.m. today (October 9, Vietnam time) , the world spot gold price was at 2,619.3 USD/ounce, down 23.7 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,638.5 USD/ounce.

On the morning of October 9 , the world gold price converted to USD bank price was nearly 79.8 million VND/tael, including tax and fees, about 5.2 million VND/tael lower than the domestic gold price.

At the end of the trading session on October 8, the domestic price of SJC 9999 gold bars was listed by Saigon Jewelry Company Limited (SJC) and Doji Jewelry Group in Hanoi and Ho Chi Minh City at VND83-85 million/tael (buy - sell), an increase of VND1 million in both directions compared to the previous session.

Domestic gold ring price on October 8 hung at a historical peak of 82.7 million VND/tael (buy) and 83.6 million VND/tael (sell).

On the afternoon of October 8, SJC listed the price of 1-5 ring gold at only 82-83.3 million VND/tael (buy - sell). Doji listed the price of 9999 round smooth ring gold at 82.7-83.6 million VND/tael (buy - sell).

As of 6:00 p.m. on October 8 (Vietnam time), the spot price of gold today on the world market was at $2,643/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,668/ounce.

The world gold price on the night of October 8 was about 28.1% higher (580 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 80.5 million/tael, including taxes and fees, about VND 4.5 million/tael lower than the domestic gold price as of the end of the afternoon session on October 8.

VangSJC1HH OK.jpg
The price of plain round gold rings in the country is at a historical peak. Photo: HH

World gold prices fluctuate and move sideways. Domestic SJC gold bar prices have quietly increased sharply while gold rings have also continued to climb and are at a historical peak.

Spot gold on the world market has slowed down over the past two weeks after reaching a historic peak of $2,685/ounce on September 26. Profit-taking pressure and the resurgence of the USD, as well as higher demand from central banks of countries when prices are high, are factors that have caused gold prices to fall.

The USD continues to surprise the market by increasing quite strongly in recent sessions, with the DXY index rising from 100.7 points in mid-September to 102.5 points as of now. The greenback increased in the context of the US economy unexpectedly recording a positive labor market.

According to many experts, the US economy is still doing well and there will not be a hard landing.

An economy that shows no signs of faltering has helped the dollar rally against most major currencies, even though the Federal Reserve has just initiated a cycle of interest rate cuts, starting at its September meeting.

In the long term, the US dollar is unlikely to avoid a downward trend. Moreover, countries including the BRICS group of China and Russia are still trying to reduce their reserves and payments in the US currency.

Gold Price Forecast

At the same time, countries are also lowering interest rates and looking for ways to support weakened economies after the pandemic and the instability of production chains as well as reduced consumer demand around the world.

China has just announced a series of unprecedented economic stimulus measures, through both monetary and fiscal policies to pump money to revive the real estate market in particular and the economy in general.

Many countries are ahead of the US in lowering interest rates.

This is a factor that helps the USD to rise again, thereby putting pressure on gold prices. The greenback also benefits from the trend of seeking shelter in high-safety assets such as the USD.

With the current situation, the possibility of the USD falling sharply is difficult. Gold is still considered to be in an upward trend due to geopolitical instability and demand for gold from countries, organizations and people. However, the increase may not be much when the high price has reduced the attractiveness of this item.

Gold prices plummet, a turning point is inevitable? World gold prices have plummeted and may mark a turning point in the context of many changes in the world. The USD has just started a downward trend but other factors supporting gold are no longer much.