Vietnam.vn - Nền tảng quảng bá Việt Nam

Gold price today, October 7, 2023, shows signs of recovery from the lowest level in nearly 7 months. Domestic gold price quickly regained the 69 million VND mark and went against the world trend. What do experts say about the possibility of the market shifting to an upward trend?

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 7 AND EXCHANGE RATE TODAY OCTOBER 7

1. PNJ - Updated: October 7, 2023 01:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	55,400	56,400
HCMC - SJC	68,400	69,100
Hanoi - PNJ	55,400	56,400
Hanoi - SJC	68,400	69,100
Da Nang - PNJ	55,400	56,400
Da Nang - SJC	68,400	69,100
Western Region - PNJ	55,400	56,400
Western Region - SJC	68,550	69,150
Jewelry gold price - PNJ rings (24K)	55,400	56,300
Jewelry Gold Price - 24K Jewelry	55,300	56,100
Jewelry Gold Price - 18K Jewelry	40,830	42,230
Jewelry Gold Price - 14K Jewelry	31,570	32,970
Jewelry Gold Price - 10K Jewelry	22,090	23,490

Domestic gold prices , SJC gold bars, which have remained at high prices, have now continued to increase, adding about 100,000 - 200,000 VND/tael.

The price of SJC gold traded at Saigon Jewelry Company is at 68.45 - 69.17 million VND/tael (buy - sell), on the afternoon of October 6. The difference between the buying and selling price of SJC gold is about 700,000 VND/tael.

Today's SJC 9999 gold price increased by 150 thousand VND/tael in both buying and selling. The price of gold rings and 9999 gold is currently fluctuating around 55.6-56.6 million VND/tael. The difference between the two prices is 1 million VND. The price of gold rings compared to 2 weeks ago has decreased by 1.4 million VND/tael.

According to The Gioi & Viet Nam Newspaper , the world gold price at 9:30 p.m. on October 6 (Vietnam time) was trading at 1,27.9 - 1,828.9 USD/ounce, an increase of 7.7 USD compared to the previous session.

Thus, the world gold price has seen its first increase after 9 consecutive decreases, but the recovery momentum is not strong. The reason is that the USD and bond yields have decreased slightly after reaching new highs this week.

World markets rose slightly after the US non-farm payrolls report was released, showing that the US labor market continued to stabilize, with the number of workers filing for initial unemployment benefits remaining relatively low for the third consecutive week.

The US Department of Labor said weekly jobless claims rose to 207,000, roughly in line with economists' forecasts. The new jobs data did not cause much movement in gold prices, but the US 10-year government bond yield retreated from a 16-year high and the dollar fell, easing pressure on gold.

Converted at the USD exchange rate excluding taxes and fees, the world gold price is about 14.8 million VND/tael cheaper than the domestic price.

Gold price today October 7, 2023: Gold price is on the recovery trend, SJC gold bars continue to increase strongly, can there be a solid reversal? (Source: Kitco)

The yield on the 10-year US Treasury note has retreated from a 16-year high and the dollar has also retreated from its highest level since November 2022, but remains on track to rise for a 12th consecutive week.

The USDX - an index measuring the strength of the USD against a basket of major currencies in the world - is currently at 106.34 points, down 0.46% compared to the previous price range although still at a high price. The peak of this index was 112.2 points in September last year.

Summary of SJC gold prices at major domestic trading brands at the closing time of October 6:

Saigon Jewelry Company listed the price of SJC gold at 68.45 - 69.17 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.25 - 69.15 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 68.35 - 69.10 million VND/tael.

PNJ system listed at: 68.40 - 69.10 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.45 - 69.08 million VND/tael; Rong Thang Long gold brand is traded at 56.16 - 57.06 million VND/tael; jewelry gold price is traded at 55.75 - 56.85 million VND/tael.

Gold prices need a reversal boost

The US Federal Reserve's aggressive "higher for longer" monetary policy stance continued to take a toll on gold as prices held near their lowest since March.

World gold prices fell for the ninth consecutive session as of October 5, as data showing tightening US labor market conditions raised concerns about the Fed keeping interest rates high for a long time.

Fed officials on Thursday expressed little concern about the recent surge in US government bond yields that could threaten a “soft landing” scenario, saying it could actually help the US economy fight inflation.

Bob Haberkorn, senior market strategist at RJO Futures, said that if the Fed continues to maintain high interest rates, it will increase the opportunity cost of holding gold, which is priced in dollars and does not yield interest.

Therefore, gold prices could fall to $1,750/ounce if they break below $1,800/ounce.

Looking longer term, while the precious metal is likely to fall lower, one bank remains optimistic that, despite the short-term weakness, prices could still rise above $2,000 an ounce next year and higher through 2025.

In her latest precious metals commentary, Ewa Manthey, commodity strategist at ING (Netherlands), analyzed that gold prices have fallen more than 11% from a May high above $2,000 an ounce as the Fed's hawkish outlook has pushed long-term bond yields to high levels.

"We expect prices to rebound in the first quarter of 2024, averaging $1,950 an ounce as the Fed begins to cut interest rates in the first quarter of next year," Manthey forecast.

“In the short term, for the market to turn bullish, we need to see a solid intraday bullish reversal and this needs to be supported by peaking bond yields,” City Index market analyst Fawad Razaqzada wrote in a note.

On the same day, the World Gold Council (WGC) reported that central banks bought 77 tons of gold in August, up 38% from July. According to WGC, central banks bought 219 tons of gold in the past three months.

Central bank demand has completely transformed the gold market, said James Robertson, an analyst at Grant's Interest Rate Observer. He added that he expects central banks to continue buying gold as countries diversify away from the dollar.

Source