Gold price on October 9, 2024: SJC suddenly increased sharply, reaching 85 million VND/tael

DNVN - On October 9, 2024, SJC gold price had a significant adjustment, increasing sharply to 85 million VND/tael, while world gold price continued to decrease.

SJC suddenly increased sharply

After a series of stable days, the domestic gold bar price suddenly increased by 1 million VND in both buying and selling directions. Meanwhile, the price of gold rings only fluctuated slightly. Major domestic brands currently list gold prices as follows:

The selling price of SJC gold bars at major banks such as Agribank , BIDV, Vietcombank, VietinBank and gold and gemstone companies reached 85 million VND/tael, while the buying price was listed at 83 million VND/tael.

For SJC 9999 ring gold, the buying price is listed at VND82 million/tael and the selling price is VND83.3 million/tael. In the Hanoi and Ho Chi Minh City markets, DOJI adjusted the buying price down by VND50,000 to VND82.7 million/tael, but kept the selling price unchanged from yesterday morning at VND83.6 million/tael. PNJ ring gold kept the buying price stable at VND82.7 million/tael and the selling price at VND83.6 million/tael.

Bao Tin Minh Chau still listed the buying price of plain round gold rings at VND82.68 million/tael and the selling price at VND83.58 million/tael, unchanged from early this morning. At Phu Quy SJC, gold rings were purchased at VND82.7 million/tael and sold at VND83.6 million/tael.

World gold price

According to Kitco, at 5:00 a.m. on October 9, 2024 (Vietnam time), the world spot gold price was at 2,621.61 USD/ounce, down 0.79% compared to yesterday. Converted according to the USD exchange rate on the free market (25,300 VND/USD), the world gold price is currently around 80.5 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is about 4.5 million VND/tael higher than the international gold price.

Despite support from safe-haven demand amid concerns over tensions in the Middle East, global gold prices have continued to fall for five consecutive sessions due to pressure from recent strong US economic data. The market is currently awaiting the minutes of the latest US Federal Reserve (Fed) policy meeting to assess the direction of future monetary policy.

Gold prices have risen 28% since the start of 2024. However, downward pressure has emerged since the US jobs report was released last Friday, forcing the market to adjust expectations about the extent of future Fed rate cuts.

The CME FedWatch tool shows that the market is no longer pricing in a 50 basis point cut at the Fed's November meeting, with an 87% chance of a 25 basis point cut instead.

Currently, the market is focusing on the minutes of the Fed's policy meeting, scheduled to be released on October 9 (US time), along with data on the US consumer price index and producer price index.

In a recent report, Commerzbank said that upcoming inflation data may show continued downward pressure on prices, but this is unlikely to change expectations for a rate cut at the next policy meeting. If gold prices continue to rise, it will mainly be due to demand for safe havens due to geopolitical concerns, Meger added.

Fawad Razaqzada, market analyst at StoneX Group, said that although gold is falling, the decline will not be too deep because the precious metal is still supported by many factors.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-9-10-2024-sjc-bat-ngo-tang-manh-cham-moc-85-trieu-dong-luong/20241009090247094