Gold ring selling price 'beats' gold bars, the world suddenly plummets, experts remain optimistic

Gold price today October 1, 2024, gold ring price continuously increased, adjusted according to the world market, selling price is higher than gold bars. World gold price suddenly plummeted. Analysts are still optimistic towards the mark of 2,900 USD/ounce.

1. SJC - Updated: 09/30/2024 08:27 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	81,500	83,500
SJC 5c	81,500	83,520
SJC 2c, 1c, 5c	81,500	83,530
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	81,500	83,000
SJC 99.99 gold ring 0.3 chi, 0.5 chi	81,500	83,100
Jewelry 99.99%	81,450	82,700
Jewelry 99%	79,881	81,881
Jewelry 68%	53,892	56,392
Jewelry 41.7%	32,139	34,639

Update gold price today 10/1/2024

Domestic gold prices move sideways at high levels

Domestic SJC gold bar and gold ring prices remained stable on the morning of September 30.

Accordingly, DOJI Gold and Gemstone Group and Saigon Jewelry Company (SJC) listed the selling price of SJC gold bars at 81.5 - 83.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the closing price of the most recent session.

Regarding gold rings, DOJI Gold and Gemstone Group listed at 82.75 - 83.45 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing session.

Saigon Jewelry Company (SJC) announced the selling price of gold rings at 81.5 - 83 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to the previous closing price.

The price of gold rings is continuously adjusted to closely follow the developments of the world gold price. Over the past 10 days, the gold ring market has recorded a sudden change when the selling price increased every day and reached an unprecedented peak in history. From being tens of millions of VND per tael lower than the price of gold bars, gold rings have now reached the price of gold bars, and in some places, the buying price of gold rings is even higher than the buying price of gold bars.

Gold price today October 1, 2024: Gold ring price 'wins' in the gold bar chase, the world goes against the trend, experts are optimistic. (Source: Shutterstock)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 30 :

Saigon Jewelry Company: SJC gold bars 81.5 - 83.5 million VND/tael; SJC gold rings 81.5 - 83.0 million VND/tael.

Doji Group: SJC gold bars 81.5 - 83.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 82.75 - 83.45 million VND/tael.

PNJ system: SJC gold bars 81.5 - 83.5 million VND/tael; PNJ 999.9 plain gold rings: 82.5 - 83.3 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars 81.7 - 83.5 million VND/tael; Phu Quy 999.9 round gold rings: 82.6 - 83.45 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau is listed at 81.5 - 83.5 million VND/tael. The price of round, smooth gold rings at Vang Rong Thang Long is listed at 82.54 - 83.44 million VND/tael.

According to the World & Vietnam Newspaper , information on Kitco News , as of 5:42 p.m. Vietnam time on September 30, the world gold price was listed at 2,640.3 USD/ounce, down 18.6 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 30, 1 USD = 24,740 VND, the world gold price is equivalent to 78.7 million VND/tael, 4.8 million VND/tael lower than the selling price of SJC gold.

World gold price has unexpected action

Gold prices have eased from a recent record high on September 30, but are still set for their biggest quarterly gain in more than eight years due to geopolitical tensions and interest rate cuts by the US Federal Reserve, Reuters reported.

Spot gold fell 0.3% to $2,648.88 an ounce as of 10:10 GMT and US gold futures rose 0.1% to $2,671.00 an ounce.

Gold prices have risen 14% so far this quarter, the highest since January 2016. Gold prices have risen nearly 6% this month, after hitting a record high of $2,685.42 an ounce on September 26, boosted by the Fed's half-percentage-point interest rate cut, China's stimulus measures and escalating conflict in the Middle East.

“We expect the next move higher to come from ETF investors, whose holdings are still well below their peak,” said UBS analyst Giovanni Staunovo . “Weaker US economic data will allow the Fed to cut further and gold prices to rise to $2,900/oz over the next 12 months.”

Investors are looking ahead to this week's US jobs report and non-farm payrolls data due later this week.

Bullion's gains on Monday were limited by some profit-taking and boosted risk sentiment after Chinese stocks were poised for their best day in 16 years, analysts said.

Recent strength in Chinese stocks may indicate a narrowing of marginal gold positions, independent analyst Ross Norman said.

As risk appetite increases, investors shy away from gold, often seen as a safe haven asset in times of uncertainty.

Earlier, market analyst Tim Waterer at futures trading firm KCM Trade, said gold still has the potential to rise to $2,700 an ounce if this week's labor market data could prompt the Fed to cut interest rates by another 0.75 percentage points by the end of the year.

Meanwhile, Bart Melek , Head of Commodity Strategy at TD Securities, said that after cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, the Fed is on a loose monetary policy, which bodes well for gold.

This expert believes that gold is still in a favorable position when the Fed lowers interest rates to support the weakening labor market, even if inflation remains high. Market analyst Tim Waterer and Bart Melek also predict that gold prices may rise back above $2,700/ounce, which is the year-end target for the price of this precious metal.

Meanwhile, central banks’ overall appetite for allocating reserves to gold remains undiminished amid rising geopolitical risks, with some banks predicting that gold prices could rise to as high as $3,000 an ounce.

Source: https://baoquocte.vn/gia-vang-hom-nay-1102024-gia-vang-nhan-ban-ra-chien-thang-vang-mieng-the-gioi-bat-ngo-lao-doc-khong-phanh-chuyen-gia-van-lac-quan-288237.html