On the morning of October 8th, the price of gold bars at Saigon Jewelry Company (SJC) was 68.5 million VND/ounce for buying and 69.3 million VND/ounce for selling. This is the highest price for SJC gold bars since the beginning of the year. In total, after one week, SJC gold bars increased by 250,000 VND in the buying price and 350,000 VND in the selling price. This brings the difference between the buying and selling price of gold bars to 800,000 VND, 100,000 VND higher than the previous week.
Specifically, SJC is buying 9999 gold rings at 55.75 million VND and selling them at 56.8 million VND, a decrease of 200,000 VND in the buying price and 150,000 VND in the selling price compared to the end of last week. The difference between the buying and selling price of SJC gold rings has increased to 1.05 million VND per tael instead of just 1 million VND as in the previous week.
SJC gold prices hit a new peak at 69.3 million VND.
World gold prices stood at $1,834 per ounce at the end of the week. Although recovering from earlier lows, the precious metal has fallen by nearly $16 compared to the previous weekend. In equivalent terms, world gold is currently priced at approximately 54.3 million VND per tael (excluding taxes and fees), a decrease of 200,000 VND compared to the previous weekend. SJC gold bars, however, have risen in the opposite direction, currently trading 15 million VND higher per tael than world gold.
This week, gold prices continuously plummeted to low levels as US government bond yields rose steadily. In particular, the yield on 30-year Treasury bonds exceeded 5% – the highest level since 2007 – significantly impacting gold prices.
Therefore, many analysts and investors are clearly hesitant in their forecasts for gold prices next week. Specifically, in an online survey by Kitco News with 13 Wall Street analysts, 5 (38%) predicted that gold prices would rise. Conversely, 5 predicted a decline in the precious metal. The remaining 3 predicted that gold would remain stable.
Similarly, in an online survey of 528 individual investors, the number of people predicting an increase and a decrease were roughly equal. The results showed that 227 people, or 43%, believed the price of gold would rise. Conversely, 222 people, or 42%, predicted a decrease in the price of the precious metal. The remaining 79 investors, or 15%, thought gold would remain stable.
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