On the morning of October 8, the price of gold bars at Saigon Jewelry Company - SJC was bought at 68.5 million VND/tael and sold at 69.3 million VND. This is the highest price of SJC gold bars since the beginning of the year. In total, after one week, SJC gold bars increased by 250,000 VND in buying price and increased by 350,000 VND in selling price. This brought the difference between buying and selling price of gold bars to 800,000 VND, 100,000 VND higher than last week.
SJC bought 4-number 9 gold rings for VND55.75 million and sold VND56.8 million, down VND200,000 for buying and VND150,000 for selling compared to the end of last week. The difference between the buying and selling prices of SJC gold rings increased to VND1.05 million per tael instead of only VND1 million as last week.
SJC gold price hits new peak at 69.3 million VND
The world gold price at the end of the week stood at 1,834 USD/ounce. Although it has recovered from the previous low, compared to the end of last week, the precious metal has decreased by nearly 16 USD. Converted equivalently, the world gold price is currently nearly 54.3 million VND/tael (excluding taxes and fees), down 200,000 VND compared to the end of last week. SJC gold bars increased in the opposite direction, so they are 15 million VND/tael higher than the world price.
During the week, gold prices continued to fall to low levels as US government bond yields continued to rise. In particular, the 30-year bond yield exceeded 5% - the highest level since 2007 - causing a strong impact on gold.
As a result, many analysts and investors are clearly hesitant in predicting gold prices next week. Specifically, in an online survey of 13 Wall Street analysts by Kitco News, 5 people, equivalent to 38%, said that gold prices will increase. Conversely, 5 people predicted that the precious metal will decrease. The remaining 3 people predicted that gold will go sideways.
Similarly, an online survey of 528 individual investors found that the number of people predicting increases and decreases was equal. The result was that 227 people, or 43%, thought that gold prices would increase. On the other hand, 222 people, or 42%, said that the precious metal would decrease. The remaining 79 investors, or 15%, thought that gold would go sideways.
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