World gold may fall below 1,800 USD/ounce; Oil prices recover

World gold market may fall below 1,800 USD/ounce

Domestic gold price: At the end of the trading session on October 6, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.45 million VND/tael (buy) and 69.15 million VND/tael (sell). SJC Hanoi listed at 68.45 million VND/tael (buy) and 69.17 million VND/tael (sell).

Doji Hanoi listed at 68.25 million VND/tael (buy) and 69.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 68.4 million VND/tael and sold at 69.1 million VND/tael.

Domestic gold price is over 69 million VND/tael.

The world market decreased. The spot gold price on Kitco (at 9:00 p.m., Vietnam time) was trading at 1,818 USD/ounce.

The September US employment report showed that non-farm payrolls increased more than expected. According to the US Department of Labor, the number of jobs in this sector reached 336,000, much higher than the forecast of 170,000 jobs.

Positive data suggests the US Federal Reserve will maintain its hawkish stance on monetary policy. Since breaking above $2,000 an ounce in early May 2023, gold prices have fallen nearly 12% due to the Fed's hawkish stance on interest rates.

The market awaits US consumer price index (CPI) data due to be released next week.

Bart Melek, head of commodity strategy at TD Securities, said the better-than-expected jobs data could push the market toward another rate hike, which could push gold below $1,800 an ounce.

World oil prices reverse upward

In the world market, gasoline prices today tend to recover.

According to data from Oilprice, at 8:40 p.m. on October 6 (Vietnam time), Brent oil price reached 84.77 USD/barrel, up 0.7 USD, equivalent to 0.83% compared to the previous session. WTI oil price was at 82.93 USD/barrel, up 0.62 USD, equivalent to 0.75% compared to the previous session.

Oil prices have fallen sharply for two consecutive sessions. On October 4, oil prices fell by more than $5 - the largest daily drop in more than a year - despite the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain the production cut policy. Accordingly, Saudi Arabia and Russia will maintain the voluntary cut of 1.3 million barrels of oil per day until the end of the year.

Oil prices fell another 2% at the end of the trading session on October 5. The decline in oil prices was supported by concerns about a sharp decline in fuel demand, which overshadowed OPEC+'s decision to maintain oil production cuts.

Despite a late-week uptrend, oil prices are heading for their biggest weekly decline since March 2023, on concerns that persistently high interest rates will slow global growth and hamper fuel demand.

According to analysts, the momentum for oil prices to increase may not be much left. The market will wait for more policy decisions from OPEC+ at the upcoming meeting in November.

Coffee price remains stable at over 64,000 VND/kg

Domestic coffee prices were updated at 4:24 a.m. on October 7, 2023 as follows: After consecutive declines, coffee prices tend to stabilize, coffee prices in the Central Highlands provinces returned to around 64,000 - 64,600 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on October 7, 2023 was VND 64,400/kg. In Dak Nong province, coffee was purchased at VND 64,600/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 64,000 VND/kg.

Today's coffee price in Dak Lak province in Cu M'gar district is currently at 64,400 VND/kg. In Ea H'leo district, Buon Ho town, the price is also 64,500 VND/kg.

Source