Gold prices are in a correction phase.
Gold prices on the world market increased today. The spot gold price on Kitco closed the weekend session at 1,833 USD/ounce. Meanwhile, the US gold futures price increased 0.7% to 1,845.2 USD/ounce.
Gold rebounded on Friday but was still down 1% on the week. Positive economic data last week prompted the US Federal Reserve to maintain its tight monetary policy. The federal funds rate (FFR) was at a 22-year high of 5.25% - 5.5%.
The Fed could raise interest rates once more in November. According to the CME FedWatch tool, markets are now pricing in a 24% chance that the Fed will raise rates by another 25 basis points this year. In the short to medium term, gold remains under pressure from the Fed's tightening monetary policy.
The yield on the 30-year US Treasury bond rose to 5% for the first time since 2007. The yield on the 10-year US Treasury bond hit a 16-year high of 4.8%.
It's been a tough time for gold, with the market experiencing its longest losing streak in seven years, according to Kitco.
Michael Moor, an analyst at Moor Analytics, said gold prices are still in a correction phase. Investors are concerned about the outlook for gold prices. He predicted that gold prices could fall to $1,800 an ounce for a period of time, then bounce back, starting a new cycle.
Even with higher bond yields, this is the time to buy, says expert Edward Moya. Looking ahead, many factors support gold's bullish trend.
Domestic coffee price decreased by 300 VND/kg
Domestic coffee prices were updated at 4:12 a.m. on October 8, 2023, continuing to decrease by another 300 VND/kg; currently, coffee prices in the Central Highlands provinces have returned to around 64,100 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on October 8, 2023 was VND 64,100/kg (down VND 300/kg). In Dak Nong province, coffee was purchased at VND 64,300/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 63,700 VND/kg.
Today's coffee price in Dak Lak province in Cu M'gar district is currently at 64,100 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 64,200 VND/kg.
World coffee market, At the end of the session, Robusta coffee prices on the London floor at 4:12 a.m. on October 8, 2023 tended to stabilize compared to the previous trading session, however, red dominated the delivery terms, ranging from 2,190 - 2,377 USD/ton.
Last week, live pigs decreased by 1,000 - 2,000 VND.
Pig prices today are broadly stable and fluctuate between 50,000 VND/kg and 54,000 VND/kg.
In the Northern region, the price of live pigs today, October 8, remained stable across the board and fluctuated between 51,000 - 53,000 VND/kg.
Localities including Thanh Hoa, Nghe An, Ha Tinh, Khanh Hoa are having their live pigs purchased by traders at 52,000 VND/kg.
In the Southern region, the price of live pigs today did not record any fluctuations compared to the previous day and fluctuated between 50,000 - 54,000 VND/kg.
In general, last week, pork prices decreased across the board, dropping by 1,000 - 2,000 VND/kg and falling below the 55,000 VND/kg threshold. The localities with the highest and lowest prices in the country were both in the Southern region.
Recorded on the weekend (October 8), the average price of live pigs in the Northern region was at 52,760 VND/kg; in the Central - Central Highlands region at 53,570 VND/kg; in the Southern region at 52,890 VND/kg.
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