Gold price today October 2, 2024: The price of 9999 gold rings turned around after a phase of "surpassing" SJC gold bars. World gold is facing some resistance levels at all-time highs, but the market has not had any strong sell-offs. Many analysts expect that the precious metal still has a lot of potential for price increases.
| 1. SJC - Updated: 10/01/2024 08:27 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 82,000 ▲500K | 84,000 ▲500K |
| SJC 5c | 82,000 ▲500K | 84,020 ▲500K |
| SJC 2c, 1c, 5c | 82,000 ▲500K | 84,030 ▲500K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 81,400 ▼100K | 82,900 ▼100K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 81,400 ▼100K | 83,000 ▼100K |
| Jewelry 99.99% | 81,350 ▼100K | 82,600 ▼100K |
| Jewelry 99% | 79,782 ▼99K | 81,782 ▼99K |
| Jewelry 68% | 53,824 ▼68K | 56,324 ▼68K |
| Jewelry 41.7% | 32,098 ▼41K | 34,598 ▼41K |
Update gold price today 10/2/2024
World gold prices remain at record levels, purchasing power remains strong as usual.
The precious metals market has maintained its purchasing power despite record highs against global currencies. Gold continues to dominate the global currency markets, hitting record highs across the board. However, gold also continues to prove its value in the real world.
According to The World & Vietnam Newspaper , the international gold price traded on Kitco News , at 7:15 p.m. on October 1 (Hanoi time), was at 2,653.80 - 2,654.80 USD/ounce , an increase of 18.8 USD/ounce compared to the previous trading session.
Gold remained under pressure but there was no sharp sell-off as Federal Reserve Chairman Jerome Powell signaled the pace of the world's largest economy's monetary easing cycle. Powell struck a relatively positive tone, noting that "the US economy is in solid shape" and the Fed would be able to ease monetary policy gradually.
Gold has enjoyed a broad rally, hitting all-time highs against major currencies such as the euro, pound sterling, Canadian dollar and Australian dollar. The latest research from Incrementum shows that gold has gained around 25% this year against a basket of global currencies. Although gold has faced some resistance at its all-time high above $2,680 an ounce last week, many analysts expect the precious metal to have more upside potential as the Fed is currently leading the world’s central banks in the global rate easing cycle.
Domestic gold prices have new changes, SJC gold bar prices increase to a record high, gold rings turn to adjust.
The price of SJC gold bars closed the trading session on October 1, recording a simultaneous adjustment compared to yesterday. Specifically, the price of SJC gold bars at major brands such as Saigon Jewelry Company, DOJI Group, Phu Quy and Bao Tin Minh Chau listed "same price" at 82 - 84 million VND/tael (buy-sell), an increase of half a million VND/tael in both directions.
The difference between the buying and selling price of SJC gold bars is up to 2 million VND/tael. Compared to the converted world gold price, the price of SJC gold bars is 5.04 million VND/tael higher, while the price of gold rings is about 2.94 million VND/tael higher.
The price of 9999 round smooth gold rings has temporarily adjusted after a session of "surpassing" SJC gold bars.
The selling price of 9999 gold rings at SJC Jewelry Company has decreased by 100,000 VND/tael compared to yesterday, currently trading at 81.4 - 82.9 million VND/tael; DOJI Company adjusted the price of Hung Thinh Vuong 9999 gold rings to decrease by 400,000 and 450,000 VND/tael respectively for buying and selling compared to yesterday, to 81.9 - 82.9 million VND/tael. Bao Tin Minh Chau Company also adjusted the price down sharply by 660,000 and 560,000 VND/tael respectively, to 81.88 - 82.88 million VND/tael.
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| Gold price today October 2, 2024: World gold price at record high in all aspects, purchasing power is still preserved, is there still much potential for price increase? (Source: Kitco) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of October 1:
Saigon Jewelry Company: SJC gold bars 82 - 84 million VND/tael; SJC gold rings 81.4 - 82.9 million VND/tael.
Doji Group: SJC gold bars 82 - 84 million VND/tael; 9999 round rings (Hung Thinh Vuong) 81.9 - 82.9 million VND/tael.
PNJ system: SJC gold bars 82 - 84 million VND/tael; PNJ 999.9 plain gold rings: 82.0 - 82.9 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 82 - 84 million VND/tael; Phu Quy 999.9 round gold rings: 81.95 - 82.90 million VND/tael.
The price of SJC gold at Bao Tin Minh Chau is listed at 82 - 84 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 81.88 - 82.88 million VND/tael.
Fed actively regulates, will gold prices increase or decrease?
Making his first comments since cutting interest rates by 50 basis points, speaking at the National Association for Business Economics' annual conference in Nashville, Tenn., Fed Chairman Powell said, "The decision to lower interest rates reflects growing confidence that economic growth is moderate and inflation is falling sustainably toward 2 percent."
Going forward, if the economy continues to grow as expected, US economic policy will shift to a more neutral stance over time, he added. "But we are not on any pre-determined path. The risks are two-fold, and we will continue to make decisions at each meeting. When considering additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks. If the economy slows more than we expect, then we could cut more quickly," Mr. Powell said.
According to the global economic and market research department of UOB Bank (Singapore), the Fed's interest rate cut has weakened the USD and the low interest rate environment is creating positive momentum for gold prices.
Against this backdrop, central banks’ overall appetite for gold reserves allocations remains undiminished amid heightened geopolitical risks. Global central banks, particularly those in emerging markets and Asia, continue to view gold as an important reserve asset and are expected to continue increasing their long-term allocations to gold. Chinese and Indian demand for gold is likely to increase towards the end of the year.
Gold has strengthened its bullish momentum in the portfolio throughout Q3 2024. UOB raised its global gold price forecast to $2,700/oz in Q4 2024 and $2,800/oz in Q1 2025.
However, some other experts believe that gold prices are likely to correct lower in the near future. Ole Hansen, Head of Commodity Strategy at Saxo Bank , said that physical gold demand is likely to slow due to high prices. He predicted that investors will need time to adjust to the new prices before demand recovers.
Mark Leibovit, an analyst at VR Metals/Resource Letter , also believes that gold prices have peaked in the short term and will soon enter a period of stabilization with a price correction. He explained that although the market still has many factors supporting gold prices, the rapid increase in recent times will need time to adjust to a state of equilibrium.
Jim Wyckoff, senior analyst at Kitco , said that gold is currently overbought in the market. According to him, the precious metal will undergo a natural correction phase, easing the pressure from the recent overbought conditions.
In addition, according to UOB, the main risk to UOB's positive forecast is the possibility of an unexpected acceleration in inflation, forcing the Fed to scale back its expected rate cuts. This could lead to a resurgence in the US dollar and interest rates, which would be detrimental to gold prices.
Source: https://baoquocte.vn/gia-vang-hom-nay-2102024-gia-vang-cao-ky-luc-tren-moi-phuong-dien-suc-mua-khong-ha-nhet-con-nhieu-tiem-nang-tang-gia-288321.html
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