LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 9 AND EXCHANGE RATE TODAY OCTOBER 9
| 1. PNJ - Updated: October 9, 2023 00:30 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 55,600 | 56,600 |
| HCMC - SJC | 68,500 | 69,200 |
| Hanoi - PNJ | 55,600 | 56,600 |
| Hanoi - SJC | 68,500 | 69,200 |
| Da Nang - PNJ | 55,600 | 56,600 |
| Da Nang - SJC | 68,500 | 69,200 |
| Western Region - PNJ | 55,600 | 56,600 |
| Western Region - SJC | 68,600 | 69,300 |
| Jewelry gold price - PNJ rings (24K) | 55,600 | 56,500 |
| Jewelry Gold Price - 24K Jewelry | 55,500 | 56,300 |
| Jewelry Gold Price - 18K Jewelry | 40,980 | 42,380 |
| Jewelry Gold Price - 14K Jewelry | 31,690 | 33,090 |
| Jewelry Gold Price - 10K Jewelry | 22,170 | 23,570 |
Domestic gold prices , SJC gold bars, which have remained at high prices, have now continued to increase, adding about 100,000 - 200,000 VND/tael, remaining above 69 million VND/tael.
At the end of the session on October 8, SJC Gold in Hanoi was bought at 68.5 million VND/tael and sold at 69.32 million VND/tael.
DOJI listed the price of SJC gold bars at 68.25 million VND/tael for buying and 69.25 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau is traded at 68.45 - 69.08 million VND/tael (buy - sell).
The world gold price closed last week (October 6) at 1,833.10 USD/ounce, up 12.9 USD compared to the previous session, according to The Gioi & Viet Nam Newspaper.
Converted according to the USD exchange rate at Vietcombank, the world gold price is about 53,224 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 15,276 million VND/tael higher than the international gold price.
Thus, in the world market, after a series of continuous daily declines since the US Federal Reserve (Fed) kept interest rates unchanged on September 20 and after the US payroll report pushed spot gold prices to a new 7-month low of $1,810.46. In the last session of the week, gold prices temporarily headed for their first positive close.
Analyst Michael Moor of Moor Analytics said that gold prices are still in a correction phase and investors are concerned about the outlook for gold prices. He predicted that gold prices could fall to $1,800/ounce for a period of time before bouncing back to start a new cycle.
According to Edward Moya, senior market analyst at financial firm OANDA , this is the time to buy, even if bond yields move higher. Looking ahead, with so much economic uncertainty, there are many factors supporting the gold price trend. Although the expert still does not rule out the possibility of gold falling to $ 1,800 / ounce, the expert believes that the increased market risk could make the current price an attractive entry point.
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| Gold price today October 9, 2023: Gold price increases again, short-term trend is difficult to predict, is it a good time to buy gold? (Source: Kitco) |
Summary of SJC gold prices at major domestic trading brands at the closing time of this weekend (October 6):
Saigon Jewelry Company listed the price of SJC gold at 68.45 - 69.17 million VND/tael.
Doji Group currently lists the price of SJC gold at: 68.25 - 69.15 million VND/tael.
Phu Quy Group currently lists the price of SJC gold at: 68.35 - 69.10 million VND/tael.
PNJ system listed at: 68.40 - 69.10 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 68.45 - 69.08 million VND/tael; Rong Thang Long gold brand is traded at 56.16 - 57.06 million VND/tael; jewelry gold price is traded at 55.75 - 56.85 million VND/tael.
Gold price forecast this week?
The outlook for gold prices in the latest weekly Kitco News gold survey is mixed, with both market analysts and retail investors split on whether to see it go up or down.
Thirteen Wall Street analysts participated in the Kitco News Gold Survey last week. Five experts, or 38 percent, said they expected gold prices to rise next week; five predicted prices would fall; three analysts, or 23 percent, were neutral. Meanwhile, with 528 votes cast in online polls, 227 retail investors (43%) expect gold to rise next week; another 222 (42%) predict lower prices; while 79 (15%) are neutral on the outlook for gold prices. |
Darin Newsom, senior market analyst at Barchart.com , sees gold prices rising next week. “December gold appears poised to complete a bullish reversal,” he said. “This could be a significant reversal if gold breaks above $1,843.50, as the short-term bullish bias remains intact despite the strength of the US dollar.” However, he cautioned, the long-term downtrend remains intact.
Expert Michael Moor, founder of Moor Analytics, again He said he is bearish on gold, but the precious metal is in serious exhaustion and it may be time to get back into the market. All the technical indicators seem to be pointing lower, he said. This is when traders should check the market. If this holds, it could be the start of a new long-term bullish structure.
James Stanley, senior market strategist at Forex.com , believes gold is likely to hold its recent gains next week. But the market conditions suggest the likelihood of further selling is extremely high and some factors look a bit like a trap.
The latest survey showed retail investors expect gold to trade around $1,842 an ounce this week, $30 lower than last week's forecast and representing an $11 gain from current spot prices.
Daniel Pavilonis, senior commodities broker at RJO Futures , believes gold has likely bottomed. “If I were to stay long, I would probably start looking to buy gold here,” Pavilonis said. “I think gold could go higher this week.”
Marc Chandler, CEO of Bannockburn Global Forex , said he needed to see sustained strength in the yellow metal to convince him that there was room for a rally. “Gold has been rising in recent days at $1,813-$15, but unexpectedly strong U.S. jobs growth, which was nearly double what economists in a Bloomberg and Dow Jones survey expected, has sent the dollar and interest rates higher,” he said. “The next key support area is near $1,800 and then $1,787.” Chandler said the main driver remains the dollar and interest rates, not central bank buying.
Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, said he was bullish on gold next week. “Gold has become technically oversold and appears to be stabilizing near $1,820. The dollar and Treasury yields appear to be taking a breather after a big rally,” Cieszynski said. “So, in the short term, at least for a few days, gold looks poised for a modest recovery.”
Adrian Day, president of Adrian Day Asset Management , sees gold prices continuing to fall next week and warns that the market may misinterpret the payrolls data. “The short-term risk remains to the downside,” he said. Kitco senior analyst Jim Wyckoff echoed the sentiment, saying he still sees downside risks for the precious metal.
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