The domestic gold price opening today's trading session was listed by DOJI Group at 68.05 million VND/tael for buying; the selling price was 68.95 million VND/tael.
The difference between buying and selling gold prices at DOJI is at 900,000 VND/tael.
Compared to the opening of the previous trading session, gold price at DOJI decreased by 100,000 VND/tael for both buying and selling.
Meanwhile, Saigon Jewelry Company SJC listed the buying price of gold at 68.3 million VND/tael and the selling price at 69 million VND/tael.
The difference between buying and selling price of SJC gold is 700,000 VND/tael.
Compared to the opening of the previous trading session, gold price at SJC increased by 50,000 VND/tael for both buying and selling.
World gold price as of 9:10 am today listed on Kitco at 1,825.7 USD/ounce. Compared to the opening of the previous trading session, world gold price increased by 4.9 USD/ounce.
Gold prices were supported by news that US private sector employment numbers rose much more modestly than expected. The ADP Employment Survey released on October 3 showed that the US economy added 9.6 million jobs in September, higher than the 8.8 million jobs forecast by economists polled by Dow Jones. The strong labour market could allow the Federal Reserve to continue tightening monetary policy.
Gold prices have rebounded partly due to increased demand for gold at the bottom. After the US released data showing signs of a slowdown in the country's labor market, with private sector employment in September lower than expected, many investors decided to put their money into it.
Gold’s recovery is currently being held back by a decline in oil, its closest relative, and fears of a US government shutdown have also eased as US President Joe Biden signs a temporary budget bill.
In the short and medium term, gold will still be under pressure from the US's tightening monetary policy. The FED will continue to raise interest rates and keep them there for a long time.
However, James Robertson - analyst at Grant's Interest Rate Observer, remains optimistic, saying that gold remains an essential insurance asset as risks to the US economy continue to increase.
Central bank demand for gold is far from saturated, James Robertson said, explaining that the persistent strength of the US dollar means that countries with debt denominated in the currency continue to face high financing costs.
Traders are awaiting the US Labor Department's September jobs report, due on Friday. The key nonfarm payrolls figure is expected to rise by 170,000 compared to the 187,000 increase in the September report.
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