At the end of the trading session on October 9, the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND83-85 million/tael (buy - sell), unchanged in both directions compared to the previous session.

Domestic gold ring prices on October 9 decreased by VND200,000-400,000/tael compared to the historical peak of the previous session, down to VND82.3 million/tael (buy) and VND83.3 million/tael (sell).

On the afternoon of October 9, Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 81.8-83.1 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 82.3-83.3 million VND/tael (buy - sell).

As of 6:00 p.m. on October 9 (Vietnam time), the spot price of gold today on the world market was at $2,615/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,637/ounce.

The world gold price on the night of October 9 was about 26.8% higher (552 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 79.6 million VND/tael, including taxes and fees, about 5.4 million VND/tael lower than the domestic gold price as of the end of the afternoon session on October 9.

The price of gold in the international market continued to fall sharply, losing about 1 million VND per tael in the last 2 sessions. Domestic SJC gold bars remained high, still at 85 million VND per tael, while the price of gold rings fell sharply compared to the historical peak in the previous session.

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Gold prices fell due to a surge in profit-taking. Photo: HH

World gold prices fell as the US dollar continued to rise and cash flow returned to the US stock market despite the upcoming superstorm Milton hitting the US, which could cause estimated damage of hundreds of billions of dollars.

The greenback edged up again as many other major currencies around the world came under great pressure from central banks' money pumping and interest rate cuts.

After reaching 102.5 points in the previous session, the DXY index edged up again and reached 102.8 points at the beginning of the trading session on October 9 on the New York market (night of October 9, Vietnam time).

A stronger US dollar puts pressure on commodities including gold.

Moreover, cash flow shows signs of returning to US stocks as the US economy continues to show positive signals.

The Chinese stock market plunged after a sharp increase of 20-30% in the previous two weeks, contributing to the rise of the USD and US stocks. Investors were skeptical about the economic stimulus package of the Beijing government.

Chinese stocks fell the most in more than four years as investors lost patience with the pace of Beijing's stimulus measures and weak holiday spending data.

Gold Price Forecast

Gold prices also fell due to profit-taking pressure after the precious metal surged and set consecutive record highs late last month. A price drop is inevitable, even if gold is in a long-term uptrend.

Previously, gold was forecast to increase in price until at least mid-2025 following the US Federal Reserve's (Fed) interest rate cut trend. The Fed started its interest rate cut cycle in mid-September and signaled that it would cut interest rates until 2026. This also means that pressure will be put on the USD. Gold will benefit.

However, the USD has recently rebounded after a sharp decline. Investors are concerned that the Fed will not continue to cut interest rates by 0.5 percentage points at its November meeting, but may only cut interest rates by 0.25 points when the US economy is still quite strong.

In the short term, the USD will continue to recover and increase as money flows back into the greenback. Gold prices will simultaneously face downward pressure from a strong USD, profit-taking in gold, and short selling in this commodity.

Gold price today October 9, 2024: World gold price plummets, gold rings plummet following . Gold price today October 9, 2024 in the world decreased sharply, down to the peak of 2,600 USD/ounce. Gold rings plummeted following, while SJC gold bars still held on to the mark of 85 million VND/tael (sold).