At the end of the trading session on 9/10, the domestic price of SJC 9999 gold bars was announced by SJC and the Vietnam Gold and Gemstone Group. Doji in Ha Noi and Ho Chi Minh City listed 83-85 million VND/tael (buy - sell), unchanged in both directions compared to the previous session.
Domestic gold ring price on 9/10 decreased by 200.000-400.000 VND/tael compared to the historical peak of the previous session to 82,3 million VND/tael (buy) and 83,3 million VND/tael (sell).
On the afternoon of 9/10, Saigon Jewelry Company Limited (SJC) listed the price of 1-5 gold rings at only 81,8-83,1 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 82,3-83,3 million VND/tael (buy - sell).
At 18:XNUMX p.m. 9/10 (Vietnam time), today's spot gold price on the market world at $2.615 an ounce. Gold for December 12 delivery on the Comex division of the New York Mercantile Exchange was at $2024 an ounce.
The world gold price at night 9/10 is about 26,8% higher (552 USD/ounce) than at the beginning of the year 2024. The world gold price converted to the bank USD price is at 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 9/10.
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.
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 9/10 trading session on the New York market (9/10 night, 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 rise of 20-30% in the previous two weeks, contributing to the rise in 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 9. 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 the November meeting, but may only cut interest rates by 11 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.
Sources: https://vietnamnet.vn/gia-vang-hom-nay-10-10-2024-vang-the-gioi-lao-doc-vang-nhan-giam-manh-2330446.html
