Gold price today (October 4): Strong increase throughout the week, entering a new wave
Domestic and international gold prices ended the week with a strong increase as new developments in the economic and political situation were beneficial for the precious metal.
Domestic gold price
End of weekend session,gold priceDomestic gold pieces were listed by Doji Gold and Gemstone Group at: 56 million VND/tael (buy) and 56.5 million VND/tael (sell), an increase of 40 thousand VND in the selling price compared to October 2.
Gold and gemstone companies listed the price of SJC gold at VND56.05 million/tael (buy) and VND56.57 million/tael (sell) in Hanoi. The price of SJC gold in Ho Chi Minh City, the selling price is VND56.55 million/tael.
Last week, the domestic gold price increased back to 56 million VND/tael after a period of relative stagnation. Compared to the beginning of the week, the domestic gold price increased by more than 1 million VND/tael.
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| Gold price movements last week. |
Opening the week on September 28, domestic gold bar prices were listed by gold and gemstone corporations at: VND 54.92 million/tael (buy) and VND 55.4 million/tael (sell).
In the following sessions, gold prices began to increase following the developments of the world market. On October 1, the domestic gold bar price increased by 100,000 VND in the buying direction but remained unchanged in the selling direction compared to the end of the previous session, in Hanoi at: 55.20 million VND/tael (buying) and 55.60 million VND/tael (selling).
In Saigon, SJC gold price is listed at 55.15 million VND/tael (buy) and 55.67 million VND/tael (sell), an increase of 50 thousand VND in both buying and selling compared to the end of the trading session on September 30.
Continuing to the session on October 2, the domestic gold bar price was listed for the Hanoi area at: 55.60 million VND/tael (buy) and 56.10 million VND/tael (sell), an increase of 100 thousand VND in the buying direction and an increase of 50 thousand VND in the selling direction compared to the end of the previous session.
In Saigon, the listed price of SJC gold is 55.65 million VND/tael (buy) and 56.17 million VND/tael (sell), an increase of 100,000 VND in both buying and selling prices compared to the end of the trading session on October 1.
International gold price
In the world gold market, the spot gold price closed the session in the US down 7.6 USD to 1,898.8 USD/ounce. The gold futures price for November delivery on the Comex New York floor down 12.3 USD to 1,900 USD/ounce.
The spot gold price on Kitco floor at one point nearly reached the 1,920 USD/ounce mark but then also maintained a downward trend towards the end of the session, closing at 1,898.8 USD.
According to Jeff Henriksen, Director of Thorpe Abbotts Capital, the US President's infection will increase the existing political uncertainties surrounding the presidential election on November 3, thereby increasing the demand for gold as a safe haven and witnessing a new price increase.
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| Gold prices increased sharply throughout the past week. |
Immediately after this information was released, the precious metal increased from the 1,885 USD range to nearly 1,920 USD before cooling down last weekend's session.
In the context of theUS Presidential ElectionAs the election nears, Trump’s health situation has many investors wondering how he will run. According to experts, the market is still waiting for new information.
In addition, the not-so-positive figures on the US economy also strengthen the appeal of gold, which is a safe haven for investors in times of instability.
Gold prices and ETFs have surged to record highs in 2020 as investors sought safe havens amid the global pandemic, loose monetary policy and the potential for fiat currency depreciation, according to Bloomberg.
Gold Price Forecast
Merger experts commented that US Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi are currently negotiating the terms of a second stimulus plan for the US economy. This is clearly information that supports the price of gold to go up.
Expert Bart Melek of TD Securities commented that if the parties reach an agreement and the stimulus package is launched, gold prices will benefit, as this precious metal is still considered an effective tool against inflation.
