Gold price today October 5, 2024: World gold price decreased sharply compared to last week
Gold price today October 5, 2024: The price of 9999 gold rings continues to increase to 350 thousand VND/tael, creating a new peak of 83.6 million VND. World gold prices have decreased sharply compared to last week.
Domestic gold price today October 5, 2024
At the time of survey at 5:00 a.m. on October 5, 2024, the gold price on the trading floors of some companies was as follows:
The price of 9999 gold today is listed by DOJI at 82.85 million VND/tael for buying and 83.6 million VND/tael for selling. Compared to yesterday, the price of 9999 gold rings increased by 350 thousand VND/tael for buying and 100,000 VND/tael for selling.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83.5-84 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 82-84 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82.1-83.5 million VND/tael (buy in - sell out).
The latest gold price list today, October 5, 2024 is as follows:
| Gold price today | October 5, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 82 | 84 | - | - |
| DOJI Group | 82 | 84 | - | - |
| Mi Hong | 83.5 | 84 | - | - |
| PNJ | 82 | 84 | - | - |
| Vietinbank Gold | - | 84 | - | - |
| Bao Tin Minh Chau | 82 | 84 | - | - |
| Bao Tin Manh Hai | 82.1 | 83.5 | - | - |
| 1.DOJI- Updated: 10/5/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 82,000 | 84,000 |
| AVPL/SJC HCM | 82,000 | 84,000 |
| AVPL/SJC DN | 82,000▲500K | 84,000▲500K |
| Raw material 9999 - HN | 82,750▲350K | 83,000▲300K |
| Raw materials 999 - HN | 82,650▲350K | 82,900▲300K |
| AVPL/SJC Can Tho | 82,000 | 84,000 |
| 2.PNJ- Updated: 10/5/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 82,800▲600K | 83,600▲400K |
| HCMC - SJC | 82,000 | 84,000 |
| Hanoi - PNJ | 82,800▲600K | 83,600▲400K |
| Hanoi - SJC | 82,000 | 84,000 |
| Da Nang - PNJ | 82,800▲600K | 83,600▲400K |
| Da Nang - SJC | 82,000 | 84,000 |
| Western Region - PNJ | 82,800▲600K | 83,600▲400K |
| Western Region - SJC | 82,000 | 84,000 |
| Jewelry gold price - PNJ | 82,800▲600K | 83,600▲400K |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Southeast | PNJ | 82,800▲600K |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 82,800▲600K |
| Jewelry gold price - Jewelry gold 999.9 | 82,700▲700K | 83,500▲700K |
| Jewelry gold price - 999 jewelry gold | 82,620▲700K | 83,420▲700K |
| Jewelry gold price - 99 jewelry gold | 81,770▲700K | 82,770▲700K |
| Jewelry gold price - 916 gold (22K) | 76,090▲640K | 76,590▲640K |
| Jewelry gold price - 750 gold (18K) | 61,380▲530K | 62,780▲530K |
| Jewelry gold price - 680 gold (16.3K) | 55,530▲480K | 56,930▲480K |
| Jewelry gold price - 650 gold (15.6K) | 53,030▲460K | 54,430▲460K |
| Jewelry gold price - 610 gold (14.6K) | 49,690▲430K | 51,090▲430K |
| Jewelry gold price - 585 gold (14K) | 47,600▲410K | 49,000▲410K |
| Jewelry gold price - 416 gold (10K) | 33,490▲290K | 34,890▲290K |
| Jewelry gold price - 375 gold (9K) | 30,060▲260K | 31,460▲260K |
| Jewelry gold price - 333 gold (8K) | 26,310▲240K | 27,710▲240K |
| 3.SJC- Updated: 10/5/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 82,000 | 84,000 |
| SJC 5c | 82,000 | 84,020 |
| SJC 2c, 1C, 5 phan | 82,000 | 84,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 82,000▲400K | 83,300▲300K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 82,000▲400K | 83,400▲300K |
| 99.99% Jewelry | 81,950▲400K | 83,000▲300K |
| 99% Jewelry | 80,178▲297K | 82,178▲297K |
| Jewelry 68% | 54,096▲204K | 56,596▲204K |
| Jewelry 41.7% | 32,264▲125K | 34,764▲125K |
World gold price today October 5, 2024 and world gold price fluctuation chart in the past 24 hours
According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was 2,652.08 USD/Ounce. Today's gold price increased by 4.55 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,210 VND/USD), the world gold price is about 80.9 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.1 million VND/tael higher than the international gold price.
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The domestic price of 9999 gold rings has skyrocketed, approaching a record high, with the closing price on October 4 being VND83.6 million/tael. The price of gold rings has increased significantly compared to the beginning of the year, recording an increase of about 30%, much higher than the performance of gold bars.
Despite the increase in prices, demand for gold rings remains strong, but limited supply has created a shortage in the market.
World gold prices fell sharply compared to last week as investors were cautious about important economic news from the US, which could affect the Fed's decision to cut interest rates. The stronger USD attracted cash flow, putting pressure on gold prices.
The tense situation in the Middle East, especially Iran's airstrike on Israel, has created big fluctuations in world gold prices.
In times of political instability, especially in the Middle East, Bitcoin’s status as “digital gold” and a safe haven is met with resistance from traditional gold advocates. Gold has a long history of being considered a safe investment, while Bitcoin’s price fluctuates wildly, similar to roller coasters.
One analyst pointed out that during the recent conflicts in the Middle East, Bitcoin fell 6% while gold rose sharply, showing the difference in how the two assets react. Gold and Bitcoin have opposite reactions in tense situations: gold rose sharply, while Bitcoin fell.
Analyst Colombo expressed disappointment in Bitcoin, arguing that it reacted like a risk asset rather than a safe haven in an unstable geopolitical environment.
He also compared Bitcoin to the S&P 500 index, both of which fell on bad news from the Middle East, showing similarities in risk responses.
Iran's airstrike on Israel in April 2024 and the attack on Israel on October 7, 2023 also show a similar bearish pattern for Bitcoin.
Gold investors assert that Bitcoin acts like a risky speculative asset, similar to tech stocks, rather than a safe haven.
Jesse Colombo, an analyst, predicts that Bitcoin is now closely correlated with the Nasdaq 100 index, especially US technology stocks. He warns that the collapse of this "bubble" could negatively affect the value of Bitcoin.
Mr. Colombo also pointed out that Bitcoin should not be considered “digital gold” because it does not fulfill the role of a safe haven asset like gold. Gold has a long history of maintaining its value, while Bitcoin is too new and volatile.
He stressed that Bitcoin should be considered a high-risk asset, more suitable in times of economic stability, rather than a first choice in times of crisis. Investors should consider carefully before considering Bitcoin as a hedge against economic uncertainty.
Gold price forecast
Experts predict that gold prices will continue to rise in the coming time, but there may also be short-term adjustments.
Ole Hansen from Saxo Bank is bullish on gold prices, predicting they will rise by the end of the year and could reach $3,000 an ounce by 2025.
Han Tan from Exinity Group commented that if the US unemployment rate increases, the Fed may cut interest rates, which could push gold prices to new highs.
Gold prices are expected to hit $2,700 an ounce if the Fed cuts interest rates.
The US non-farm payrolls report and speeches by Fed chairmen could influence gold prices. If the US jobs report is positive, the USD could strengthen and gold prices could fall due to profit-taking.
CME FedWatch said there is a 65% chance the Fed will cut interest rates in November. BMI forecasts gold prices will fluctuate between $2,500 and $2,800 an ounce in the coming time.
