Gold price today October 7, 2024: World gold is expected to decrease in the short term
Gold price today October 7, 2024: The buying price of gold rings is 500,000 to 680,000 VND/tael higher than the price of SJC gold bars. World gold is expected to decrease in the short term.
Domestic gold price today October 7, 2024
At the time of survey at 5:00 a.m. on October 7, 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.
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 7, 2024 is as follows:
| Gold price today | October 7, 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: 10/7/2024 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 | 84,000 |
| Raw material 9999 - HN | 82,750 | 83,000 |
| Raw materials 999 - HN | 82,650 | 82,900 |
| AVPL/SJC Can Tho | 82,000 | 84,000 |
| 2.PNJ- Updated: 10/7/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 82,800 | 83,600 |
| HCMC - SJC | 82,000 | 84,000 |
| Hanoi - PNJ | 82,800 | 83,600 |
| Hanoi - SJC | 82,000 | 84,000 |
| Da Nang - PNJ | 82,800 | 83,600 |
| Da Nang - SJC | 82,000 | 84,000 |
| Western Region - PNJ | 82,800 | 83,600 |
| Western Region - SJC | 82,000 | 84,000 |
| Jewelry gold price - PNJ | 82,800 | 83,600 |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Southeast | PNJ | 82,800 |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 82,800 |
| Jewelry gold price - Jewelry gold 999.9 | 82,700 | 83,500 |
| Jewelry gold price - 999 jewelry gold | 82,620 | 83,420 |
| Jewelry gold price - 99 jewelry gold | 81,770 | 82,770 |
| Jewelry gold price - 916 gold (22K) | 76,090 | 76,590 |
| Jewelry gold price - 750 gold (18K) | 61,380 | 62,780 |
| Jewelry gold price - 680 gold (16.3K) | 55,530 | 56,930 |
| Jewelry gold price - 650 gold (15.6K) | 53,030 | 54,430 |
| Jewelry gold price - 610 gold (14.6K) | 49,690 | 51,090 |
| Jewelry gold price - 585 gold (14K) | 47,600 | 49,000 |
| Jewelry gold price - 416 gold (10K) | 33,490 | 34,890 |
| Jewelry gold price - 375 gold (9K) | 30,060 | 31,460 |
| Jewelry gold price - 333 gold (8K) | 26,310 | 27,710 |
| 3.SJC- Updated: 10/7/2024 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 | 83,300 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 82,000 | 83,400 |
| 99.99% Jewelry | 81,950 | 83,000 |
| 99% Jewelry | 80,178 | 82,178 |
| Jewelry 68% | 54,096 | 56,596 |
| Jewelry 41.7% | 32,264 | 34,764 |
World gold price today October 7, 2024 and world gold price fluctuation chart in the past 24 hours
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,651.84 USD/Ounce. Today's gold price decreased by 8.67 USD/Ounce compared to last week. Converted according to the USD exchange rate, on the free market (25,210 VND/USD), the world gold price is about 81.46 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.53 million VND/tael higher than the international gold price.
Recently, the domestic gold market has recorded a "strange" phenomenon, the buying price of gold rings is 500,000 to 680,000 VND/tael higher than the price of SJC gold bars.
The increase in the price of gold rings is said to be due to the continuous increase in the world gold price in recent times. In recent months, businesses have run out of SJC gold bars to sell, and state-owned banks only sell SJC gold through online orders.
The fact that the price of gold rings is higher than that of SJC gold bars shows an unusual development in the market. Due to the difficulty in buying SJC gold bars, people seem to have lost interest in this type of gold.
Concerns about the difficulty of buying gold have led people to tend to keep gold as a reserve asset, instead of selling it for profit as before. This situation has made SJC gold bar trading activities more quiet.
According to the latest survey from Kitco News, experts are becoming increasingly cautious with their short-term gold price forecasts.
Of the 16 experts surveyed, only a few were optimistic about gold prices rising next week. Specifically, 44% predicted an increase, 19% predicted a decrease, and 37% said prices would remain unchanged.
Another survey of 176 individual investors found that 59% believe gold prices will rise, 20% predict a fall, and 21% expect no change.
Adrian Day of Adrian Day Asset Management predicts that gold prices will be flat next week. He said that the return of Chinese buyers after the holidays could bring some fresh buying activity to the market. However, after two months of gains, gold is unlikely to rise further due to the impact of the new US jobs report.
Jesse Colombo, analyst and founder of BubbleBubble, is neutral, predicting gold prices will range between $2,650 and $2,700 an ounce next week. He also advises investors to buy on dips.
Gold price forecast
Ole Hansen from Saxo Bank believes that, despite the unfavorable factors, gold remains a safe choice in the current climate of conflict and geopolitical tensions.
Tai Wong, an independent metals trader, said the positive wage report has made investors confident of a modest rate cut. Despite the short-term fall in gold prices, Wong remains optimistic about the gold price's upside.
Phillip Streible, strategist at Blue Line Futures, said that if the geopolitical situation worsens, gold prices could rise rapidly, possibly reaching $2,700 an ounce and setting a new record.
Last week, domestic gold prices were stable, while world gold prices fluctuated slightly due to the impact of the US employment report and tensions in the Middle East. Gold prices are expected to continue to fluctuate slightly next week, influenced by economic and political factors.
