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Gold price today October 7, 2024: World gold is expected to decrease in the short term

Hung Cuong DNUM_AHZBAZCACE 05:00

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 Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 83.5-84 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise 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).

Giá vàng hôm nay 7/10/2024: Vàng thế giới dự báo giảm trong ngắn hạn

The latest gold price list today, October 7, 2024 is as follows:

Gold price today
October 7, 2024
(million dong)
Difference
(thousand dong/tael)
Buy
Sell
Buy
Sell
SJC in Hanoi
82
84
-
-
DOJI Group
82
84
-
-
Red Eyelashes
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.
TypeBuySell
AVPL/SJC HN82,00084,000
AVPL/SJC HCM82,00084,000
AVPL/SJC DN82,00084,000
Raw material 9999 - HN82,75083,000
Raw material 999 - HN82,65082,900
AVPL/SJC Can Tho82,00084,000
2.PNJ- Updated: 10/7/2024 05:10 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
HCMC - PNJ82,80083,600
HCMC - SJC82,00084,000
Hanoi - PNJ82,80083,600
Hanoi - SJC82,00084,000
Da Nang - PNJ82,80083,600
Da Nang - SJC82,00084,000
Western Region - PNJ82,80083,600
Western Region - SJC82,00084,000
Jewelry gold price - PNJ82,80083,600
Jewelry gold price - SJC82,00084,000
Jewelry gold price - SoutheastPNJ82,800
Jewelry gold price - SJC82,00084,000
Jewelry gold price - Jewelry gold pricePNJ 999.9 Plain Ring82,800
Jewelry gold price - Jewelry gold 999.982,70083,500
Jewelry gold price - Jewelry gold 99982,62083,420
Jewelry gold price - Jewelry gold 9981,77082,770
Jewelry gold price - 916 gold (22K)76,09076,590
Jewelry gold price - 750 gold (18K)61,38062,780
Jewelry gold price - 680 gold (16.3K)55,53056,930
Jewelry gold price - 650 gold (15.6K)53,03054,430
Jewelry gold price - 610 gold (14.6K)49,69051,090
Jewelry gold price - 585 gold (14K)47,60049,000
Jewelry gold price - 416 gold (10K)33,49034,890
Jewelry gold price - 375 gold (9K)30,06031,460
Jewelry gold price - 333 gold (8K)26,31027,710
3.SJC- Updated: 10/7/2024 05:10 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
SJC 1L, 10L, 1KG82,00084,000
SJC 5c82,00084,020
SJC 2c, 1c, 5c82,00084,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi82,00083,300
SJC 99.99 gold ring 0.3 chi, 0.5 chi82,00083,400
Jewelry 99.99%81,95083,000
Jewelry 99%80,17882,178
Jewelry 68%54,09656,596
Jewelry 41.7%32,26434,764

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 world gold prices 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 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 decline in gold prices, Wong remains bullish on the outlook for gold.

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.

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Gold price today October 7, 2024: World gold is expected to decrease in the short term
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