Gold prices today, October 8, 2024: Global gold prices fluctuate.
Gold prices today, October 8, 2024: The price of 9999 gold rings saw a slight decrease of 100,000 VND/ounce in the buying price. World gold prices are fluctuating due to various factors.
Domestic gold prices today, October 8, 2024
As of 5:00 AM on October 8, 2024, the gold prices on the exchanges of several companies were as follows:
Today, DOJI lists the price of 9999 gold at 82.75 million VND/ounce for buying and 83.6 million VND/ounce for selling. Compared to yesterday, the price of DOJI gold rings decreased slightly by 100,000 VND/ounce for buying.
Meanwhile, at Mi Hong Gold and Gemstone Company, the price of SJC gold listed at the time of the survey was 83.5-84 million VND/ounce (buying price - selling price).
At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 82-84 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 82.1-84 million VND/ounce (buying price - selling price).
The latest gold price list for today, October 8, 2024, is as follows:
| Gold price today | October 8, 2024 (Million VND) | Difference (thousand dong/ounce) | ||
| Buy | Sell | Buy | Sell | |
| SJC in Hanoi | 82 | 84 | But | But |
| DOJI Group | 82 | 84 | But | But |
| Mi Hong | 83.5 | 84 | But | But |
| PNJ | 82 | 84 | But | But |
| Vietinbank Gold | But | 84 | But | But |
| Bao Tin Minh Chau | 82 | 84 | But | But |
| Bao Tin Manh Hai | 82.1 | 84 | But | But |
| 1.DOJI- Updated: 8/10/2024 05:10 - Website time of the supplier - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| AVPL/SJC HN | 82,000 | 84,000 |
| AVPL/SJC HCM | 82,000 | 84,000 |
| AVPL/SJC DN | 82,000 | 84,000 |
| Ingredients 9999 - HN | 82,650▼100K | 82,900▼100K |
| Ingredients 999 - HN | 82,550▼100K | 82,800▼100K |
| AVPL/SJC Can Tho | 82,000 | 84,000 |
| 2.PNJ- Updated: 8/10/2024 05:10 - Website time of the supplier - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 82,700▼100K | 83,600 |
| Ho Chi Minh City - SJC | 82,000 | 84,000 |
| Hanoi - PNJ | 82,700▼100K | 83,600 |
| Hanoi - SJC | 82,000 | 84,000 |
| Da Nang - PNJ | 82,700▼100K | 83,600 |
| Da Nang - SJC | 82,000 | 84,000 |
| Western Region - PNJ | 82,700▼100K | 83,600 |
| Western Region - SJC | 82,000 | 84,000 |
| Gold jewelry prices - PNJ | 82,700▼100K | 83,600 |
| Gold jewelry prices - SJC | 82,000 | 84,000 |
| Gold jewelry prices - Southeast Vietnam | PNJ | 82,700▼100K |
| Gold jewelry prices - SJC | 82,000 | 84,000 |
| Gold jewelry prices - Gold jewelry prices | PNJ Plain Ring 999.9 | 82,700▼100K |
| Gold jewelry prices - 999.9 gold jewelry | 82,600▼100K | 83,400▼100K |
| Gold jewelry prices - 999 gold jewelry | 82,520▼100K | 83,320▼100K |
| Gold jewelry prices - 99% pure gold jewelry | 81,670▼100K | 82,670▼100K |
| Jewelry gold price - 916 (22K) gold | 75,990▼100K | 76,490▼100K |
| Jewelry gold price - 750 (18K) gold | 61,300▼80K | 62,700▼80K |
| Jewelry gold price - 680 gold (16.3K) | 55,46070K | 56,86070K |
| Jewelry gold price - 650 gold (15.6K) | 52,96070K | 54,36070K |
| Jewelry gold price - 610 gold (14.6K) | 49,62070K | 51,02070K |
| Jewelry gold prices - 585 Gold (14K) | 47,540▼60K | 48,940▼60K |
| Jewelry gold price - 416 Gold (10K) | 33,44050K | 34,84050K |
| Jewelry gold price - 375 (9K) gold | 30,030▼30K | 31,430▼30K |
| Jewelry gold price - 333 Gold (8K) | 26,270▼40K | 27,670▼40K |
| 3.SJC- Updated: 8/10/2024 05:10 - Website time of the supplier - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 82,000 | 84,000 |
| SJC 5c | 82,000 | 84,020 |
| SJC 2c, 1C, 5 phân | 82,000 | 84,030 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 82,000 | 83,300 |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 82,000 | 83,400 |
| 99.99% Authentic 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 8, 2024, and chart of world gold price fluctuations over the past 24 hours.
According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,645.91 USD/Ounce. Today's gold price is down $5.93 USD/Ounce compared to yesterday. Converted using the USD exchange rate on the free market (25,250 VND/USD), the world gold price is approximately 81.43 million VND/ounce (excluding taxes and fees). Therefore, the price of SJC gold bars is currently 2.56 million VND/ounce higher than the international gold price.
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Over the past week, global gold prices have fluctuated due to various factors. Tensions in the Middle East have increased demand for gold as a hedge against risk. Simultaneously, a stronger US dollar and dwindling expectations of Fed interest rate cuts have put downward pressure on gold prices.
The US jobs report showed better-than-expected results, reducing expectations of a significant Fed interest rate cut. This caused US Treasury yields and the USD exchange rate to rise, leading to a drop in gold prices.
However, according to expert Brien Lundin, the slowdown in gold prices may only be temporary and a stepping stone to a new price surge. Lundin believes that although gold prices have experienced slight declines, they haven't fallen significantly and are likely to rise again.
He also stated that, since the end of February, the gold market has experienced periods of price increases, and each price drop was merely a short-term pause before rising again.
The rising US national debt and interest rates could force the Fed to cut interest rates further, even as the US economy continues to show positive signs.
Ricardo Evangelista from ActivTrades noted that gold prices are currently being influenced by the strength of the US dollar and the demand for safe-haven investments. He predicted that gold prices will not change significantly in the near future.
The market is paying close attention to upcoming reports from the US Federal Reserve (Fed), including the minutes of its policy meeting and data on the consumer price index (CPI) and the producer price index.
Carlo Alberto De Casa from Kinesis Money said that CPI data will be important in predicting the Fed's next moves, but he doesn't expect any surprises because the market has already almost certainly reflected that the Fed will cut interest rates by 0.25%.
Traders believe there is a 95% chance the Fed will cut interest rates by 0.25% next month, based on recent US jobs reports, which show the economy is recovering and may not need a sharp rate cut for the remainder of the year.
Despite the strengthening US dollar, gold has remained stable, reflecting investor interest in the currency. Geopolitical tensions are also contributing to increased demand for gold, according to analyst De Casa.
Gold price forecast
Colin Cieszynski, market strategist at SIA Wealth Management, said the US jobs report boosted the dollar and bond yields. He would normally be concerned about gold prices in this situation, but given the current political climate and the upcoming US presidential election, he believes gold could receive support.
Marc Chandler, Director of Bannockburn Global Forex, predicts that gold prices may fall in the first half of the week, to around $2,580-$2,600. He believes the impact from the US jobs report will last for a few days, but gold prices could rebound towards the end of the week as attention shifts to the inflation report.
Mark Leibovit, editor of VR Metals/Resource Letter, believes that gold prices are approaching the $2,700/ounce target and predicts that both gold and the USD will rise in the near future.
Luciano Duque, investment director at C3 Bullion, believes that gold prices will not fall below $3,000 in the short and medium term, and suggests that prices below $2,000 are unlikely for the remainder of 2024.
