Gold price today October 8, 2024: World gold price fluctuates
Gold price today October 8, 2024: The price of 9999 gold rings has slightly decreased by 100,000 VND/tael. World gold prices fluctuate due to many different factors.
Domestic gold price today October 8, 2024
At the time of survey at 5:00 a.m. on October 8, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold today at 82.75 million VND/tael for buying and 83.6 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased slightly by 100 thousand VND/tael for buying.
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 82.1-84 million VND/tael (buy in - sell out).
The latest gold price list today, October 8, 2024 is as follows:
| Gold price today | October 8, 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 | 84 | - | - |
| 1.DOJI- Updated: 10/8/2024 05:10 - Source website time - ▼/▲ 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 |
| Raw material 9999 - HN | 82,650▼100K | 82,900▼100K |
| Raw material 999 - HN | 82,550▼100K | 82,800▼100K |
| AVPL/SJC Can Tho | 82,000 | 84,000 |
| 2.PNJ- Updated: 10/8/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 82,700▼100K | 83,600 |
| HCMC - 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 |
| Jewelry gold price - PNJ | 82,700▼100K | 83,600 |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Southeast | PNJ | 82,700▼100K |
| Jewelry gold price - SJC | 82,000 | 84,000 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 82,700▼100K |
| Jewelry gold price - Jewelry gold 999.9 | 82,600▼100K | 83,400▼100K |
| Jewelry gold price - Jewelry gold 999 | 82,520▼100K | 83,320▼100K |
| Jewelry gold price - Jewelry gold 99 | 81,670▼100K | 82,670▼100K |
| Jewelry gold price - 916 gold (22K) | 75,990▼100K | 76,490▼100K |
| Jewelry gold price - 750 gold (18K) | 61,300▼80K | 62,700▼80K |
| Jewelry gold price - 680 gold (16.3K) | 55,460▼70K | 56,860▼70K |
| Jewelry gold price - 650 gold (15.6K) | 52,960▼70K | 54,360▼70K |
| Jewelry gold price - 610 gold (14.6K) | 49,620▼70K | 51,020▼70K |
| Jewelry gold price - 585 gold (14K) | 47,540▼60K | 48,940▼60K |
| Jewelry gold price - 416 gold (10K) | 33,440▼50K | 34,840▼50K |
| Jewelry gold price - 375 gold (9K) | 30,030▼30K | 31,430▼30K |
| Jewelry gold price - 333 gold (8K) | 26,270▼40K | 27,670▼40K |
| 3.SJC- Updated: 10/8/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 82,000 | 84,000 |
| SJC 5c | 82,000 | 84,020 |
| SJC 2c, 1c, 5c | 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 |
| Jewelry 99.99% | 81,950 | 83,000 |
| Jewelry 99% | 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 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 2,645.91 USD/Ounce. Today's gold price decreased by 5.93 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,250 VND/USD), the world gold price is about 81.43 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.56 million VND/tael higher than the international gold price.
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Over the past week, world gold prices have fluctuated due to various factors. Tensions in the Middle East have increased demand for gold as a hedge against risks. At the same time, the US dollar has strengthened and the Fed's interest rate cut is no longer expected, putting pressure on gold prices.
The US jobs report showed better-than-expected results, reducing expectations of a significant Fed rate cut. This caused US Treasury yields and the USD exchange rate to rise, leading to a decrease in gold prices.
However, according to expert Brien Lundin, the slowdown in gold prices may only be temporary and a stepping stone for a new price increase. Mr. Lundin commented that although gold prices have decreased slightly at times, they have not decreased significantly and may increase again.
He also said that since the end of February, the gold market has had price increases, and each price decrease is just a short-term pause before the price increases again.
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 commented that gold prices are currently being affected by the strength of the US dollar and the demand for safe-haven investments. He predicted that gold prices will not change much in the near future.
Markets are paying close attention to upcoming reports from the US Federal Reserve (Fed), including minutes of its policy meeting and data on the consumer price index (CPI) and producer price index.
Carlo Alberto De Casa from Kinesis Money said the CPI data will be important in predicting the Fed's next moves, but doesn't expect any surprises as the market has almost certainly priced in a 25 basis point rate cut.
Traders believe there is a 95% chance the Fed will cut interest rates by 0.25% next month, based on the recent US jobs report, which showed the economy is recovering and may not need to cut interest rates sharply for the rest of the year.
Despite the strengthening US dollar, gold has remained stable, reflecting investor interest in the metal. Geopolitical tensions have also contributed to increased demand for gold, according to analyst De Casa.
Gold Price Forecast
Colin Cieszynski, chief 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 situation and the upcoming US presidential election, he believes gold could be supported.
Marc Chandler, director of Bannockburn Global Forex, predicts that gold prices could fall in the first half of the week to around $2,580-$2,600. He believes the impact of the U.S. jobs report will last for a few days, but gold prices could rebound later in the week as attention shifts to the inflation report.
Mark Leibovit, editor of VR Metals/Resource Letter, believes that gold prices are approaching their target of $2,700/ounce and predicts that gold and the USD will both rise in the coming time.
Luciano Duque, chief investment officer at C3 Bullion, said that gold prices will not fall below $3,000 in the short to medium term, and that gold prices below $2,000 are unlikely for the rest of 2024.
