Gold price on October 5: Continued increase and 'good market' time
Gold prices rose as investors focused on the health of the US President and the US economic stimulus package.
At the end of the weekend session, the domestic gold bar price was listed by SJC at VND56.05 million/tael (buy) and VND56.57 million/tael (sell) in Hanoi. The SJC gold price in Ho Chi Minh City, in the afternoon, was VND56.55 million/tael.
Last week, the domestic gold price increased back to 56 million VND/tael after a period of relative stagnation. Compared to the beginning of the week, the domestic gold price increased by more than 1 million VND/tael.
 |
| Gold price increased on October 5. Illustration photo Internet |
In the world gold market, the spot gold price closed the session in the US down 7.6 USD to 1,898.8 USD/ounce. The gold futures price for November delivery on the Comex New York floor down 12.3 USD to 1,900 USD/ounce.
Many analysts say the market is in "chaos" ahead of theUS electionon November 3 will continue to support prices in the short term. More notably, US President Donald Trump said he had contracted Covid-19 and would be quarantined for the next 14 days.
Investors will be keeping an eye on the next developments in the US economic stimulus package and the minutes of the Fed's September meeting, as well as some data such as the ISM non-manufacturing PMI index and the updated unemployment rate.
Gold Price Forecast
According to Kitco's survey of gold prices next week, of the 16 experts participating in the survey, 10 experts, equivalent to 63%, said that gold prices will increase; 2 experts, equivalent to 13%, said that gold prices will decrease, while the remaining 4 experts, equivalent to 25%, said they see prices going sideways.
Of the 1,194 respondents in the online survey, 749, or 63%, said they were bullish on gold prices next week. Another 245, or 21%, said prices would fall, while the remaining 198, or 17%, were neutral.
As the US presidential election approaches, the situationTrump's healthleaving many investors wondering how he will run. According to experts, the market is still waiting for new information.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said that while gold prices are likely to move higher, he will continue to monitor the US dollar. "A rally in the US dollar could pull gold back, but even if that happens, gold could still gain against other currencies."
Seasonality is also a factor supporting gold prices, said Sean Lusk, director of Walsh Trading. Traditionally, the first two weeks of October are a good time for the gold market.
