This morning, Saigon Jewelry Company Limited ( SJC ) sold each tael of gold bars for 69 million VND and bought 68.3 million VND. This level increased by 50,000 VND in both directions compared to the closing session on September 30.
DOJI Group also listed the selling price at 69 million VND per tael, but the buying price was lower, at 68.2 million VND. At Phu Nhuan Jewelry Company ( PNJ ), the listed price is 68.1 - 68.8 million VND.
Domestic gold prices increased in the opposite direction to the international market. World spot gold this morning decreased by 0.3%, to around 1,860 USD an ounce. At this level, the domestic price is about 14.75 million VND higher than the world price.
A gold store in Ho Chi Minh City, January 2023. Photo: Thanh Tung
At the end of September, the world spot price of gold reached more than 1,866 USD an ounce, down nearly 100 USD, or a loss of over 5% of the market price in one month. This is the second largest monthly decline this year.
The cause may be directly related to the current monetary policy of the US Federal Reserve ( Fed ) with a reference interest rate of 5.25-5.5% - the highest since 2001. In addition, inflation high, the strongest US dollar in 10 months is also the reason why gold prices decreased.
Facing opposite domestic and world price movements, experts believe that the current SJC gold price mainly depends on domestic supply and demand without much influence from the world market. Accordingly, the demand for gold, although not as high as in previous exciting periods, is also increasing in the context of rapidly decreasing interest rates on savings, so many people may partially switch to gold.
Kitco News ' latest weekly gold survey shows that most market analysts are optimistic that the precious metal will recover. Of the 13 Wall Street analysts participating in the survey, 7 experts predicted gold prices would increase, while 4 predicted a decrease. There are only two people with neutral views.
In contrast, the survey results among the retail investor group showed many conflicts. 45% of 540 respondents expect gold to increase this week. 41% of investors predicted lower prices. Neutral opinions on the short-term prospects of precious metals account for only 14%.
The above survey shows that retail investors expect gold to trade around $1,872 an ounce, $64 lower than last week's prediction. But this number is still higher than the spot price of gold at the end of the week.
A series of important reports on production and services of the US and EU will be published this week. James Stanley, senior market strategist at Forex.com, believes that gold could fall sharply in the first week of October. According to him, there is no immediate evidence of exchange rate fluctuations and selling sentiment. The dismantling will stop after the recent sharp decline in gold prices.
Meanwhile, Everett Millman, Director of Market Analysis at Gainesville Coins, said that gold's recent decline is mainly due to seasonal factors and options contracts expiring. He predicts this precious metal will recover in the last quarter of the year.
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