World gold price inched up the threshold of 1,500 USD / oz in the morning session of 7th October in Asia, while gold prices slightly slipped above the threshold of 42 million VND / tael. Free USD price and the bank kept a stable trend.
At nearly 11 am, Phu Quy Group listed SJC gold price at 41.75 million VND / tael (buying) and 42.1 million VND / tael (selling). In Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 41.7 million VND / tael and 42 million VND / tael, respectively buying and selling price.
Compared to the end of the week, the gold bar price was about 50,000 VND / tael lower.
The price of many other 9999 gold products was listed at a higher price than gold bars sold in the afternoon. Phu Quy ring of Phu Quy was priced at 41.7 million VND / tael and 42.2 million VND / tael, respectively buying and selling price. The Thang Long Dragon Circle Ring of Bao Tin Minh Chau was priced at 41.68 million VND / tael and 42.18 million VND / tael.
Last week, the domestic gold price fluctuated strongly according to the fluctuation of the international gold price, but at the end of the week, it increased only about 100,000 VND / tael compared to the beginning of the week.
Since the end of last week, domestic and global gold prices have tended to slow down due to prudent investors ahead of the US-China trade talks scheduled to take place this week.
Spot gold price in the Asian market at nearly 11 pm this hour Vietnam stood at 1,507.3 USD / oz, up 2.2 USD / oz compared to last week's close in New York. During the session on Friday, gold prices fell 0.8 USD / oz, pegged at 1,505 USD / oz.
The current price of the world’s gold is equivalent to over 42.1 million VND / tael if it is converted into a free USD price and excluding relevant expenses.
As expected, the Chinese delegation led by Deputy Prime Minister Liu He will have a round of talks starting on Thursday in Washington with the US delegation led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
Expectations for a possible reduction in U.S.-China progress in this round of negotiations are due to Beijing signaling it does not want to reach a comprehensive agreement with Washington.
In such a context, gold is backed by hedging buying. Also, a series of bad data of the US economy recently also increased the possibility that the US Federal Reserve (FED) lowered interest rates in October, giving many investors more reasons to hold gold.
However, according to analysts, the price of gold still needs a "nudge" to break out of the area of 1,500 USD / oz.
The dollar in the international market is falling due to speculators raising bets that FED will lower interest rates.
Dollar Index measure the strength of the dollar fell to 98.76 points in the Asian session this morning. Last week, this index sometimes reached 99.6 points, the highest over 2 years.
Domestically, the USD exchange rate remained stable. The free USD price in Hanoi on 7th October was 23,180 VND (buying) and 23,200 VND (selling), unchanged compared to the weekend.
Vietcombank kept the USD quote at 23,145 VND and 23,265 VND, respectively, buying and selling prices, unchanged with Friday.