Vietnam, October 3: On the morning of October 3rd, the price of gold bars at Saigon Jewelry Company (SJC) was 140.5 million VND/ounce for buying and 143.5 million VND/ounce for selling. Phu Quy Company also bought SJC gold bars at 140.3 million VND and sold them at 143.5 million VND.
Similarly, the price of 9999 gold rings remained unchanged, with SJC Company still buying at 140 million VND and selling at 143 million VND; Phu Quy Company also maintained its buying price at 140.3 million VND and selling price at 143.3 million VND.
World gold prices fell slightly by $6 compared to yesterday, to $4,139.8 per ounce. The US economy created far fewer jobs than expected in September, dampening expectations that the central bank will raise interest rates . According to a report released by the US Bureau of Labor Statistics (BLS) on October 2nd, non-farm jobs increased by 29,000 after seasonal adjustment in September, while the unemployment rate rose to 4.2%. Economists surveyed by Dow Jones had previously forecast the economy to add 84,000 jobs and the unemployment rate at 4.1%. Not only were the September figures weak, but the August job figures were also revised downwards, with the new increase identified as 133,000 jobs.
The latest inflation figures were lower than expected, and at least two senior officials opposed another interest rate hike in October, reinforcing investor expectations that the Federal Reserve will keep interest rates unchanged this month. According to the CME FedWatch tool, traders now assess the probability of a Fed rate hike in October at only about 22%, a sharp drop from around 70% earlier this week. While this may offer some support for precious metals, the strong dollar has led many international analysts to believe the outlook is rather bleak, and gold prices could continue to fall if the rate hike cycle resumes.
Source: Thanh Nien Newspaper
