Domestic gold price
At the end of the trading session on July 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.35 million VND/tael (buy) and 67.05 million VND/tael (sell). SJC Hanoi listed at 66.35 million VND/tael (buy) and 67.07 million VND/tael (sell).
Doji Hanoi listed at 66.4 million VND/tael (buy) and 67 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/tael and sold at 66.95 million VND/tael.
International gold price
On the world market, the spot gold price on July 1 (Vietnam time) was trading at 1,919 USD/ounce.
After testing the level of 1,900 USD/ounce, the gold price has surpassed. However, the gold price is still at a low level. At the current price, the world gold price converted to VND (including tax and processing fee), the difference between the domestic SJC gold price is about 11.48 million VND/tael.
US Federal Reserve Chairman Jerome Powell said that inflation has not reached the target and interest rates must still be raised. “I do not rule out the possibility of raising interest rates in successive meetings,” Mr. Powell said.
Fed officials say the past 10 consecutive interest rate hikes have not had enough time to impact the economy.
Many other central bankers have also taken a hard line on the need to control inflation.
The Fed's continued rate hikes are not good for gold prices. Higher interest rates will reduce the attractiveness of gold.
Gold Price Forecast
It's no surprise investors are moving away from gold, said Christopher Vecchio, head of forex at Tastytrade. Six-month currency exchange-traded funds yield more than 5%, better than gold investments.
Gold prices are at the support level of $1,900/ounce, but there is no possibility of an increase in the short term. Gold is facing many difficulties when the USD and interest rates increase.
Adrian Day, Chairman of Adrian Day Asset Management, expressed a cautious view on the short-term trend of gold prices. He said that the interest rate issue in the US and many other countries affects the price of gold.
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