Waiting for Fed signal to break out

Domestic gold price

At the end of the trading session on June 9, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.5 million VND/tael (buy) and 67.1 million VND/tael (sell). SJC Hanoi listed at 66.5 million VND/tael (buy) and 67.12 million VND/tael (sell).

Doji Hanoi listed at 66.45 million VND/tael (buy) and 67.05 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, spot gold price on June 9 (Vietnam time) was trading at 1,961 USD/ounce.

World gold prices fluctuate little. (Photo: Kitco)

The global gold market was little changed ahead of the important inflation report and the Fed meeting next week. Most markets believe that the Fed will pause its interest rate tightening cycle. However, investors are still worried about the possible developments of the central bank like the case of Canada.

The Bank of Canada (BoC) has raised interest rates by 25 basis points to 4.75%, as the economy unexpectedly grew strongly and inflation remained high.

Previously, in March, BoC became the first major bank to stop its policy of raising interest rates, which had been implemented since June 2022 to control inflation.

The market is also watching the US release its May 2023 consumer inflation report on June 13.

Gold Price Forecast

The US economy continues to weaken, which is good news for gold, said Edward Moya, senior market analyst at Oanda. If inflation continues to decline and the Fed does not raise interest rates at its next meeting, gold will break out.

Gold is trading at $1,940 an ounce support and $1,977 an ounce resistance, with some declines due to profit-taking after the sharp rally, said Tim Waterer, market analyst at KCM Trade.

Source: https://vietnamnet.vn/gia-vang-hom-nay-10-6-cho-tin-hieu-cua-fed-de-but-pha-2153033.html