Domestic gold prices
At the close of trading on June 9th, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.5 million VND/ounce (buying price) and 67.1 million VND/ounce (selling price). SJC Hanoi listed the price at 66.5 million VND/ounce (buying price) and 67.12 million VND/ounce (selling price).
Doji Hanoi listed gold at 66.45 million VND/ounce (buying price) and 67.05 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/ounce and sold it at 66.95 million VND/ounce.
International gold prices
On the world market, the spot price of gold on June 9th (Vietnam time) was trading at $1,961 per ounce.
The global gold market showed little movement ahead of key inflation reports and the Fed meeting next week. Most markets believe the Fed will pause its interest rate tightening cycle. However, investors remain concerned about potential future actions by the central bank, similar to the case of Canada.
The Bank of Canada (BoC) raised interest rates by 25 basis points to 4.75%, amid unexpectedly strong economic growth and persistently high inflation.
Earlier in March, the Bank of China (BoC) became the first major central bank to halt its interest rate hike policy, which had been in place since June 2022 to control inflation.
The market is also watching for the US release of its May 2023 consumer inflation report on June 13th.
Gold price forecast
According to Edward Moya, senior market analyst at Oanda, the continued weakening of the US economy is good news for gold. If inflation continues to fall and the Fed does not raise interest rates at its next meeting, gold will break out.
Tim Waterer, a market analyst at KCM Trade, said gold is trading at a support level of $1,940 per ounce and a resistance level of $1,977 per ounce. Some price drops are due to profit-taking after gold's sharp rise.
Source
Comment (0)