Domestic gold price
Closing the session on April 9, the price of 6 gold bars at SJC Ho Chi Minh City was 9999 million dong/tael (buying in) and 66,5 million dong/tael (sold out). SJC Hanoi listed at 67,1 million dong/tael (buying in) and 66,5 million dong/tael (sold out).
Doji Hanoi listed at 66,45 million dong/tael (buy in) and 67,05 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66,45 million dong/tael, sold at 66,95 million dong/tael.
International gold price
On the world market, spot gold price on June 9 (Vietnam time) traded at 6 USD/ounce.
The world gold market was little changed before the important report on inflation and the Fed meeting next week. The majority of the market thinks that the Fed will pause the cycle of tightening interest rates. However, investors are still concerned about possible developments of the central bank as in the case of Canada.
The Bank of Canada (BoC) raised interest rates by 25 basis points, to 4,75%, as the economy unexpectedly grew and inflation remained high.
Previously, in March, the BoC was the first major bank to stop the policy of raising interest rates, which has been implemented since June 6 to control inflation.
The market is also watching the US release the May 5 consumer inflation report on June 2023.
Gold price forecast
According to Edward Moya, senior market analyst at Oanda, the US economy continues to weaken, which is good news for gold. If inflation continues to fall and the Fed doesn't raise rates at its next meeting, gold will break out.
Tim Waterer, market analyst at KCM Trade, said that gold prices traded at a support of $1.940 an ounce and a resistance of $1.977 an ounce. Some of the price drops were driven by profit-taking after a strong gold rally.
