Domestic gold price
At the end of the trading session on June 17, 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 66.5 million VND/tael (buy) and 67.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.55 million VND/tael and sold at 67.05 million VND/tael.
International gold price
On the world market, the spot gold price on June 17 (Vietnam time) was trading at 1,958 USD/ounce.
Last week, the market focused on the decision of the US Federal Reserve (Fed). The Fed kept interest rates unchanged, ending a streak of 10 consecutive rate hikes since March 2022. According to forecasts, interest rates will be cut by 1% in 2024 when inflation falls faster.
Traders now see a 74% chance of the Fed raising rates by July 2023, according to CME's FedWatch tool, putting pressure on non-yielding assets like gold.
Gold is seen as a safe haven from economic uncertainty, higher interest rates have reduced the appeal of the non-yielding asset.
The Dollar Index (which measures the strength of the USD against a basket of six major currencies) stood at 102.3 points. Despite the rebound, experts still have a negative assessment of the greenback's trend.
Inflation in the United States cooled to its lowest level in more than two years in May, although it remained far from the Fed's inflation target, the US Labor Department reported.
Gold Price Forecast
According to analysis by VanEck, gold prices have formed a new level at $1,900/ounce. If it continues to hold, the record high gold price may be repeated.
Gold has just spent a long time above $1,900 an ounce, forming a new base and averaging $1,933 an ounce year-to-date, said Imaru Casanova, deputy portfolio manager at VanEck.
“The all-time high of $2,075 an ounce seems within reach. We see the macro backdrop continuing to support gold in the long term,” Casanova said.
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