Gold prices surge due to the situation in Russia, investors rush to 'buy' goods, JSC gold is alone in the market

Gold price today June 27, 2023, gold price increased due to concerns about the geopolitical situation in Russia. Some investors rushed to buy safe-haven assets, due to new developments. SJC gold decreased.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/27 and EXCHANGE RATE TODAY 6/27

1. SJC - Updated: June 26, 2023 14:43 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,400 ▼100K	67,000 ▼100K
SJC 5c	66,400 ▼100K	67,020 ▼100K
SJC 2c, 1c, 5c	66,400 ▼100K	67,030 ▼100K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,500 ▲150K	56,500 ▲150K
SJC 99.99 gold ring 0.5 chi	55,500 ▲150K	56,600 ▲150K
Jewelry 99.99%	55,400 ▲150K	56,100 ▲150K
Jewelry 99%	54,345 ▲149K	55,545 ▲149K
Jewelry 68%	36,302 ▲102K	38,302 ▲102K
Jewelry 41.7%	21,546 ▲63K	23,546 ▲63K

World gold prices and domestic gold prices fluctuate in opposite directions.

Opening the trading session on June 26, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.55 - 67.12 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling compared to the closing price of last weekend.

Phu Quy Jewelry Company listed the price of SJC gold at 66.4 - 67 million VND/tael (buy - sell), down 50 thousand VND/tael in the buy price and unchanged in the sell price compared to the previous closing price.

Gold price today June 27, 2023: Gold price increased due to the situation in Russia, investors rushed to 'hold' goods, JSC gold was alone in the market. (Source: Reuters)

Meanwhile, in the Asian market, gold prices rose in the afternoon session of June 26, in the context of a weakening US dollar, making the precious metal traded in this currency more attractive to investors holding other currencies. However, gold prices remained near a three-month low, as traders were dominated by the prospect of more interest rate hikes from the US Federal Reserve (Fed).

This session, the USD index decreased by 0.2%.

At 2:19 p.m. Vietnam time, spot gold prices increased 0.2% to $1,925.99/ounce, while US gold futures prices increased 0.3% to $1,936/ounce.

According to the World & Vietnam Newspaper , at 8:22 p.m. on June 26 (Vietnam time), the world gold price on Kitco was at 1,928.0 - 1,929.0 USD/ounce, an increase of 7.8 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of June 26:

Saigon Jewelry Company listed the price of SJC gold at 66.4 - 67.0 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.45 - 67.05 million VND/tael.

Phu Quy Group listed at: 66.4 - 67.0 million VND/tael.

PNJ system listed at: 66.5 - 67.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.47 - 66.98 million VND/tael; Rong Thang Long gold brand is traded at 55.67 - 56.52 million VND/tael; jewelry gold price is traded at 55.15 - 56.25 million VND/tael.

Thus, compared to the early morning of June 26, the price of SJC gold in Hanoi market listed by Saigon Jewelry Company decreased by 150 thousand VND/tael for buying and decreased by 120 thousand VND/tael for selling.

Converted according to the USD price at Vietcombank on June 26, 1 USD = 23,700 VND, the world gold price is equivalent to 55.08 million VND/tael, 11.92 million VND/tael lower than the selling price of SJC gold.

Gold prices rise due to situation in Russia

Gold prices rose on Monday as geopolitical concerns surrounding Russia drew some investors into the safe-haven metal, outweighing pressure from the prospect of a Fed rate hike.

Spot gold rose 0.6% to $1,932.19 an ounce at 1116 GMT, while gold futures rose 0.7% to $1,942.30 an ounce.

Last week, bullion prices fell nearly 2% as hawkish comments from Fed officials signaled more interest rate hikes to tame inflation.

“Markets are trying to adjust to heightened geopolitical concerns in Russia late last week,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Heavily armed Wagner mercenaries withdrew from the southern Russian city of Rostov on Sunday under a deal aimed at halting their rapid advance on Moscow.

Meanwhile, according to the CME Fedwatch tool, markets are pricing in a 72% chance of the Fed raising rates in July, with rate cuts predicted from 2024 onwards.

“The market has been somewhat lukewarm about fully pricing in the two rallies and … we have found some additional support towards the psychological level of $1,900 an ounce,” said strategist Hansen.

Higher interest rates make gold less attractive as a yield-yielding option.

The dollar index fell 0.2%, making gold cheaper for holders of other currencies, while yields on rival safe-haven Treasuries hit their lowest since June 7.

However, the US dollar hit a 15-month high against the ruble following the Wagner group situation over the weekend.

Speculators increased their net long position in COMEX gold by 1,322 to 94,626 in the week ended June 20, according to CFTC data.

Similarly, according to Kitco News , world gold and silver prices rose in early trading on Monday in the US due to safe-haven buying following the Wagner uprising in Russia. The market will continue to closely monitor this situation as its geopolitical implications are huge.

Earlier, Reuters reported that gold prices fell nearly 2% last week due to hawkish comments from Fed officials, implying that more interest rate hikes are needed to cool persistent inflation. Rising interest rates make non-yielding assets such as gold less attractive.

The rate tightening cycle is nearing its end, but it is not over yet, said Christopher Wong , a strategist at OCBC FX.

The downward trend in gold prices was partly "offset" by strong gold demand from central banks and China, and some measures to prevent an economic recession.

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