Gold prices "go hand in hand" down, experts say it's not the time to buy

Gold prices today, June 8, 2023, are still receiving some support from global geopolitical tensions. However, experts say that gold should not be bought until at least late July or even early September, depending on the price.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/8 and EXCHANGE RATE TODAY 6/8

1. SJC - Updated: 06/07/2023 15:46 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,450 ▲50K	67,050 ▲50K
SJC 5c	66,450 ▲50K	67,070 ▲50K
SJC 2c, 1c, 5c	66,450 ▲50K	67,080 ▲50K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,550 ▲50K	56,500 ▲50K
SJC 99.99 gold ring 0.5 chi	55,550 ▲50K	56,600 ▲50K
Jewelry 99.99%	55,400 ▲50K	56,100 ▲50K
Jewelry 99%	54,345 ▲50K	55,545 ▲50K
Jewelry 68%	36,302 ▲34K	38,302 ▲34K
Jewelry 41.7%	21,546 ▲21K	23,546 ▲21K

World gold prices fluctuated slightly in the trading session on June 7. The precious metal is still receiving some support from global geopolitical tensions. Tensions between Russia and Ukraine are rising. Safe-haven demand for gold increased slightly after news that a large dam and power plant in Ukraine exploded, causing major flooding in the region and raising concerns about crops being destroyed by floods...

Besides, many falling stock markets also contributed to the flow of money into gold.

All eyes are on the US Federal Reserve (Fed) interest rate policy. The Fed will start its Federal Open Market Committee (FOMC) meeting next week. The Fed's hawkish monetary policy with 10 consecutive rate hikes has brought interest rates down to 5 to 5.25%, which has significantly reduced inflation but is still much higher than the Fed's target.

Fed officials have been waiting for new inflation data due in mid-June to show whether it is on target. Core inflation, which excludes food, energy and housing, has remained steady between 5% and 6% since December 2022. Markets are pricing in an 81.1% chance that the Fed will begin to pause rate hikes.

According to TG&VN , at 7:00 p.m. on June 7, the world gold price on the Kitco exchange was at 1,959.9 - 1,960.9 USD/ounce, down 3.7 USD compared to the previous trading session.

Gold price today June 8, 2023: Gold price 'goes hand in hand' down, experts say it's not the time to buy. (Source: Etftrends)

In the Asian market, gold prices fell slightly, while the USD held its value and investors were limiting transactions to wait for clearer signals on the Fed's interest rate roadmap.

As of 1:30 p.m. on June 7, spot gold prices fell 0.2% to $1,959.19 an ounce. US gold futures fell 0.3% to $1,975 an ounce.

Domestic gold prices have dropped sharply. At the end of the trading session on June 7, Saigon Jewelry Company listed the price of SJC gold on the Hanoi market at VND66.45 - 67.07 million/tael (buy - sell). Compared to the opening of the previous trading session, the gold price at Saigon Jewelry Company SJC decreased by VND250,000/tael for both buying and selling.

The difference between buying and selling prices of domestic SJC gold has recently been listed at around VND600,000/tael. Compared to the previous period, this difference has decreased by about VND100,000/tael, helping buyers reduce the risk of loss.

However, experts say that 600,000 VND/tael is still a high difference. The safe buy-sell difference for investors to limit the risk of loss is 300,000 VND/tael. However, for a long time, SJC gold has not been traded with such a difference.

Summary of SJC gold prices at major domestic trading brands at the closing time of last week (June 7):

Saigon Jewelry Company listed the price of SJC gold at 66.45 - 67.07 million VND/tael.

Doji Group currently lists SJC gold price at: 66.40 - 67.00 million VND/tael.

Phu Quy Group listed at: 66.30 - 66.90 million VND/tael.

PNJ system listed at: 66.60 - 67.10 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.31 - 66.88 million VND/tael; Rong Thang Long gold brand is traded at 55.51 - 56.36 million VND/tael; jewelry gold price is traded at 55.20 - 56.20 million VND/tael.

Not the time to buy

Carley Garner, co-founder of brokerage firm DeCarley Trading, said that while she remains bullish on gold in the long term, now is not the time to buy.

The precious metal is entering its traditional seasonal phase, which could impact prices, the expert explained, adding that gold will have one more correction before it starts to rise to its all-time high.

“If support below $1,950/oz breaks, the precious metal risks a deeper drop to $1,880/oz. Gold should not be bought until at least late July or even early September, depending on the price. However, the high level of market uncertainty continues to provide some support for the precious metal,” she said.

Meanwhile, Nitesh Shah, head of commodity research at WisdomTree, maintained his bullish stance on gold, saying that expectations of a rate hike are creating fresh momentum that could push gold back to $2,000 an ounce.

“Anything below $2,000 an ounce remains attractive to investors,” the expert stressed. “Gold prices will be much higher in the next year. I predict gold prices will rise to $2,285 an ounce in the first quarter of 2024, marking a new all-time high for the precious metal.

Gold is up from last year, but it still looks cheap compared to what we're seeing. There's still a lot of value at current prices."

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