Gold price today 8/6/2023 is still receiving some support from world geopolitical tensions. However, the expert found, gold should not be bought until at least late July or even early September, depending on the price.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 8/6 and RATE TODAY 8/6
| 1. SJC – Updated: 07/06/2023 15:46 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,450 50K | 67,050 50K |
| SJC 5c | 66,450 50K | 67,070 50K |
| SJC 2c, 1C, 5 inch | 66,450 50K | 67,080 50K |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,550 50K | 56,500 50K |
| SJC Gold Ring 99,99 0.5 points |
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 |
The world gold price fluctuated slightly in the trading session on June 7. Precious metals are still getting some support from world geopolitical tensions. Tensions between Russia and Ukraine are high. Safe-haven demand for gold rose slightly on the news that a major dam and power plant in Ukraine had blown up, causing massive flooding in the region and stoking fears of flood-damaged crops.
Besides, many stock markets fell in price also contributed to the money flow through gold.
All attention is focused on interest rate management of the US Federal Reserve (Fed). The Fed will begin its Federal Open Market Committee (FOMC) meeting next week. The Fed's "hawkish" monetary policy with 10 consecutive rate hikes brought rates down to between 5 and 5,25%, which has significantly reduced inflation but is still much higher than the Fed's target.
Fed members have been waiting for new inflation data to be released in mid-June to be on target. Core inflation, excluding food, energy and housing, has remained steady between 6% and 5% since December 6. The market forecasts an 12.2022% chance that the Fed will begin to pause rate hikes.
Notes of TG&VN, until 19pm 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 session.
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| Gold price today 8/6/2023: Gold price 'hands in hand' goes down, experts say is not the time to buy. (Source: Etftrends) |
In the Asian market, the price of gold fell slightly, while the USD held the price and investors were limiting their transactions to wait for clearer signals on the Fed's interest rate roadmap.
As of 13:30 p.m. on June 7, the spot gold price fell 6 percent, to $0,2 per ounce. US gold futures delivery fell 1.959,19 percent to $0,3 an ounce.
Domestic gold prices fell 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 6 - 66,45 million VND/tael (buy in - sell out). Compared to the opening session of the previous session, the gold price at Saigon SJC VBDQ Company decreased by 67,07 VND/tael in both buying and selling directions.
The difference between buying and selling in domestic SJC gold has recently been listed around the threshold of 600.000 VND/tael. Compared to the previous time, this difference has decreased by about 100.000 VND/tael, helping buyers reduce the risk of loss.
However, experts said that 600.000 VND/tael is still a high difference. The safe buying - selling difference for investors to limit the risk of loss is 300.000 VND/tael. But for a long time, SJC gold is no longer traded with such a difference.
Summary of SJC gold prices at major domestic business brands at the end of last week (June 7):
VBDQ Saigon Company listed the price of SJC gold at 66,45 - 67,07 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,40-67,00 million VND/tael.
Phu Quy Group is 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; Dragon Thang Long gold brand traded at 55,51 – 56,36 million VND/tael; Gold jewelry price 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 expert explained that precious metals are entering the traditional seasonal phase. This can affect the price. Gold will have one more correction before it starts to rally to all-time highs.
“If the support below $1.950 an ounce is broken, the precious metal is at risk of a deep drop to $1.880,” she said. Gold should not be bought until at least late July or even early September, depending on the price. However, heightened levels of market uncertainty continue to provide some support for the precious metal.”
Meanwhile, Nitesh Shah, head of commodity research at WisdomTree, maintained his optimism on gold, saying that expectations of a change in interest rates are creating new impetus that could push gold back towards $2.000 an ounce.
Any price below $2.000 an ounce is still attractive to investors. Gold prices will be much higher in the next one year. I predict gold will rise to $2.285 per ounce in the first quarter of 2024, marking a new all-time high for the precious metal.
The price of gold is up compared to last year, but it still looks cheap compared to what we are seeing. There's still a lot of value at current prices."
