Gold price goes up, sensitive to the 'health' of the US economy, will there be a wave of sell-off? SJC gold increases

Gold price today June 13, 2023, gold price increased slightly due to weaker USD as investors expected important US economic data and clues about the Fed's interest rate roadmap. Precious metal prices may show sensitivity to the market. SJC gold price increased.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/13 AND EXCHANGE RATE TODAY 6/13

1. SJC - Updated: 06/12/2023 13:30 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,500 ▼50K	67,100 ▼50K
SJC 5c	66,500 ▼50K	67,120 ▼50K
SJC 2c, 1c, 5c	66,500 ▼50K	67,130 ▼50K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,650 ▲100K	56,600 ▲100K
SJC 99.99 gold ring 0.5 chi	55,650 ▲100K	56,700 ▲100K
Jewelry 99.99%	55,500 ▲100K	56,200 ▲100K
Jewelry 99%	54,444 ▲99K	55,644 ▲99K
Jewelry 68%	36,370 ▲68K	38,370 ▲68K
Jewelry 41.7%	21,588 ▲42K	23,588 ▲42K

World gold price

and domestic gold prices increased.

Opening the trading session on the morning of June 12, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.5 - 67.12 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the end of the trading session last weekend.

Phu Quy Jewelry Company listed the price of SJC gold at 66.45 - 67.05 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.

Gold price today June 13, 2023: Gold price goes up, sensitive to the 'health' of the US economy, will there be a wave of sell-off? SJC gold increases. (Source: Shutterstock)

Meanwhile, in the Asian market, gold prices were almost unchanged in the afternoon trading session on June 12, as investors cautiously awaited information on US inflation data and the policy moves of the US Federal Reserve (Fed) at its June meeting, scheduled to take place on June 13-14.

At 1:49 p.m. on June 12, spot gold was at $1,960.28 an ounce, while US gold futures fell 0.1% to $1,974.5 an ounce.

According to World & Vietnam Newspaper , at 7:46 p.m. on June 12 (Vietnam time), the world gold price on Kitco floor was at 1,962.6 - 1,963.6 USD/ounce, an increase of 1.9 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of June 12:

Saigon Jewelry Company listed the price of SJC gold at 66.5 - 67.1 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: 66.5 - 67.1 million VND/tael.

PNJ system listed at: 66.45 - 67.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.52 - 67.08 million VND/tael; Rong Thang Long gold brand is traded at 55.57 - 56.42 million VND/tael; jewelry gold price is traded at 55.25 - 56.25 million VND/tael.

Thus, compared to the early morning of June 12, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company remained unchanged at the buying price and increased slightly by VND20,000/tael at the selling price.

Converted according to the USD price at Vietcombank on June 12, 1 USD = 23,640 VND, the world gold price is equivalent to 55.92 million VND/tael, 11.18 million VND/tael lower than the selling price of SJC gold.

Gold rises on weaker US dollar

World gold prices increased in the trading session on Monday (June 12) due to a weaker USD as investors expected important US economic data and clues on the Fed's interest rate path at this week's meeting.

Spot gold rose 0.2% to $1,964.50 an ounce at 6:49 a.m. ET (10:49 GMT). U.S. gold futures also rose 0.2% to $1,980.30.

The US dollar fell 0.2%, making gold cheaper for holders of other currencies.

“Precious metals prices may show sensitivity to the latest US CPI report and could weaken if the Fed continues to pause its hawkish policy. A sudden surge could trigger a sharp sell-off,” said Lukman Otunuga, senior research analyst at FXTM.

“While markets were expecting the Fed to pause its rate hikes this week, surprise rate hikes from the Bank of Canada and the Reserve Bank of Australia have left investors nervous,” the analyst added.

US inflation data for May will be released on June 13 (local time) when the Fed begins its two-day meeting (June 13-14). According to a Reuters poll, initial estimates show the monthly inflation rate increased 0.2% in May after increasing 0.4% in April.

On June 9, the FedWatch tool said investors “bet” a 73.6% chance that the Fed will keep interest rates in the range of 5 – 5.25% at the June 14 meeting, but investors also believe a 53% chance that the Fed will raise interest rates at the July meeting.

Elsewhere, European shares edged higher at the start of a week of major central bank meetings, with the European Central Bank and Bank of Japan due to deliver interest rate decisions on Thursday and Friday respectively.

In addition, Bank of England Monetary Policy Committee member Jonathan Haskel said that it may be necessary to raise interest rates several times to control inflation.

Meanwhile, according to Kitco News, gold prices rose slightly in early trading on June 12 in the US. The market was quieter ahead of the Fed's monetary policy meeting and important inflation reports from the world's No. 1 economy.

Most markets still believe the Fed will pause its rate tightening cycle.

Earlier, according to Reuters , Mr. Matt Simpson , senior market analyst at financial company City Index, said that the Fed is showing the possibility of keeping interest rates unchanged at the June meeting, but interest rates alone are not enough to help gold increase, as speculators are looking for basis from other data sources.

These are the US CPI and the Producer Price Index (PPI). If the CPI is higher than expected, this could change expectations about future interest rates and influence the decisions of speculators in the market.

Lower interest rates increase the appeal of non-yielding assets, and if interest rates are expected to rise, gold prices are likely to fall, said Yeap Jung Rong , market strategist at online financial trading firm IG International Limited.

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