Domestic gold price today

Early this morning, the price of gold increased slightly to over 67 million VND/tael. Currently, the price of precious metals in the country is listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.5 million VND/tael and sold at 67.12 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices increased slightly this morning. Photo: forbes.com

DOJI brand gold price in Hanoi is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. PNJ gold is listed at 66.5 million VND/tael for buying and 67.1 million VND/tael for selling. Bao Tin Minh Chau gold is listed at 66.5 million VND/tael for buying and 67.04 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 10 as follows:

Yellow

Area

Early morning 9-6

Early morning 10-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.4

67

66.45

67.05

+50

+50

Ho Chi Minh City

66.4

66.95

66.45

67

+50

+50

Phu Quy SJC

Hanoi

66.4

67

66.45

67.05

+50

+50

PNJ

Ho Chi Minh City

66.45

67

66.5

67.1

+50

+100

Hanoi

66.45

67

66.5

67.1

+50

+100

SJC

Ho Chi Minh City

66.4

67

66.5

67.1

+100

+100

Hanoi

66.4

67.02

66.5

67.12

+100

+100

Danang

66.4

67.02

66.5

67.12

+100

+100

Bao Tin Minh Chau

Nationwide

66.42

66.98

66.5

67.04

+80

+60










World gold price today

World gold prices fell slightly this morning with spot gold down $4.9 to $1,960.7 an ounce. August gold futures last traded at $1,977.2 an ounce, down $3.6 from the previous morning.

Markets are looking ahead to the Federal Reserve's monetary policy meeting, which begins on Tuesday and ends on Wednesday afternoon with a statement. Fed Chairman Powell will meet with the press after the meeting. Most markets had assumed the Fed would pause its rate-hike cycle. But many market watchers now expect the U.S. central bank to follow the recent moves of the Bank of Canada, which raised rates by 25 basis points this week after a four-month pause. Also next week, consumer price index and producer price index are due on Tuesday and Wednesday, respectively.

Despite the decline in gold prices in the final trading session of the week, experts said that gold is still doing very well. Specifically, despite facing the USD index holding above 100 points, the S&P 500 index recovering from bear market territory, the 2-year bond yield above 4.5% and the money fund above 5%, gold continues to be firmly supported in a solid uptrend line.

Some analysts have said that gold should be trading significantly lower in current market conditions, at $1,800 an ounce. However, the precious metal is less than 6% away from hitting a new all-time high. The reason is central bank demand for gold. Look at the People's Bank of China, which reported this week that it bought about 16 tons of gold last month, marking the seventh consecutive month of central bank purchases. Since November, the country has added 144 tons to its gold reserves. China is not the only country buying gold.

World gold prices fell slightly this morning. Photo: Kitco

Analysts at JPMorgan noted that gold’s role in foreign exchange reserves is further evidence of the ongoing global de-dollarization trend, with gold being the biggest beneficiary. The US dollar’s share of global foreign exchange reserves has fallen to a record low of 58%, the analysts said in the report. Meanwhile, gold now accounts for 15% of global reserves, up from 11% five years ago.

While the U.S. dollar remains the world’s reserve currency, some investors are starting to take notice of gold’s stability. This week, the world’s largest asset manager, BlackRock, advised investors to consider a tactical allocation to gold.

Meanwhile, at a recent webinar, billionaire Jeffrey Gundlach, CEO of Doubleline Capital, said he sees gold as “real money” as the US economy is approaching a recession. “I like gold because it’s real money. I don’t like commodities. I haven’t liked them for a year just because the economy is weakening and will eventually fall into a recession, and commodity prices don’t go up in a recession,” Gundlach said.

Many analysts have said that gold's true potential will be unleashed when the Fed decisively stops its aggressive tightening cycle.

Fred Hickey, editor of The High-Tech Strategist, said it was only a matter of time before gold hit a record high as people soon realized the economy was at a breaking point. Gold prices could still fall, but he noted that any correction would be viewed as a buying opportunity.

With domestic gold prices increasing slightly and world gold prices anchored at 1,960.7 USD/ounce (equivalent to about 56 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently nearly 11 million VND/tael.

TRAN HOAI