LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/11 AND EXCHANGE RATE TODAY 6/11
| 1. SJC - Updated: 06/10/2023 08:44 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,550 ▲50K | 67,150 ▲50K |
| SJC 5c | 66,550 ▲50K | 67,170 ▲50K |
| SJC 2c, 1c, 5c | 66,550 ▲50K | 67,180 ▲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 ▼49K | 55,545 ▼49K |
| Jewelry 68% | 36,302 ▼34K | 38,302 ▼34K |
| Jewelry 41.7% | 21,546 ▼21K | 23,546 ▼21K |
World gold prices and domestic gold prices this week recorded slight fluctuations.
Opening the first trading session of the week on June 5, the domestic gold price decreased by 50 thousand VND/tael, trading below 67 million VND/tael. Specifically, the SJC gold price in the Hanoi market was listed by Saigon Jewelry Company at 66.4 - 67.0 million VND/tael (buy - sell), down 50 thousand VND/tael for buying and down 70 thousand VND/tael for selling compared to the trading session at the end of last week.
In the 3 sessions of June 6-8, domestic gold prices recorded 2 sessions of decrease and 1 session of increase. On June 9, domestic gold prices were listed by some gold companies to increase both buying and selling prices compared to the trading level on June 8. Specifically, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.45 - 67.05 million VND/tael (buying - selling), an increase of 100 thousand VND/tael in buying and selling prices compared to yesterday's trading session.
At the end of the trading session on June 10, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at VND66.55 - 67.15 million/tael (buy - sell). Thus, compared to the first session of the week on June 5 (VND66.4 - 67.0 million/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company increased by VND150,000/tael in both buying and selling.
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| Gold price today June 11, 2023, Gold price waiting for the Fed's 'hawkish disregard', optimistic about reaching the threshold of 2,000 USD, SJC gold steadily increases. (Source:shutterstock) |
In the international market, Asian gold prices fell in the afternoon trading session on Friday, June 9, after increasing more than 1% in the previous session, although hopes of the possibility of a pause in interest rate hikes by the US Federal Reserve (Fed) helped gold move towards a week of price increases.
Spot gold fell 0.2% to $1,964.59 an ounce at 1:48 p.m. (GMT), but was still on track for a nearly 1% weekly gain. U.S. gold futures were steady at $1,979.70 an ounce.
According to the World & Vietnam , the world gold price closed the trading week (June 9) on the Kitco floor at 1,961.7 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of June 10:
Saigon Jewelry Company listed the price of SJC gold at 66.55 - 67.15 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: 66.45 - 67.05 million VND/tael.
PNJ system listed at: 66.5 - 67.1 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.5 - 67.04 million VND/tael; Rong Thang Long gold brand is traded at 55.52 - 56.37 million VND/tael; jewelry gold price is traded at 55.20 - 56.20 million VND/tael.
Converted according to the USD price at Vietcombank on June 10, 1 USD = 23,650 VND, the world gold price is equivalent to 55.89 million VND/tael, 11.26 million VND/tael lower than the selling price of SJC gold.
Gold sell-off or test $2,000/ounce threshold?
With expectations for a Fed rate hike uncertain, most analysts expect the US central bank to pause its rate hikes in June but do not rule out more rate hikes this summer.
So what does the Fed's action mean for gold prices?
Gold ended the week 0.4% higher after the August Comex futures contract found solid support at $1,960 an ounce. However, analysts were less bullish on gold in the short term, citing the risk of a Fed rate hike and a higher dollar as weighing on the precious metal.
“Gold is vulnerable after quiet trading. All eyes are on the Fed rate decision. And the outlook implied by the economic forecasts,” said Daniel Ghali, senior commodity strategist at TD Securities.
The Federal Open Market Committee (FOMC) meeting on June 13-14 is important because the interest rate decision and updated economic forecasts will give some idea of the Fed's actions in the coming months.
The Fed is expected to hold rates steady at 5.25% at its meeting next week, completing 15 months of tightening. The CME FedWatch tool is pricing in a 72% chance of the US central bank pausing its rate hikes. If that happens, it would be the first 'pause' in rate hikes since January 2022.
Edward Moya, senior market analyst at OANDA, said that the Fed's pause in tightening monetary policy will have a positive impact on gold.
“For gold, we will see more optimism as the Fed is done,” said Moya. “The US central bank appears to be able to pause its tightening cycle and if the updated forecasts remain optimistic that inflation will move closer to target, that could be good news for gold bulls. Volatility in gold will increase as prices could move beyond $1,950 to the $2,000/oz trading range.”
On the other hand, any hawkish surprise could mean a sharp sell-off in gold, Ghali noted. “The recent positioning raises the possibility of a surprise rally next week. And a group of money managers may be vulnerable to that rally. A break below $1,940 an ounce would be significant.”
Markets are referring to the potential June pause as a “hawkish skip,” citing the Bank of Canada’s decision to pause two consecutive meetings in the spring and then backtrack on another rate hike at its June meeting.
“We expect the Fed to leave rates unchanged at next week’s FOMC meeting, but, in what could be described as a ‘hawkish omission’, to signal through its upcoming guidance that officials intend to raise rates again , possibly at the meeting in late July,” said Paul Ashworth, chief North American economist at Capital Economics. “The recent resilience of the jobs market and the stability of underlying inflation should ensure that the Fed carries out its planned rate hike next month.”
All eyes are on next week's inflation numbers.
The big macroeconomic event that everyone is watching closely is the US CPI report for May, which is due out next Tuesday – the day before the Fed announces interest rates. And some analysts see the Fed’s decision as depending on that inflation report.
“If core inflation comes in at 0.5% month-on-month – or 0.6% rather than the consensus expectation of 0.4% – then the odds are likely to be tilted towards an increase on Wednesday,” said James Knightley , chief international economist at ING.
Gold prices to watch
The gold market has bottomed at $1,950 an ounce, which is acting as solid support, said Frank Cholly , senior market strategist at RJO Futures.
“Gold is very much dependent on the US dollar right now. The precious metal will need to move above $2,000 an ounce for the August contract to build confidence,” said Mr. Cholly.
Gold is likely to slow in the summer months as investor demand loses steam during a seasonally slow consumer period, said Standard Chartered precious metals analyst Suki Cooper .
Meanwhile, Standard Chartered Bank forecasts an average gold price of $1,975/ounce in the second quarter of 2023 and $1,925/ounce in the third quarter of this year.
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