Domestic gold price today

The domestic gold market was quiet on the weekend. Currently, the domestic precious metal prices are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.55 million VND/tael and sold at 67.17 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 fluctuated slightly this morning. Photo: vietnamnet.vn

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 and sold at the same price as 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 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 11 as follows:

Yellow

Area

Early morning 10-6

Early morning 11-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.45

67.05

66.45

67.05

-

-

Ho Chi Minh City

66.45

67

66.45

67.05

-

+50

Phu Quy SJC

Hanoi

66.45

67.05

66.45

67.05

-

-

PNJ

Ho Chi Minh City

66.5

67.1

66.5

67.1

-

-

Hanoi

66.5

67.1

66.5

67.1

-

-

SJC

Ho Chi Minh City

66.5

67.1

66.55

67.15

+50

+50

Hanoi

66.5

67.12

66.55

67.17

+50

+50

Danang

66.5

67.12

66.55

67.17

+50

+50

Bao Tin Minh Chau

Nationwide

66.5

67.04

66.5

67.04

-

-










World gold price today

Gold ended the week up 0.4%, with August futures holding firm support at $1,960 an ounce. Experts say the direction of the precious metal next week will depend on the policy decision of the US Federal Reserve (Fed).

With the new macro data released, most analysts predict the Fed will pause in June but do not rule out the possibility of more rate hikes this summer.

Despite the rise in gold prices, analysts are less optimistic about gold in the short term, citing the risk of a Fed rate hike and a higher US dollar as pressure on the precious metal. Experts all commented that the Federal Open Market Committee (FOMC) meeting on June 13-14 is important because the interest rate decision at the meeting, along with updated economic forecasts and a new dot plot will provide clues about the Fed's direction in the coming months.

The Fed is expected to hold rates steady at 5.25% next week, allowing the lagged effects of the past 15 months of tightening to kick in. The CME FedWatch tool is pricing in a 72% chance of a pause. If the Fed does pause, it would be the first “pause” since January 2022.

World gold price early this morning is above 1,950 USD/ounce. Photo: Kitco

The pause will be positive for gold, OANDA senior market analyst Edward Moya told Kitco News. He said the Fed appears to be pausing its tightening cycle, and if the updated forecasts remain optimistic that inflation will move closer to target, that would be good news for gold bulls. Gold could move beyond $1,950 an ounce to the $2,000 an ounce trading range.

On the other hand, any indication that the Fed remains aggressive in tightening monetary policy would mean a sharp sell-off in gold. According to senior commodity strategist Daniel Ghali, recent news still suggests the possibility of a surprise rally next week. This would weigh on gold and could push the precious metal below $1,940 an ounce.

Referring to the case of the Bank of Canada raising interest rates by 25 basis points after a four-month pause, Capital Economics chief North American economist Paul Ashworth said the Fed could pause its rate hike at its June meeting as a “hawkish reprieve” and return to raising rates at its July meeting.

The macro data the market is waiting for next week is the US consumer price index (CPI) report for May, which will be released on Tuesday, a day before the Fed announces its interest rate decision. Analysts say the Fed's decision will depend on this report.

RJO Futures senior market strategist Frank Cholly said the gold market has bottomed at $1,950 an ounce, which is acting as solid support. Cholly said the direction of gold will depend heavily on the performance of the US dollar, and that gold futures need to break above $2,000 an ounce to create confidence in the market.

Gold prices are likely to slow in the summer months as investor demand wanes, said Standard Chartered precious metals analyst Suki Cooper. Standard Chartered is forecasting an average gold price of $1,975 an ounce in the second quarter and $1,925 an ounce in the third quarter.

With domestic gold prices fluctuating 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