Domestic gold price today

Early in the morning of the first day of the week, domestic gold prices remained stable. 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 remained stable 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 12 as follows:

Yellow

Area

Early morning 11-6

Early morning 12-6

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

67.05

66.45

67.05

-

-

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

66.55

67.15

66.55

67.15

-

-

Hanoi

66.55

67.17

66.55

67.17

-

-

Danang

66.55

67.17

66.55

67.17

-

-

Bao Tin Minh Chau

Nationwide

66.5

67.04

66.5

67.04

-

-

World gold price today

World gold prices this morning tended to decrease with spot gold down 1.5 USD compared to the closing price of last week's trading session to 1,959.2 USD/ounce.

While sentiment in the gold market remains bullish ahead of the US Federal Reserve’s monetary policy meeting, experts warn that investors should not expect prices to break above $2,000 an ounce this week as the Fed is likely to maintain its hawkish stance even if it decides to pause.

Retail investors remain bullish on gold in the near term, while analysts remain cautious ahead of key inflation data due this week and the U.S. central bank’s monetary policy decision, according to the latest Kitco News weekly gold survey.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said he is bullish on gold from a technical perspective. Momentum indicators are starting to turn slightly bullish, which could give prices room to move a little higher. However, he does not expect gold to break above $2,000 an ounce.

The expert predicts that the Fed will signal a pause in interest rates, which could boost gold by $20 an ounce. “However, a pause does not mean the Fed has ended its tightening cycle. What gold needs to break above $2,000 an ounce is for the Fed to give a clear signal that the interest rate cycle is over,” Colin Cieszynski added.

Phillip Streible, chief market strategist at Blue Line Futures, said he is neutral on gold. He said that with so much uncertainty in the market, investors should wait for a solid breakout in gold prices before entering the market, predicting that a break above $2,063 an ounce would signal a new bullish trend for the precious metal.

This week, among analysts surveyed by Kitco News, 42% are bullish on gold in the near term; 10% see prices falling; 48% see prices moving sideways. Meanwhile, 63% of retail investors expect gold prices to rise this week; 23% see prices falling; 14% are neutral on the outlook for gold prices.

Despite the continued bullish sentiment in the market, retail investors are not expecting prices to break $2,000 an ounce and see gold ending the week around $1,992 an ounce. Last week, experts and retail investors had forecast gold to end the week up 0.32% at $1,976 an ounce.

The biggest near-term risk for gold remains the Fed’s monetary policy decision. Markets currently expect the Fed to keep interest rates unchanged, but hawkish moves from the Bank of Canada and the Reserve Bank of Australia have cast doubt on the market.

While markets are not completely ruling out a Fed rate hike this week, even if that happens, the gold sell-off could be short-lived, said Adrian Day, president of Adrian Day Asset Management.

World gold prices tend to decrease this morning. Photo: Kitco

However, not all analysts are predicting higher gold prices this week. Christopher Vecchio, head of futures and foreign exchange at Tastylive.com, said gold is on track to fall as the Fed is not done raising interest rates without controlling inflation.

If the Fed thinks it has the banking crisis under control, it may find it necessary to raise rates further at its meeting this week, Christopher Vecchio added. He also said investors will need to pay attention to the Fed’s updated economic projections, known as the Dot Plot. While the Fed is unlikely to push its rate ceiling forecast to 6%, Vecchio said it would be reluctant to cut rates this year.

“The Fed not looking to cut rates this year will help the dollar gain strength and that will be negative for gold,” he said. “I would consider selling on a rise to $2,000 an ounce and adding to the position on a break below $1,950 an ounce.”

With domestic gold prices remaining unchanged and world gold prices listed at Kitco at 1,959.2 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