Gold price today June 16, 2024, Gold ring price suddenly increased, multipolar currency trend, BRICS+ is growing stronger, the world will need more gold

Gold price today June 16, 2024, gold ring price suddenly increased, the world also skyrocketed, geopolitical instability and the growth of the BRICS+ bloc, gold is increasingly gaining a foothold in the multipolar currency trend. Countries will increase their precious metal reserves.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/16 and EXCHANGE RATE TODAY 6/16

1. SJC - Updated: 06/14/2024 08:32 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1c, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	73,350 ▲450K	74,950 ▲450K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,350 ▲450K	75,050 ▲450K
Jewelry 99.99%	73,250 ▲450K	74,150 ▲450K
Jewelry 99%	71,416 ▲446K	73,416 ▲446K
Jewelry 68%	48,077 ▲306K	50,577 ▲306K
Jewelry 41.7%	28,574 ▲188K	31,074 ▲188K

Update gold price today June 16, 2024

Domestic gold price last week was stable

On the morning of June 10, the price of SJC gold bars remained stable. Saigon Jewelry Company (SJC) listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), keeping the listed price for buying and selling unchanged compared to the previous session's close.

After 3 stable mid-week sessions, on the morning of June 14, the selling price of SJC gold bars was simultaneously at 76.98 million VND/tael. Specifically, at 8:50 a.m., DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), keeping the same price compared to the closing price on the afternoon of June 13.

By the end of the week, June 15, the price of SJC gold bars listed by trading units remained unchanged compared to the previous day, at 74.98 - 76.98 million VND/tael (buy - sell).

Thus, compared to the first session of the week on June 10 (VND 74.98 - 76.98 million/tael), the price of SJC gold on the last session of the week on June 15 listed by Saigon Jewelry Company remained unchanged in both buying and selling prices.

According toThe Gioi & Viet Nam Newspaper , at 4:20 p.m. on June 15 (Vietnam time), the world gold price at goldprice.org was at 2,333.01 USD/ounce, an increase of 30.85 USD/ounce compared to the previous trading session.

Gold price today June 16, 2024. (Source: Shutterstock)

Summary of SJC gold prices at major domestic trading brands at the closing time of June 15:

Saigon Jewelry Company listed at 74.98 - 76.98 million VND/tael.

Doji Group is currently listed at: 74.98 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at 75.5 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.5 - 76.98 million VND/tael; Rong Thang Long gold brand is traded at 74.18 - 75.48 million VND/tael; jewelry gold price is traded at 73.30 - 75.20 million VND/tael, up 200,000 VND/tael in both directions compared to the closing price of the most recent session.

Converted according to the USD price at Vietcombank on June 15, 1 USD = 25,461 VND, the world gold price is equivalent to 71.57 million VND/tael, 5.41 million VND/tael lower than the selling price of SJC gold.

Gold looks good again

Last week , the world gold price unexpectedly reversed and increased sharply, surpassing the threshold of 2,330 USD/ounce. At the end of the trading week, the gold price on Kitco was listed at 2,333.80 USD/ounce, up 28.9 USD/ounce, equivalent to 1.25% compared to the previous trading session.

“Gold has ended a three-week losing streak, fueled by political uncertainty in Europe and sharp declines in interest rates,” said Marc Chandler , CEO at Bannockburn Global Forex.

“Gold is recovering from last week’s sell-off on more dovish U.S. economic news — weaker producer price inflation and higher jobless claims — both of which support rate cuts, and rising geopolitical tensions, including multiple attacks on Israel and Russian warships in the Caribbean,” said Adrian Day, president of Adrian Day Asset Management.

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, said: “I am bullish on gold next week. It looks like it is ready for a technical recovery.”

“The overall trend is still up, there’s no doubt about that,” said Sean Lusk, co-director of commercial hedging at Walsh Trading. “Gold has come off its highs, but it’s come a long way since its February low. From $1,996, it’s gone up to $2,454. That’s a gain of $458 an ounce in three months.”

Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week, and following the results, they are significantly more bullish on the precious metal’s near-term prospects. Eight experts, or 62%, expect gold prices to move higher next week, while just two analysts, or 15%, predict prices will fall. The remaining three, or 23%, expect gold to trade sideways next week.

Meanwhile, 216 votes were cast in Kitco’s online poll, with Main Street investors being slightly more cautious than their institutional counterparts, but on balance positive. 117 retail traders, or 54%, predict gold prices will rise next week. Another 49%, or 23%, predict the yellow metal will trade lower, while 50 respondents, or the remaining 23%, see prices moving sideways next week.

Darin Newsom , senior market analyst at Barchart.com, expects gold to rally from this week’s rally and make further gains. “While the mid-term trend for August gold remains bearish, the short-term trend has turned bullish… This would suggest a move above the previous high of $2,358.80 with the next upside target near $2,370, then $2,391,” he said.

Meanwhile, Alex Kuptsikevich , senior market analyst at FxPro, said that gold's support level at $2,300 is extremely fragile and unreliable.

Adam Button , head of currency strategy at Forexlive.com, also weighed in on the changing political landscape and its short- and long-term implications for precious metals and the US dollar. “I don’t like the price action this week, that’s what’s been bothering me,” he said.

“No one has forgotten how poorly gold performed at the start of the Covid-19 pandemic,” Button said.

And Kitco senior analyst Jim Wyckoff maintains a balanced view on gold going into next week. “Volatility and sideways action as bulls and bears are on a neutral technical playing field in the short term,” he said.

The world will need more gold

In an article on Kitco News, analyst Neils Christensen said that the world will need more gold.

“Last week, I warned investors that the gold sell-off was an overreaction to misunderstood fundamental news,” he wrote. “Black box gold traders who rely on the buying power of China’s central bank were spooked when data from the bank showed that it did not add to reserves last month, ending an 18-month buying spree.”

Gold prices managed to hold key support at $2,300 on Monday and ended the week up 1.25%.

“With all the geopolitical turmoil around the world, it would be a mistake to think that China has stopped buying gold,” he wrote.

Although the US dollar is expected to remain the world's reserve currency, it will face increasing competition, he said.

“Analysts have repeatedly said that gold will play an increasing role in a multipolar currency world as it remains one of the most liquid monetary assets in global financial markets. We can see the role of the USD diminishing on the world stage. This week, the trade agreement between the US and Saudi Arabia, the country that established the petrodollar, expired.

Over the past 50 years, the US dollar has dominated global trade as the two countries agreed to price oil in the currency. The agreement cemented the US dollar as the world’s reserve currency and ushered in an era of prosperity for Americans.”

At the Montreal conference last week, Ali Borhani, CEO of 3Sixty Strategic Advisors Ltd, co-founder and chair of the BRI Dialogue, made the case for the expanded trade bloc, noting that everyone must acknowledge the world has changed, said analyst Neils Christensen .

“Half of the world’s population is in BRICS+. Two-thirds of the world’s trade is in BRICS+. BRICS is adding 74 million consumers every year,” Borhani said during the discussion.

The biggest buyers of energy and the biggest sellers of energy are all in the global south and in the BRICS. So we are looking at re-establishing energy, finance, supply chains and technology.”

Given these sweeping geopolitical changes, it is easy to see gold as a global currency. Many analysts note that gold remains the best neutral asset to address trade imbalances.

So not only will China have to buy more gold, countries around the world, especially those in emerging markets that are heavily dependent on the USD, will have to rebuild their gold reserve plans.

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