Domestic gold price remains high
At the end of the session on June 16, the price of gold bars at SJC closed at 117.6-119.6 million VND/tael (buy - sell), down 200,000 VND/tael for buying and 700,000 VND/tael for selling compared to the end of last week.
The price of 1-5 chi SJC gold rings is listed at 113.9-116.4 million VND/tael (buy - sell), an increase of 200,000 VND/tael compared to the closing price of the previous session.
Meanwhile, the price of 9999 gold rings at Doji is listed at 115-117 million VND/tael, unchanged from the closing price last week.
World gold price slightly decreased
At 8:00 p.m. (June 16, Vietnam time), the spot gold price was at $3,416/ounce, down 0.49% on the day. The gold futures price for August 2025 delivery on the Comex New York floor traded at $3,407/ounce.
According to the latest data from the New York Federal Reserve, the Empire State manufacturing index fell sharply to -16 in June, from -9.2 in May. This result was significantly worse than analysts' expectations, which predicted the index would improve to -5.5.
Business activity in New York continued to decline in June, the report showed. New orders and shipments both fell. Delivery times were steady, while supply availability deteriorated. Inventories were little changed. However, the bright spot was that employment rose slightly for the first time in months, while average hours worked remained steady.
On price pressures, the New York Fed said input price increases have slowed, while selling prices have increased.
Weaker economic data can often support gold prices as a safe-haven asset, but in the current climate, the gold market appears to be under pressure from other factors.
Investors and analysts will continue to closely monitor upcoming macroeconomic reports to better assess the trend of the US economy and its impact on global financial markets.
The ongoing Israel-Iran conflict has kept markets cautious but not panicked. Traders and investors are not too worried as long as crude oil prices do not spike, one analyst said.
In other Asian news, China's industrial output rose 5.8% year-on-year in May, below the 6% forecast. The slowdown was blamed on the trade war with the US and its impact on exports.
China has stepped up its domestic stimulus measures. China's retail sales rose 6.4 percent year-on-year in May, showing the initial effectiveness of these policies.
Nymex crude oil futures also fell, trading around $72.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note was at 4.45%.
Gold price forecast to conquer again the mark of 3,500 USD/ounce
According to Adrian Day, chairman of Adrian Day Asset Management, the main factor driving gold prices this year and the past three years has been central bank buying to diversify away from the US dollar. Then there is the informal buying of gold by Chinese people, worried about the devaluation of the yuan amid a slowing economy. Finally, wealthy individuals and families are also concerned about the global public finances, the amount of public debt, etc.
Mr. Day pointed out that North American investors will buy gold as an investment based on economic factors that are favorable for gold. Mr. Day especially expects speculative and safe-haven flows from the US.
Analysts at CPM Group predict that gold prices have continued to increase sharply in recent days, reflecting fluctuations in economic and geopolitical factors. The next target for gold prices is 3,500 USD/ounce.
The major swings in fundamental economic and political factors, which are the factors that stimulate investor demand for gold and silver, are being reflected in gold and silver prices.
According to CPM Group, with the current political and economic situation, there is no possibility of any improvement or risk reduction and recommends investors to buy gold.
Source: https://vietnamnet.vn/gia-vang-hom-nay-17-6-2025-vang-mieng-sjc-va-nhan-tron-dien-bien-the-nao-2412102.html
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