Gold price today June 17: Gold price increased slightly

Domestic gold price today

Early morning of June 17 , SJC gold price 9999 today decreased by 50 thousand VND/tael in both buying and selling compared to the closing price of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:33 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,500,000 VND/tael	67,120,000 VND/tael
SJC HCMC	66,500,000 VND/tael	67,100,000 VND/tael
SJC Danang	66,500,000 VND/tael	67,120,000 VND/tael
Doji Hanoi	66,500,000 VND/tael	67,100,000 VND/tael
Doji HCMC	66,550,000 VND/tael	67,050,000 VND/tael

SJC and DOJI gold price list updated early morning June 17

At the end of the trading session on June 16, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.55 million/tael (buy) and VND67.15 million/tael (sell). SJC Hanoi listed at VND66.55 million/tael (buy) and VND67.17 million/tael (sell).

Doji Hanoi listed at 66.5 million VND/tael (buy) and 67.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67.05 million VND/tael.

The central exchange rate on June 17 announced by the State Bank is 23,711 VND/USD. The USD price at commercial banks this morning (June 17) was traded around 23,330 VND/USD (buy) and 23,700 VND/USD (sell).

International gold price today

At 10:00 a.m. today (June 17, Vietnam time) , the world spot gold price stood at around 1,958.2 USD/ounce, up 3.2 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,971 USD/ounce.

On the morning of June 17 , world gold converted to USD bank price was nearly 55.95 million VND/tael (excluding tax and fees), about 11.17 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the world market, spot gold price on June 16 (Vietnam time) was trading at 1,955 USD/ounce.

During the week, the gold market had an impressive recovery after investors sold off USD. The USD index fell to a 4-week low in just one session.

On June 16, the Dollar Index (measuring the strength of the USD in a basket of 6 key international payment currencies) was at 102.15 points.

World gold prices increased slightly. (Photo: Kitco)

The US Commerce Department said retail sales rose 0.3% in May after rising 0.4% in April. Economists polled by Reuters had forecast a 0.1% decline.

The US Federal Reserve (Fed) decided to keep interest rates unchanged and forecast a 1% interest rate cut in 2024 as inflation falls faster.

The Fed's decision to pause interest rate hikes ended a streak of 10 consecutive rate hikes that the agency had made since March 2022 to curb inflation and help keep the US policy interest rate in the range of 5% - 5.25%.

Meanwhile, the ECB raised interest rates by 0.25% on June 15, the eighth consecutive increase, to 3.5% - the highest level in the past 22 years, and said that interest rates are likely to increase even higher in the coming time.

Gold Price Forecast

According to Edward Meir, an analyst at Marex, gold prices rose thanks to the Fed's decision to temporarily suspend interest rates, creating optimism for investors. The depreciation of the US dollar is beneficial for gold prices, because gold is an asset priced in the greenback.

However, Suki Cooper, an analyst at Standard Chartered Bank, said the market is entering a period of seasonal decline in physical gold demand. Gold prices are still likely to continue to fall in the coming sessions.

Source