Domestic gold price today

Domestic gold price this morning maintained a trading level of around 67 million VND/tael. Currently, the domestic precious metal price is 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 66.55 million VND/tael for buying and 67.15 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought 50,000 VND lower and sold 150,000 VND lower than 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 66.6 million VND/tael for buying and 67.15 million VND/tael for selling. Bao Tin Minh Chau gold is listed at 66.57 million VND/tael for buying and 67.13 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 17 as follows:

Yellow

Area

Early morning June 16

Early morning June 17

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.5

67.1

66.55

67.15

+50

+50

Ho Chi Minh City

66.5

67

66.5

67

-

-

Phu Quy SJC

Hanoi

66.45

67.05

66.45

67.05

-

-

PNJ

Ho Chi Minh City

66.5

67.1

66.6

67.15

+100

+50

Hanoi

66.5

67.1

66.6

67.15

+100

+50

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

67.02

66.57

67.13

+70

+110










World gold price today

World gold prices this morning were almost unchanged from the previous morning, with spot gold up 0.5 USD to 1,958.2 USD/ounce. August gold futures last traded at 1,971.2 USD/ounce, up 0.5 USD.

Gold markets were quiet on the final trading day of the week after a busy week of events and data releases. US traders and investors will enter a three-day holiday weekend. Markets will be closed on Monday for the Juneteenth federal holiday.

Gold has formed a new base at $1,900 an ounce, and if that level continues to hold, a record high is within reach, according to VanEck's latest analysis.

Gold has been trading at highs above $1,900 an ounce for a long time, forming a new base and averaging $1,933 an ounce so far, according to Imaru Casanova, deputy portfolio manager at VanEck.

“Gold is showing resilience despite the recent strength in equities and the US dollar,” Casanova wrote in a recent note. He said gold will hit new all-time highs as the US Federal Reserve pauses its most aggressive tightening cycle in decades. “A new all-time high of $2,075/oz seems within reach in our view. We see the macro backdrop continuing to support gold in the long term,” Casanova said.

After the Fed kept rates unchanged at 5% to 5.25% after 10 consecutive hikes, Fed Chairman Jerome Powell confirmed that the average dot plot showed at least two more 25 basis point rate hikes this year. But the market remains unconvinced and is pricing in only one rate hike in July, according to the CME FedWatch Tool.

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

May was a promising month for gold as the metal attempted to test record highs, but market optimism eventually weighed on sentiment. “Expectations that the recent rate hike could be the last in this tightening cycle supported gold in early May. However, for most of the month, the US dollar rose and gold fell as the narrative turned more hawkish and the probability of another rate hike in 2023 increased,” Casanova wrote.

Meanwhile, Huw Roberts, head of analysis at Quant Insight, said that the driving force for financial markets, including gold, is still interest rate volatility. Specifically for the precious metal, for gold to move higher, interest rate volatility must decrease. Interest rate volatility is currently being driven by concerns about supply and rising debt levels in a higher interest rate environment.

Roberts said there are potential risks that could increase gold’s safe-haven appeal. The expert pointed out that gold remains sensitive to credit spreads in the short term. He added that if credit spreads start to widen due to economic concerns, gold could attract investors to the precious metal.

With domestic gold prices fluctuating slightly and world gold prices anchored at 1,958.2 USD/ounce (equivalent to nearly 55.8 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently over 11 million VND/tael.

TRAN HOAI