Gold price today June 18, 2023, Gold price is about to 'play big', still betting on the increase, not excluding a sell-off, SJC gold is fluctuating

Gold price today June 18, 2023, gold price will have a big move after many weeks of maintaining a neutral stance. Precious metal prices can happen in both directions, listening to the central bank's gold buying move, the risk of a significant sell-off. SJC gold is almost stationary.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/18 and EXCHANGE RATE TODAY 6/18

1. SJC - Updated: June 17, 2023 08:31 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,500	67,100
SJC 5c	66,500	67,120
SJC 2c, 1c, 5c	66,500	67,130
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,600	56,550
SJC 99.99 gold ring 0.5 chi	55,600	56,650
Jewelry 99.99%	55,450	56,150
Jewelry 99%	54,394	55,594
Jewelry 68%	36,336	38,336
Jewelry 41.7%	21,567	23,567

World gold prices and domestic gold prices fluctuated slightly this week.

Opening the first trading session of the week on the morning of June 12, domestic gold prices were adjusted down by domestic gold and gemstone companies compared to yesterday's trading.

Specifically, at 8:31 a.m., the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.5 - 67.12 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

Gold price today June 18, 2023, Gold price will 'play big', still betting on 'the door' to increase, not excluding a sell-off, SJC gold is fluctuating. (Source: Shutterstock)

After 3 sessions in the middle of the week from June 13 to 15, the domestic gold price decreased, in the morning session of June 16, the domestic gold price followed the world market, recording an increase of 50 thousand VND/tael.

Specifically, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.6 - 67.22 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

At the end of the weekend session on June 17, the domestic gold price was listed by Saigon Jewelry Company at 66.5 - 67.1 million VND/tael.

Thus, compared to the first session of the week on June 12 (at 66.5 - 67.12 million VND/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company remained unchanged in the buying direction and increased slightly by 20 thousand VND/tael in the selling direction.

According to the World & Vietnam , the world gold price closed the trading week (June 16) on the Kitco floor at 1,959.2 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of June 17:

Saigon Jewelry Company listed the price of SJC gold at 66.5 - 67.1 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.5 - 67.1 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.6 - 67.15 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.52 - 67.08 million VND/tael; Rong Thang Long gold brand is traded at 55.98 - 56.83 million VND/tael; jewelry gold price is traded at 55.65 - 56.65 million VND/tael.

Converted according to the USD price at Vietcombank on June 17, 1 USD = 23,700 VND, the world gold price is equivalent to 55.94 million VND/tael, 11.16 million VND/tael lower than the selling price of SJC gold.

Gold will "play big"

A big move in gold prices is coming after weeks of neutrality, analysts say.

The gold market has been stable so far in June, trading between $1,940 and just under $2,000 an ounce. But analysts warn that after weeks of sideways prices, gold is ready for a more significant move.

The caveat is that gold prices could go either way, says Everett Millman , precious metals expert at Gainesville Coins: “Gold has been trading sideways long enough for the market to be primed for a larger move in one direction or the other — a retest of $1,880 an ounce or a return to around $2,000 an ounce.”

The US Federal Reserve (Fed) confused markets on Wednesday with a "hawkish pause" and warning of two more interest rate hikes this year.

“What the Fed did was neutral for gold. The pause in rate hikes is a good signal for the precious metal. But it was the most hawkish pause we could get. And that’s why gold has been trading sideways,” explained analyst Millman.

Meanwhile, OANDA senior market analyst Edward Moya said gold is holding up well ahead of the Fed's warning of two more rate hikes.

At a press conference, Fed Chairman Powell did not commit to raising interest rates in July, saying the US central bank would remain dependent on economic data to decide on action, Mr. Moya added.

"Fed Chair Powell is trying to keep options open. There is a possibility that the economy will continue to have milder inflation. He doesn't want to make things difficult for himself. That's why gold is not at $1,900 an ounce. If the Fed's dot chart is confirmed at the press conference, the precious metal will trade at $1,900 an ounce," he said.

Markets are now pricing in another rate hike in July. If that changes, gold will react, analysts said.

Meanwhile, gold is paying close attention to macroeconomic data and the US dollar. In addition, precious metals investors are watching central bank gold purchases, which slowed in the second quarter.

“Central bank gold buying has slowed a bit. One in four central banks plan to continue buying gold, according to a World Gold Council survey. They are buying in large amounts and gold will respond to what central banks are doing,” said analyst Millman.

Mixed Signals and Gold Price Direction

There is still a risk of a significant sell-off in the gold market as that would be in line with what happened over the past two years when gold hit $2,000 an ounce, analyst Millman pointed out.

Markets are eyeing Fed Chairman Powell's two-day testimony before the House and Senate next week, the Fed speaker lineup and a host of other macro news.

“Gold will face mixed signals next week with Fed speakers, flash PMIs and more easing from China (as commercial banks cut interest rates). In theory, we could still see risk appetite persist, which would keep gold moving,” said Moya.

With the Fed relying heavily on data at its July meeting, macroeconomic reports could become market movers.

“Gold is still looking for confirmation that the Fed has actually acted and/or a negative catalyst for the USD. The data will become more sensitive and important in the run-up to the July meeting, where a rate hike is certain,” said Nicky Shiels, head of metals strategy at MKS PAMP.

Gold’s technical trading is also worth watching, with Shiels noting that the longer the precious metal remains stable in the face of this hawkish pressure, the more likely it is that prices will rise.

“On the surface, it’s bearish, but gold can’t stay down much longer. The precious metal has to go up. Gold will “read the rhetoric,” and the bottom line is, the Fed has paused rate hikes and could pause again,” she said.

Source