LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, JUNE 18TH
| 1. SJC - Updated: 17/06/2023 08:31 - Time of issue on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,500 ▼50K | 67,100 ▼50K |
| SJC 5c | 66,500 ▼50K | 67,120 ▼50K |
| SJC 2c, 1C, 5 phân | 66,500 ▼50K | 67,130 ▼50K |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 55,600 ▼100K | 56,550 ▼100K |
| SJC 99.99 gold ring, 0.5 tael | 55,600 ▼100K | 56,650 ▼100K |
| 99.99% Authentic Jewelry | 55,450 ▼100K | 56,150 ▼100K |
| 99% Jewelry | 54,394 ▼99K | 55,594 ▼99K |
| Jewelry 68% | 36,336 ▼68K | 38,336 ▼68K |
| Jewelry 41.7% | 21,567 ▼42K | 23,567 ▼42K |
World gold prices and domestic gold prices fluctuated slightly this week.
At the opening of trading on Monday morning, June 12th, domestic gold prices were adjusted downwards by gold, silver, and gemstone companies compared to yesterday's trading.
Specifically, at 8:31 AM, the price of SJC gold in the Hanoi market, as listed by Saigon Jewelry Company, was 66.5 - 67.12 million VND/ounce (buying price - selling price), a decrease of 50,000 VND/ounce in both buying and selling prices compared to the end of yesterday's trading session.
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| Gold prices today, June 18, 2023: Gold prices are poised for a big move, with continued bets on an increase, although a sell-off is not ruled out; SJC gold remains stagnant. (Source: Shutterstock) |
After three consecutive days of declines in the mid-week session from June 13-15, domestic gold prices moved in line with the global market on the morning of June 16, recording an increase of 50,000 VND per ounce.
Specifically, the price of SJC gold in the Hanoi market, as listed by Saigon Jewelry Company, is 66.6 - 67.22 million VND/ounce (buying price - selling price), an increase of 50,000 VND/ounce in both buying and selling prices compared to the end of yesterday's trading session.
At the close of trading on Friday, June 17th, the price of gold in Vietnam was listed by Saigon Jewelry Company at 66.5 - 67.1 million VND/ounce.
Thus, compared to the beginning of the week on June 12th (at 66.5 - 67.12 million VND/ounce), the price of SJC gold in the Hanoi market, as listed by Saigon Jewelry Company, remained unchanged in the buying price and increased slightly by 20,000 VND/ounce in the selling price.
According to World & Vietnam , the world gold price closed the trading week (June 16) on the Kitco exchange at 1,959.2 USD/ounce.
Summary of SJC gold prices at major domestic gold trading brands at the close of trading on June 17th:
Saigon Jewelry Company listed the price of SJC gold at 66.5 - 67.1 million VND/ounce.
Doji Group currently lists the price of SJC gold at: 66.5 – 67.1 million VND/ounce.
Phu Quy Group listed gold at: 66.45–67.05 million VND/ounce.
PNJ's listed price is: 66.6 - 67.15 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 66.52 – 67.08 million VND/ounce; the Thang Long Dragon gold brand is trading at 55.98 – 56.83 million VND/ounce; and the price of gold jewelry is trading at 55.65 – 56.65 million VND/ounce.
Based on the USD exchange rate at Vietcombank on June 17th, 1 USD = 23,700 VND, the world gold price is equivalent to 55.94 million VND/ounce, which is 11.16 million VND/ounce lower than the selling price of SJC gold.
Gold is going to "go big".
According to analysts, a major move in gold prices is imminent after weeks of neutral stance.
The gold market remained stable until June, trading between $1,940 and just under $2,000 per ounce. But analysts warn that, after weeks of sideways movement, gold is poised for a more significant move.
Gainesville Coins precious metals expert Everett Millman said that the foreshadowing is that gold prices could move in either direction: “Gold has traded sideways long enough for the market to prepare for a bigger move in either direction – retesting the $1,880/ounce level or raking back to around $2,000/ounce.”
The US Federal Reserve (Fed) baffled markets on Wednesday with a "hawkish pause" and warnings of two more interest rate hikes this year.
Analyst Millman explained: "What the Fed has done is be neutral on gold. The pause in interest rate hikes is a good signal for the precious metal. But it's the most hawkish pause we could get. And that's why gold has been trading sideways."
Meanwhile, OANDA senior market analyst Edward Moya said that gold is performing well ahead of the Fed's warning of two more interest rate hikes.
At the press conference, Fed Chairman Powell did not commit to raising interest rates in July, saying that the US central bank would still depend on economic data to decide on action, Moya added.
He said: "Fed Chairman Powell is trying to hold onto his options. There's a possibility the economy will continue to experience milder inflation. He doesn't want to make things difficult for himself. That's why gold isn't at $1,900 an ounce. If the Fed's dot chart is confirmed at the press conference, the precious metal will be trading at $1,900 an ounce."
Markets are currently pricing in another interest rate hike as early as July. If that changes, gold will react, analysts say.
Meanwhile, gold is closely watching macroeconomic data and the US dollar. Additionally, precious metals investors are monitoring central bank gold purchases, which slowed in the second quarter.
Analyst Millman said: "Central bank gold purchases have slowed down a bit. The World Gold Council survey indicates that one in four central banks intend to continue buying gold. They are buying in large quantities and gold will react to what the central banks are doing."
Mixed signals and gold price direction
Analyst Millman points out that there is still a risk of a significant sell-off in the gold market, as this would be commensurate with what happened over the past two years when gold reached $2,000 per ounce.
Markets are paying close attention to Federal Reserve Chairman Powell's two-day testimony before the House and Senate next week, the Fed's speaker list, and other macroeconomic data.
Moya said: “Gold will face mixed signals next week regarding Fed speakers, flash PMI data, and further easing from China (as commercial banks cut interest rates). In theory, we could still see risk appetite persist, which will keep gold fluctuating.”
With the Fed relying heavily on data at its July meeting, macroeconomic reports could become a market driver.
Nicky Shiels, head of metals strategy at MKS PAMP, said: “Gold prices are still looking for confirmation that the Fed has actually acted and/or a negative catalyst for the USD. Data will become more sensitive and important at the July meeting, where a rate hike is almost certain.”
Gold's technical trading is also crucial to monitor. Expert Shiels notes that the longer the precious metal remains stable in the face of this hawkish pressure, the greater the likelihood that its price will rise.
She said: "On the surface, it looks like a drop, but gold can't fall much longer. The precious metal has to rise. Gold prices will 'read the flowery language,' and at the core, the Fed has paused interest rate hikes and may pause again."
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