Domestic gold price
At the end of the trading session on June 22, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.45 million/tael (buy) and VND67.05 million/tael (sell). SJC Hanoi listed at VND66.45 million/tael (buy) and VND67.07 million/tael (sell).
Doji Hanoi listed at 66.4 million VND/tael (buy) and 67 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/tael and sold at 66.95 million VND/tael.
International gold price
On the world market, spot gold price on June 22 (Vietnam time) was trading at 1,918 USD/ounce.
The U.S. housing market is back on track, according to the latest home sales data from the National Association of Realtors (NAR). In May, home sales rose 0.2 percent to a seasonally adjusted annual rate of 4.3 million units. This was better than economists had expected.
Precious metals continued to face strong selling pressure following comments from Federal Reserve (Fed) Chairman Jerome Powell on the first day of testimony.
Chairman Jerome Powell said more rate hikes are likely until more progress is made in reducing inflation.
After last week's Federal Open Market Committee (FOMC) policy meeting, officials said rates would rise a total of 50 basis points through the end of 2023. That means two more rate hikes, assuming each increase is 25 basis points.
A high interest rate environment typically reduces the appeal of gold.
Gold Price Forecast
According to CME's Fedwatch tool, traders are betting on a 79% chance that the Fed will raise rates by 25 basis points in July 2023, and no rate cuts this year.
Mr. Edward Meir, metals analyst at Marex, commented that gold prices will trade in the range of 1,900-1,980 USD/ounce until the Fed makes its next decision.
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