Domestic gold price

At the end of the trading session on June 26, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi : 74,980,000 VND/tael - 76,980,000 VND/tael
SJC HCMC: 74,980,000 VND/tael - 76,980,000 VND/tael
Doji HCMC: 74,980,000 VND/tael - 76,980,000 VND/tael

International gold price

As of 7:30 p.m. on June 26 (Vietnam time), the spot gold price today on the world market was at $2,316/ounce. Gold for August 2024 delivery on the Comex New York floor was at $2,328/ounce.

The world gold price on the night of June 26 was about 12.3% higher (253 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 71.8 million VND/tael, including taxes and fees, about 5.2 million VND/tael lower than the domestic gold price as of the end of the afternoon session on June 26.

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World gold price drops sharply, will gold ring price drop quickly? Photo: HH

Gold fell sharply as investors were cautious ahead of the release of important economic data from the US. Money bet on the US dollar as Federal Reserve officials remained hawkish, determined to step up the fight against inflation.

After each statement by a Fed official, the USD strengthens, thereby putting downward pressure on gold prices.

The USD is also supported by early interest rate cuts by many major central banks around the world, including the ECB of Europe and Canada...

Recently, the US dollar has not only remained stable at high levels but also has been on an upward trend.

The DXY index - measuring the greenback's fluctuations against six major currencies - unexpectedly increased from 105.7 points to 105.94 points at the beginning of the June 26 trading session on the US market (June 26 evening, Vietnam time).

Gold Price Forecast

Investors are now waiting for information on the personal consumption expenditure (PCE) price index, expected to be released on Friday. This index is a signal of the health of the US economy. In the long term, gold is still expected to increase in price, especially when the Fed enters the interest rate cutting phase.

Gold is also benefiting from an increasingly apparent Cold War 2.0.

However, the strong USD and profit-taking pressure could continue to push gold lower in the coming months, after the precious metal had a strong rally from late 2023 to April.

Gold prices plummet, stocks struggle: Where does the money go? Cash flow into stocks is quite cautious after the shocking drop in the middle of the month. However, some "story" stocks such as Hoa Phat of billionaire Tran Dinh Long, FPT of Mr. Truong Binh... still attract investors in the context of plummeting gold prices and low interest rates.