Gold price today June 29: Continuous decrease, unexpected forecast

(NLDO) – Experts predict that it will continue while investors still expect gold prices to increase today.

On Sunday morning, June 29, today's gold price was listed by companies at 117.2 million VND per tael for buying and 119.2 million VND per tael for selling, down about 500,000 VND per tael compared to last weekend.

Meanwhile, 99.99% gold rings and jewelry gold were traded at VND113.2 million/tael for buying and VND115.8 million/tael for selling, also down VND500,000/tael.

Domestic gold prices fluctuated slowly within a narrow range last week, continuing to widen the gap with world prices as investors awaited the latest developments related to gold policy.

It is expected that the gold market will have a major change in structure when the monopoly mechanism for SJC gold bars is eliminated, and more banks and businesses will be allowed to participate in the market - when the draft amendment to Decree 24 is issued.

However, last week the gold price did not decrease like the world price but remained at a high level, disappointing many people who were waiting for the price to go down.

Meanwhile, gold prices had a week of strong fluctuations on the international market. At the end of the week, the precious metal on the international market closed at 3,274 USD/ounce, down 95 USD/ounce (equivalent to about 3 million VND/tael) compared to the end of last week.

Domestic gold prices decrease much slower than world prices

Precious metals are less attractive to investors, in the context of geopolitical conflicts in the Middle East cooling down; trade and tariff negotiations between the US and other countries have not had any new developments; international stocks are improving...

However, Kitco's survey results on gold price trends next week show quite surprising developments, with divergence in gold price forecasts.

SJC gold bar price fluctuated within a narrow range last week

Of the 17 analysts who responded on Wall Street, only 35% said gold prices would rise next week, while 53% predicted prices would continue to fall and the remaining 12% said prices would remain flat.

For individual investors, the optimism rate is higher as 51% expect gold prices to increase again in the coming days, 27% think gold prices will decrease and the remaining 21% predict a sideways trend.

Currently, if converted according to the domestic exchange rate, the world gold price is equivalent to about 103.4 million VND/tael, which is more than 15 million VND/tael lower than the price of SJC gold bars and more than 12 million VND/tael lower than the price of gold rings.

Source: https://nld.com.vn/gia-vang-hom-nay-29-6-giam-lien-tuc-duoc-du-bao-bat-ngo-196250629083948759.htm