Gold price today 4/6/2023, gold price encountered unfavorable factors in the middle of the low season. However, as confidence in currencies erodes, people will go back to classic investment manuals, and gold is part of that. SJC gold increased slightly.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 4/6 and RATE TODAY 4/6
| 1. SJC – Updated: 03/06/2023 09:42 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,350 | 67,050 |
| SJC 5c | 66,350 | 67,070 |
| SJC 2c, 1C, 5 inch | 66,350 | 67,080 |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,550 | 56,500 |
| SJC Gold Ring 99,99 0.5 points |
55,550 | 56,600 |
| Jewelry 99.99% | 55,400 | 56,100 |
| Jewelry 99% | 54,345 | 55,545 |
| Jewelry 68% | 36,302 | 38,302 |
| Jewelry 41.7% | 21,546 | 23,546 |
World gold price and this week recorded a slight increase in the country.
The first trading session of the week, May 29, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 5 - 66,4 million VND/tael (buying in - selling out), an increase of 67,03 VND/tael in the buying afternoon but down 50 thousand VND/tael in the selling afternoon compared to the end of last week.
In 3 sessions of 30/5-1/6, the domestic gold price recorded 2 increasing sessions and 1 decreasing session, by the 2/6 session, gold price increased by 50 VND/tael, trading above 67 million VND/tael.
Specifically, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66,45 - 67,07 million dong/tael (buy in - sell out), an increase of 50 dong/tael in both buying and selling afternoon compared to the closing session 1/6.
Closing the last trading session of the week of May 3, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 6 - 66,35 million VND/tael (buy in - sell out). Thus, compared to the first session of the week of May 67,05 (29 - 5 million dong/tael), the price of SJC gold in Hanoi market listed by Saigon Jewelry Company increased by 66,4 thousand dong/tael in the buying afternoon and 67,03 thousand dong/tael in the selling afternoon.
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| Gold price today 4/6/2023, Gold price suffered a "golden ring" in the middle of the low season, precious metal still sparkles with "historical position", SJC gold rose. (Source: Shutterstock) |
On the international market, in the afternoon session of June 2, gold prices in Asia headed for the biggest weekly gain in nearly two months, thanks to the decline of the dollar and hopes that the US Federal Reserve (Fed) would pause its tightening monetary policy.
Accordingly, the spot gold price kept at $1.977,31 per ounce. From the beginning of the week to the afternoon of June 2, the price of this precious metal increased 6%, heading for the strongest weekly increase since the week ending on April 1,6.
As noted by World & Vietnam, the world gold price closed the trading week (May 2) on Kitco floor at 6 USD/ounce.
Summary of SJC gold prices at major domestic business brands at the close of session 3/6:
VBDQ Saigon Company listed the price of SJC gold at 66,35 - 67,05 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,35-66,95 million VND/tael.
Phu Quy Group is listed at: 66,35 – 66,95 million VND/tael.
PNJ system listed at: 66,4 - 67,0 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66,42 - 67,00 million VND/tael; Dragon Thang Long gold brand traded at 55,46 – 56,36 million VND/tael; Gold jewelry price traded at 55,10 - 56,20 million VND/tael.
Converting to USD price at Vietcombank on July 3, 6 USD = 1 VND, the world gold price is equivalent to 23.650 million VND/tael, lower than the selling price of SJC gold 55,52 million VND/tael.
Gold price is still subject to the "golden ring" of the Fed
According to analysts, with both houses of Congress passing the debt limit agreement and optimistic signals from the latest jobs report, the gold market cannot rule out the possibility of being affected by the Fed's interest rate hike this summer, despite the possibility that the Fed will pause its tightening action in June.
Analysts are still expecting the Fed to pause its rate hike cycle at its June 13-14 meeting, but it is highly likely that the US central bank will conduct another rate hike later this summer.
Sean Lusk, co-director of Walsh Trading, said: “The debt ceiling issue has been resolved. And the employment numbers tell us that things are getting a little better, which can be seen as inflation. It makes the Fed more hawkish.”
The good news is the Fed won't want to shock the market, Gainesville Coins precious metals expert Everett Millman “There is an argument to be made that the Fed should continue to raise rates given strong economic data,” he said.
According to the CME FedWatch tool, markets are pricing in a 70% chance that the Fed will pause rate hikes at this June meeting.
Markets will be closely watching the May inflation report, due on June 5 – just before the Fed's rate decision.
What does this mean for gold?
The gold market risks falling again before resuming the uptrend, analysts said.
Michael Boutros, senior technical strategist at forex.com “The technical structure should suggest a bullish bias in the near term. However, in the short term, there is a risk that gold prices will return to a deeper correction – the $1.926-1.881 area.”
Support for gold is in the range of $1.950-80 per ounce. “Gold will continue to trade sideways in a narrow range,” said Millman. $1.925 an ounce is an important support level. And $1.980 – $2.000 an ounce is resistance.”
Meanwhile, expert Lusk watches the level of 1.940-50 USD/ounce, because of equity performance risks and higher USD.
“Many of the factors that pushed gold prices higher have ceased to exist,” said analyst Millman. At the same time, we have seen the USD and yields rise slightly. Those are headwinds for gold… I wouldn't say gold is overbought.”
The fundamental move towards safety in this environment is to keep gold above $1.900 an ounce, Boutros added.
“As confidence in currencies erodes, people go back to classic investment manuals, and gold is part of that,” he said.
Closing a tumultuous May
May started with much excitement as gold pushed to near record highs above $5 per ounce. However, that excitement was short-lived as the market spent the next three weeks in a strong downtrend with prices falling to two-month lows on May 2.080.
While it is disappointing that gold has failed to hold support and consolidate above $2.000 an ounce, for some investors and analysts, the short-term correction should not be a big surprise.
The market has seen this pattern repeat itself over the past 12 months. As weak economic data stoked fears of a new recession, markets started running ahead of the Fed pricing in a rate cut. At the start of the month, markets saw almost a 17% chance of a rate cut in June. At the same time, the market sees interest rates about 100 basis points lower by the end of the year.
These dovish expectations stand in stark contrast to what central banks have been trying to tell investors. Inflationary pressures have eased but are still too high for the central bank to signal any change in monetary policy.
Now, with less than two weeks until the next Fed monetary policy meeting (June 13-14), the real thing is starting to happen. The 6 basis points of year-end easing are already pretty much priced out of the market. At the same time, even if the Fed leaves rates unchanged in June, more and more people accept that there could still be another rate hike this summer.
This new shift in interest rate expectations is creating a challenging environment for gold as it is supporting the dollar, which is trading at three-month highs. On top of that, Summer has traditionally been a weak seasonal time for precious metals.
Despite the challenging environment that could prevent gold from hitting all-time highs in the near term, there is significant long-term support for the precious metal. The biggest factor that will continue to support prices is central bank demand.
This week, the World Gold Council released its annual Gold Reserve Survey of Central Banks. Of the 59 central banks surveyed from February 7 to April 2, about 7% said they plan to buy gold over the next 4 months.
The survey results show that: "The historical location" of gold continues to be the top reason for central banks to hold the precious metal, with 77% of respondents saying that gold is very or somewhat relevant.
One clear message is that the need for central banks has completely changed the market. While physical demand is not directly driving gold prices higher, the official sector is providing solid value and support to investors.
The survey also shows why investors should pay attention to central bank gold demand. The bottom line is that central banks are buying gold for the same reason that investors should. They need to diversify their holdings, protect the purchasing power of their currency, and hedge against economic risks.
While gold may be in a challenging environment, analysts still recommend that it's time to build a strategic position and take advantage of the precious metal's lower prices.
