Domestic gold price today

Early this morning, the gold market continued its series of quiet days, with gold prices remaining around 67 million VND/tael. Currently, the domestic precious metal prices are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.45 million VND/tael and sold at 67.07 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices fluctuated slightly this morning. Photo: vietnamnet.vn

DOJI brand gold price in Hanoi is listed at 66.4 million VND/tael for buying and 67 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.3 million VND/tael for buying and 66.9 million VND/tael for selling. PNJ gold is listed at 66.5 million VND/tael for buying and 67 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.31 million VND/tael for buying and 66.88 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 8 as follows:

Yellow

Area

Early morning 7-6

Early morning 8-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.4

67

66.4

67

-

-

Ho Chi Minh City

66.4

67

66.4

66.95

-

-50

Phu Quy SJC

Hanoi

66.4

67

66.3

66.9

-100

-100

PNJ

Ho Chi Minh City

66.6

67.1

66.5

67

-100

-100

Hanoi

66.6

67.1

66.5

67

-100

-100

SJC

Ho Chi Minh City

66.4

67

66.45

67.05

+50

+50

Hanoi

66.4

67.02

66.45

67.07

+50

+50

Danang

66.4

67.02

66.45

67.07

+50

+50

Bao Tin Minh Chau

Nationwide

66.42

66.98

66.31

66.88

-110

-100

World gold price today

The world gold price turned around early this morning with spot gold falling 23.5 USD to 1,939.5 USD/ounce. August gold futures last traded at 1,958.4 USD/ounce, down 23.1 USD compared to early the previous day.

World gold prices fell sharply when some economic data from China showed that the slowing global economy could reduce demand for precious metals. Specifically, China's exports in May fell more than expected. The country's overseas shipments in May fell 7.5% to $283.5 billion compared to the same period last year. Meanwhile, imports in May also fell 4.5% compared to the same period last year, to $217.69 billion.

The Wall Street Journal headlined, “China’s Trade Decline Points to Global Problems.” The story said China’s post-Covid economy is “flailing” and global trade is “cooling rapidly” as major central banks tighten their monetary policies. That could hurt demand for raw commodities, including metals.

Besides, rising US Treasury yields also negatively impacted safe-haven metals.

Gold demand is expected to fall 9% in 2023 as central banks reduce official purchases of the precious metal after a record year, with prices also facing downward pressure in the second half of 2023, according to a recent report by Metal Focus.

While demand is down, total gold supply is forecast to increase by 2% this year, driven by higher mining and recycling output, resulting in the gold market returning to a market surplus of more than 500 tonnes this year.

World gold fell sharply this morning. Photo: Kitco

Metals Focus CEO Philip Newman forecasts that the annual average price is estimated to rise 5% to a new all-time high of $1,890 an ounce, but will come under pressure in the second half of this year.

Gold has gained about 7% year-to-date after a strong rally on expectations that the Federal Reserve is nearing the end of its tightening cycle and may even cut interest rates by year-end. However, that rally was capped in May as market expectations shifted to “higher for longer” rates.

“As investors adjust their interest rate expectations, this will create new headwinds for gold prices in the second half of 2023. Metals Focus warns that current expectations for a rate cut before the end of 2023 are too strong given the strength of the resilient US labor market and still-rising inflation,” the report said. “We still see the US economy preparing for a soft landing, which will give the Fed the ability to keep rates high for longer.”

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,939.5 USD/ounce (equivalent to nearly 55.3 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently about 11.7 million VND/tael.

TRAN HOAI