(Photo: DANG ANH)
At 1 p.m. on June 1, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND80.95 million/tael for buying and VND83.5 million/tael for selling, down VND2.1 million and VND2.45 million, respectively, compared to the previous session. The difference between buying and selling prices was VND2.55 million/tael.
The listed SJC gold price for buying and selling is 81-84 million VND/tael, down 2 million VND and 3 million VND respectively compared to the previous session. The difference between buying and selling is up to 3 million VND/tael.
Currently, the price of SJC gold bars is about 14 million VND/tael higher than the world price.
The price of SJC 9999 gold rings decreased by 500,000 VND, buying at 74.1 million VND/tael, selling at 75.8 million VND/tael. The difference between buying and selling is 1.7 million VND/tael.
PNJ gold bought at 74 million VND/tael and sold at 75.7 million VND/tael, down 600,000 VND compared to the previous session.
Only 3 days after the State Bank of Vietnam announced that it would sell gold directly to 4 state-owned commercial banks ( Agribank , BIDV, Vietcombank, VietinBank), and although these banks officially started selling gold on June 3, the price of gold has already "dropped" 5-6 million VND/tael.
People who bought gold at the price of 90.9 million VND/tael 3 days ago, if they sell it now, will lose nearly 10 million VND/tael.
As of 1 p.m. on June 1 (Vietnam time), the world gold price decreased by 15.9 USD compared to the previous session to 2,326.7 USD/ounce.
After opening the trading week at $2,334 an ounce, the global gold price rose to $2,360. But once again, the uptrend ended and the precious metal price quickly fell to a new weekly low of $2,325.06 this morning.
Yesterday, the gold market received the Personal Consumption Expenditures (PCE) report. Although inflation increased in line with expectations, increasing the possibility of the US Federal Reserve (FED) cutting interest rates this year, the world gold price still decreased.
Gold has been under pressure recently due to strong economic data and a dovish stance from Fed officials. Dallas Fed President Lorie Logan said recently that she believes inflation is still moving toward the 2% target, but she added that it is too early to consider cutting interest rates.
The latest Kitco News weekly gold survey shows that a majority of professionals and retail investors are bullish on the precious metal’s near-term outlook, while a minority are neutral or bearish.
Specifically, 10 major Wall Street investors participated in the Kitco News Gold Survey. Of these, 6 experts, or 60%, expect gold prices to rise next week. 2 analysts, or 20%, predict prices will fall and the remaining 2 investors believe that the precious metal will move sideways next week.
Meanwhile, 128 Main Street retail investors, or 58 percent, expect gold prices to rise next week. Fifty-three investors, or 24 percent, expect prices to fall, while 41 respondents, or 18 percent, are neutral on the near-term direction of gold prices.
Currently, the USD-Index is at 104.63 points; the yield on 10-year US Treasury bonds has dropped to 4.503%; US stocks are “green” after the inflation report; oil prices have slightly decreased to 81.37 USD/barrel for Brent oil and 77.18 USD/barrel for WTI oil.
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