Gold price on June 7: SJC gold bars cut the streak of 4 consecutive sessions of decline

(Photo: THANH DAT)

In the domestic market, on the morning of June 7, the Governor of the State Bank of Vietnam approved the direct selling price of gold bars on June 7 at VND75.98 million/tael, unchanged from yesterday's session and VND3 million lower than the first day of sale (June 3) for 4 commercial banks and Saigon Jewelry Company Limited (SJC).

At 11:30 a.m. on June 7, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND74.98 million/tael for buying and VND76.98 million/tael for selling, unchanged from the previous session. The difference between buying and selling was VND2 million/tael.

The listed SJC gold price is 74.98-76.98 million VND/tael, unchanged from the previous session. The difference between buying and selling is 2 million VND/tael.

Currently, the difference between SJC gold bar price and world price has narrowed to about 4 million VND/tael.

The price of SJC 9999 gold ring is 73.6 million VND/tael for buying and 75.2 million VND/tael for selling. The difference between buying and selling is 1.6 million VND/tael.

PNJ Gold bought at 73.5 million VND/tael and sold at 75.2 million VND/tael, unchanged from the previous session.

As of 11:30 a.m. on June 7 (Vietnam time), the world gold price increased by 9.2 USD compared to the previous session to 2,385.2 USD/ounce.

World gold prices continued to increase today in the context of the European Central Bank (ECB) cutting interest rates and the weakening of the USD.

In addition, the US Bureau of Labor Statistics (BLS) announced that the number of new unemployment claims last week was 229,000, higher than forecast, reinforcing the possibility that the US Federal Reserve (FED) will likely loosen interest rates this year, which is also a reason to support precious metal prices.

The ECB has cut interest rates for the first time in five years, cutting its deposit rate by 25 basis points to 3.75%. The ECB is the first major central bank to cut rates since the global fight against inflation began. The Bank of Canada followed suit in the middle of this week and signaled more cuts this year.

In addition to monetary policy expectations, according to experts, gold prices are also supported by demand for reserves from central banks. The World Gold Council said that in April, central banks around the world bought a net 33 tons of gold despite the high price of the precious metal.

Metals Focus director Neil Meader predicts gold prices are likely to hit a new all-time high later this year and will average around $2,250 an ounce this year, up 16% from last year's record average price.

This morning, the USD-Index slightly decreased to 104.07 points; the yield on 10-year US Treasury bonds was at 4.298%; US stocks witnessed a sideways trend after yesterday's impressive increase; oil prices continued to recover to 80.06 USD/barrel for Brent oil and 75.78 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-7-6-vang-mieng-sjc-cat-chuoi-giam-4-phien-lien-tiep-193207.html