Gold price on June 8: Gold rings drop sharply following world prices, gold bars maintain price

The world gold price today (June 8) suddenly “plummeted”, falling 3% to below the 2,300 USD/ounce mark overnight when the People’s Bank of China announced to stop buying gold for storage after 18 consecutive months. Domestically, the price of SJC gold bars remained unchanged, trading at 76.98 million VND/tael; gold rings fell sharply following the world price to 74.2 million VND/tael.

In the domestic market, for the second consecutive day, the price of gold bars remained stable after being adjusted down by more than 15 million VND/tael from the peak. The price of gold rings decreased sharply following the decline in world gold prices.

As of 9:30 a.m. on June 8, 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 prices was VND2 million/tael.

Gold price statistics of Dragon Viet Online Service Joint Stock Company VDOS - Updated at 9:30 a.m. on June 8.

SJC gold price The listed buying and selling prices are at 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 more than 6 million VND/tael.

SJC 9999 gold ring price down 1 million VND, buying 72.6 million VND/tael, selling 74.2 million VND/tael. Difference between buying and selling 1.6 million VND/tael.

PNJ gold bought at 72.6 million VND/tael and sold at 74.3 million VND/tael, down 900,000 VND compared to the previous session.

This week, the world spot gold market opened the trading week at 2,325.26 USD and fluctuated in a relatively narrow range of 25 USD for the first 4 days.

A 25 basis point interest rate cut from the European Central Bank (ECB) and the Bank of Canada was the catalyst for gold to hit a weekly high of $2,386.75 on Friday. But then the People’s Bank of China (PBoC) announced that it would end its 18-month gold buying streak in May, sending the precious metal tumbling below the $2,300/ounce support level.

As of 9:00 a.m. on June 8 (Vietnam time), the world gold price dropped sharply by 84 USD compared to the previous session to 2,292.6 USD/ounce. Thus, the price of this precious metal has dropped by 3% after only 1 day.

The latest Kitco News weekly gold survey shows that a majority of experts are not optimistic about gold's near-term prospects, while most retail traders expect gold to rise next week.

World gold price chart on June 8. (Photo: kitco.com)

Adam Button, head of currency strategy at Forexlive.com predicts: “Gold prices continues to decline. This news from China is bad.”

For his part, James Stanley, senior market strategist at Forex.com, said that the price of this precious metal will continue to rise because the support structure is still intact on the weekly chart. "In the first four days of the week, gold maintained a fairly good position until it found resistance at 2378," Mr. James Stanley analyzed.

“I think the news about China’s gold reserves trend could be a trap and I don’t think the US Federal Reserve will be too ‘tough’ next week,” Stanley added.

Eighteen Wall Street analysts participated in the Kitco News Gold Survey this week, and after Friday’s sharp decline, few are bullish on the precious metal’s outlook for the coming week. Only two analysts, or 11 percent, expect gold prices to rise. Eleven analysts, or 61 percent, see lower prices, while five, or 28 percent, see sideways prices next week.

Meanwhile, Main Street retail investors are relatively bullish on gold prices next week. Of the 184 respondents, 107 retail traders, or 58 percent, expect gold prices to rise. Thirty-three investors, or 18 percent, see gold falling, while 44, or 24 percent, are neutral.

This morning, the USD-Index increased to 104.93 points; the yield on 10-year US Treasury bonds also increased to 4.433%; US stocks fell after a "hotter" than expected jobs report; oil prices fell to 79.44 USD/barrel for Brent oil and 75.38 USD/barrel for WTI oil.

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