Gold ring price unexpectedly high, world will increase in the next 6 months, soon return to record level?

Gold price today June 20, 2024, the price of gold rings unexpectedly chased closely behind SJC gold bars. In the world market, when the Fed has not reversed to reduce interest rates, the greenback is still at a high level, thereby negatively affecting gold.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/20 AND EXCHANGE RATE TODAY 6/20

1. SJC - Updated: 06/19/2024 08:26 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1c, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	73,450 ▲150K	75,050 ▲150K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,450 ▲150K	75,150 ▲150K
Jewelry 99.99%	73,350 ▲150K	74,350 ▲250K
Jewelry 99%	71,614 ▲248K	73,614 ▲248K
Jewelry 68%	48,213 ▲170K	50,713 ▲170K
Jewelry 41.7%	28,657 ▲104K	31,157 ▲104K

Update gold price today 6/20/2024

Domestic gold prices have been stable for many consecutive sessions, for SJC gold bars.

SJC gold bar price The price of SJC gold bars sold by banks has remained unchanged at 76.98 million VND/tael, as announced by 4 state-owned commercial banks including Agribank , BIDV, Vietcombank and VietinBank. This is the 10th consecutive session that the price of SJC gold bars sold by banks has remained unchanged at 76.98 million VND/tael.

The price of 9999 gold rings continues to increase, approaching SJC gold bars, surpassing the 75 million VND/tael mark, now only 1 million VND/tael lower.

Gold prices have continuously recorded sideways sessions, the price of SJC gold bars of Saigon Jewelry Company has not had any further fluctuations until the end of the trading session on the afternoon of June 19, currently listed at 74.98 - 76.98 million VND/tael (buy - sell).

As of early this afternoon, the price of Bao Tin Minh Chau's Rong Thang Long gold brand increased by VND50,000/tael compared to the end of yesterday, currently standing at VND74.33 - 75.63 million/tael (buy - sell).

Global gold prices are on track to move higher, boosted by the latest weaker US economic reports. In addition, the recovery of crude oil markets to a six-week high is also a bullish factor for the metal market.

According to TG&VN at 7:45 p.m., the world gold price on the Kitco exchange was at 2,326.30 - 2,327.30 USD/ounce, down 3.4 USD compared to the previous trading session.

With the main message from the US Federal Reserve (Fed) being that inflation remains high and the Fed needs to maintain a tightening policy stance for a while longer, the DXY index - measuring the greenback's volatility against six major currencies - climbed to 105-106 points, thereby putting great pressure on gold prices.

In addition, despite a strong increase, precious metals are still under selling pressure at a time when the USD is expected to remain high for many months to come as the Fed remains cautious about the possibility of inflation returning. As the Fed has not yet reversed course to lower interest rates, the greenback remains high, negatively impacting gold.

With the current price of about 2,331.4 USD/ounce, the world gold price converted to VND (including tax and processing fee) is at 72.36 million VND/tael, so the difference between domestic and world SJC gold prices is about 4.62 million VND/tael.

Gold price today June 20, 2024: World gold price will increase in the next 6 months, will return to record level. (Source: Kitco)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of June 19:

Saigon Jewelry Group listed SJC gold price at: 74.98 - 76.98 million VND/tael.

Doji Group listed SJC gold price at: 75.3 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at: 75.5 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.5 - 76.98 million VND/tael.

Investors need to be patient with gold

Precious metals could continue to consolidate through the summer as markets accept the Federal Reserve's tightening model, according to Bank of America Wells Fargo.

In an interview with Kitco News , John LaForge, the bank's head of real asset strategy, said that he does not expect the Federal Reserve to cut interest rates until the final months of the year. He added that the market is seeing strong signs that the Fed's aggressive monetary policy has reached its limits.

Until then, LaForge said, the market will depend on the natural ebb and flow of retail demand. He pointed out that Asian consumers, led by Chinese and Indian buyers, are a key driver of the physical bullion market, supporting prices at near-record levels.

Central banks will continue to buy gold, and the precious metal has solid upside potential through 2025, according to Wells Fargo's mid-year price forecast update. Gold is expected to trade in a range of $2,300 to $2,400 an ounce, with the range expected to increase to $2,400 to $2,500 an ounce by the end of 2025.

While Western retail investors continue to wait for the right time to jump into the gold market, LaForge said he does not see that hesitation among official gold buyers. He added that he expects central banks to continue buying gold because there are still many years left in this new commodity supercycle.

In the current environment, countries will continue to diversify into gold to protect their wealth and purchasing power as higher commodity prices add to inflationary pressures, explained Wells Fargo’s chief strategist. “As long as debt is an issue, gold will remain an option on the table.”

While LaForge sees solid potential for gold and silver through 2025, he said investors should maintain a diversified portfolio of commodities. “The fundamental idea of ​​a super cycle is that there is not enough supply to meet demand. You can generally think of it as a rising tide that lifts all boats, and the worst strategic move you can make is to try to be too nice and pick one asset over another.”

Wells Fargo also said that heightened geopolitical uncertainty ahead of the November U.S. election poses some risks to financial markets in the second half of the year. Looking ahead, the bank noted that interest rate expectations are falling in line with its initial estimates. In December, analysts said that the possibility of six rate cuts this year was too extreme. Wells Fargo expects only about two rate cuts this year.

Source: https://baoquocte.vn/gia-vang-hom-nay-2062024-gia-vang-nhan-cao-bat-ngo-the-gioi-se-tang-trong-6-thang-toi-som-tro-lai-muc-ky-luc-275511.html