World gold price moves positively, Americans tighten their belts, SJC "stands still"

Gold prices today, June 19, 2024, increased when newly released data showed that American consumers have begun to tighten their belts and adjust their spending habits. Many experts said that gold has many positive factors to increase in price.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/19 and EXCHANGE RATE TODAY 6/19

1. SJC - Updated: June 18, 2024 08:41 - Website time of supply - ▼ / ▲ 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	73,300	74,900
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,300	75,000
Jewelry 99.99%	73,200	74,100
Jewelry 99%	71,366	73,366
Jewelry 68%	48,043	50,543
Jewelry 41.7%	28,553	31,053

Update gold price today June 19, 2024

The domestic gold price of SJC brand continues to be stable and recorded the 9th consecutive day of no change in price. For the buying direction, businesses commonly listed in the range of 74.98 - 76 million VND/tael.

The selling price was 76.98 million VND/tael, unchanged from the previous session.

SJC gold bar price Four state-owned commercial banks, including Agribank , BIDV, Vietcombank and VietinBank, also continued to maintain the old level, 76.98 million VND/tael.

Deputy Governor of the State Bank Pham Quang Dung said that the State Bank assessed that the attractiveness of gold is still very large due to the high demand for gold reserves among the people. Therefore, it is necessary to study and exploit gold resources for production and business. On the other hand, the situation of dollarization and goldification still exists in the economy , and handling it takes time.

The Deputy Governor said that the State Bank will continue to study Decree 24 on gold trading, with the goal of preventing goldization of the economy, not allowing goldization to affect monetary policy management, exchange rates, foreign exchange, and balance of payments; not allowing gold prices to differ greatly from world prices; not allowing gold to affect economic policy, not affecting social psychology; and studying to gradually bring gold resources from the people into production and business.

World gold prices rose slightly in the afternoon trading session on June 18. According to Kitco, the precious metals market has moved into positive territory as the latest economic data shows that American consumers have begun to tighten their belts and adjust their spending habits.

The U.S. Commerce Department said retail sales rose 0.1% in May 2024. The data was significantly lower than expected. Economists had predicted retail sales would rise 0.3% last month.

According to TG&VN at 7:45 p.m., the world gold price on the Kitco exchange was at 2,321.4 - 2,322.4 USD/ounce, up 3.1 USD compared to the previous trading session.

Gold price today June 19, 2024: World gold price moves positively, Americans tighten their belts, SJC 'standstill'. (Source: Bloomberg)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of June 18:

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.

You should only invest when the domestic gold price approaches the world price.

Regarding the risks of investing in gold, Dr. Le Xuan Nghia, an economic expert, said that people and investors in the gold market need to pay attention to their business when the gold price is gradually decreasing, the difference between international and domestic prices will be narrowed.

He said: “It is clear that many people who rushed to buy gold in the recent past have lost money, even those who bought gold to stabilize the market have also lost money. In recent months, the speculative factor has decreased, as evidenced by the fact that people's savings deposits at banks have shown signs of increasing again, although corporate deposits continue to decrease.”

Assessing the right time to invest in gold, Dr. Le Xuan Nghia said that one should only invest when the domestic gold price is close to the world price or the price difference is from 1 to 2 million VND/tael.

This economic expert emphasized: "Investors and speculators in the financial market need to review their investment portfolios in the direction of economic recovery, the stock market and real estate market warming up again, and the gold market price will continue to decrease."

In the world market, the recent changes in the monetary policy of the US Federal Reserve (Fed) have put strong pressure on the gold market, pushing prices much lower than the all-time record. However, despite the consolidation process of gold, many experts believe that gold has many positive factors to increase in price.

For example, Saxo Bank commodity strategist Ole Hansen said that demand for precious metals is currently strong enough to keep prices from falling, and even increase.

Traders are pricing in a 67% chance of a rate cut in September, according to the CME FedWatch Tool, as the latest report showed consumer prices in May were unchanged for the first time in nearly two years.

Source: https://baoquocte.vn/gia-vang-hom-nay-1962024-gia-vang-the-gioi-chuyen-vung-tich-cuc-nguoi-my-that-lung-buoc-bung-sjc-bat-dong-275420.html