World gold prices plummet, people are warned not to be taken advantage of, experts give advice to avoid speculation and manipulation

Gold price today, June 18, 2024: World gold prices unexpectedly fell as the market awaited US economic data expected to be released this week. Domestic economic experts propose taxing gold transactions.

LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, JUNE 18TH

1. SJC - Updated: 17/06/2024 08:38 - Time on source website - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1C, 5 phân	74,980	77,010
SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels.	73,300 ▼50K	74,900 ▼50K
SJC 99.99 gold rings, 0.3 tael, 0.5 tael	73,300 ▼50K	75,000 ▼50K
99.99% Authentic Jewelry	73,200 ▼50K	74,100 ▼50K
99% Jewelry	71,366 ▼50K	73,366 ▼50K
Jewelry 68%	48,043 ▼34K	50,543 ▼34K
Jewelry 41.7%	28,553 ▼21K	31,053 ▼21K

Gold price update for today, June 18, 2024

Domestic gold prices remained stable on June 17th.

On the morning of June 17th, the price of SJC gold bars continued to remain stable at 76.98 million VND/ounce, unchanged from the selling price in the past few days.

At 8:46 AM, DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/ounce (buying price - selling price), unchanged from the closing price on the afternoon of June 16th.

Saigon Jewelry Company (SJC) listed the price of SJC gold at 74.98 - 76.98 million VND/ounce (buying price - selling price), remaining stable compared to the closing price on the afternoon of June 16th.

Gold prices today, June 18, 2024: World gold prices plummet, people advised to avoid being exploited, experts offer advice to avoid speculation and manipulation. (Source: AFP)

On the market, gold trading has cooled down as the State Bank of Vietnam entered its second week of directly selling gold bars to four state-owned commercial banks and Saigon Jewelry Company (SJC). According to analysts, the State Bank's direct sale of gold bars has brought the difference between domestic and international gold prices to a reasonable level.

However, according to experts, gold buyers should exercise caution when trading as world gold prices are always fluctuating.

Currently, the price of SJC gold bars is below 77 million VND/ounce (selling price), the lowest level since January 30, 2024. Compared to the historical high of 92.5 million VND, each ounce of gold has decreased by nearly 16 million VND. The difference between domestic and international gold prices continues to narrow to approximately 5 million VND per ounce.

To prevent the spread of false information, speculation, profiteering, and manipulation of the gold market, the State Bank of Vietnam has requested the Ministry of Public Security to cooperate in verifying and strictly handling violations in order to narrow and control the difference between the domestic selling price of SJC gold bars and the world price, as directed by the Government and the Prime Minister. At the same time, the Hanoi and Ho Chi Minh City Police are ensuring security at gold selling locations of commercial banks and SJC Company, limiting situations where individuals with malicious intentions hire people to queue up to buy and hoard gold, causing public disorder.

To prevent speculation and manipulation of gold prices, economic experts propose taxing gold transactions.

Associate Professor Dr. Nguyen Thi Mui proposed that tax management is the most important approach and that the Ministry of Finance should be urged to promptly develop tax policies for gold. Applying tax policies to the domestic gold market would help reduce the demand for gold from certain investor groups and the market. In particular, for those who buy gold for speculation, hoarding, or price manipulation, this solution could influence consumer sentiment, causing them to switch to other investment channels, thus helping to control gold prices.

Furthermore, applying taxes will ensure fairness in the gold trading business and create a healthy business environment. Currently, sectors such as securities and real estate are also subject to personal income tax; therefore, gold trading should also be subject to appropriate tax policies.

Summary of SJC gold bar prices at major domestic gold trading brands at the closing times of the afternoon trading session on June 17th:

Saigon Jewelry Company (VBĐQ Sài Gòn) listed the price of SJC gold at: 74.98 - 76.98 million VND/ounce.

Doji Group listed the price of SJC gold at: 75.3 - 76.98 million VND/ounce.

PNJ's listed price is: 74.98 - 76.98 million VND/ounce.

Phu Quy Gold and Gemstone Group listed gold at: 75.5 - 76.98 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at: 75.5 – 76.98 million VND/ounce; the Thang Long Dragon gold brand is trading at 74.28 – 75.58 million VND/ounce; and the price of gold jewelry is trading at 73.40 – 75.30 million VND/ounce.

Thus, compared to the morning session of June 17th, the price of SJC gold in the afternoon session of the same day, as listed by Saigon Jewelry Company, remained unchanged for both buying and selling prices.

According to World & Vietnam Newspaper and information on Kitco News , as of 7:50 PM Vietnam time on June 17th, the world gold price was listed at 2,320.7 USD/ounce, a decrease of 13.1 USD/ounce compared to the previous trading session.

Based on the USD exchange rate at Vietcombank on June 17th, 1 USD = 25,471 VND, the world gold price is equivalent to 71.28 million VND/ounce, which is 5.7 million VND/ounce lower than the selling price of SJC gold.

Gold prices fell as investors awaited signals from the Fed.

Global gold prices fell on Monday as investors remained cautious ahead of further US economic data, while reports from last week indicated stabilizing inflation, raising expectations that the Federal Reserve (Fed) may cut interest rates this year.

Spot gold fell 0.5% to $2,318.79 an ounce as of 07:53 GMT, after rising more than 1% on Friday. US gold futures fell 0.6% to $2,333.50.

Kyle Rodda, a financial market analyst at Capital.com, said: “Today’s small swing is probably just a slight dip from what we saw last Friday.” He added that, in the long term, the fundamentals are very constructive for gold, but it remains dependent on US economic data.

Retail sales data for the world's number one economy will be released on June 18 (US time), weekly jobless claims figures on June 20, and the PMI index expected on June 21. Several Fed officials are also expected to speak this week.

Analyst Rodda added: “With some signs of weakness emerging in the US economy, which could weaken the dollar and also increase expectations of future interest rate cuts, gold is in a great position to take advantage.”

Data released last week showed that price pressures in the US have eased, the labor market is losing momentum, raising hopes of an interest rate cut in September.

According to CME Group's FedWatch tool, traders expect a 67% probability of an interest rate cut in September, compared to 63% ahead of producer price data this coming Thursday.

However, Minneapolis Fed President Neel Kashkari said on June 16 that a single interest rate cut by the US central bank this year is a "reasonable prediction" and that it should wait until December to do so.

Lower interest rates reduce the opportunity cost of holding non-yielding gold bullion.

External markets are putting pressure on gold and silver prices.

Meanwhile, according to Kitco News , world gold prices fell in early Monday trading in the US. Amid a lack of significant new fundamental news to boost the metals market at the start of the trading week, gold traders are focusing on external markets, which are mostly bearish.

Earlier on June 17, gold prices in Asian markets fell due to rising US Treasury yields, as market participants sought further economic data to assess when the Fed would begin cutting interest rates.

Specifically, spot gold prices fell 0.3% to $2,326.78 per ounce at 8:26 AM (Vietnam time). US gold futures also fell 0.3% to $2,341.70 per ounce.

The yield on 10-year US Treasury bonds rose in this session, standing at 4.2402%, making gold – a non-yielding asset – less attractive to investors.

Gold demand in India remained sluggish last week, despite recent price corrections, as buyers limited their purchases due to the absence of any major festivals.

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