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 price suddenly decreased as the market waited for US economic data expected to be released this week. Domestic economic experts proposed taxing gold transactions.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/18 and EXCHANGE RATE TODAY 6/18

1. SJC - Updated: 06/17/2024 08:38 - 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 ▼50K	74,900 ▼50K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,300 ▼50K	75,000 ▼50K
Jewelry 99.99%	73,200 ▼50K	74,100 ▼50K
Jewelry 99%	71,366 ▼50K	73,366 ▼50K
Jewelry 68%	48,043 ▼34K	50,543 ▼34K
Jewelry 41.7%	28,553 ▼21K	31,053 ▼21K

Update gold price today June 18, 2024

Domestic gold price on June 17 was stable.

On the morning of June 17, the price of SJC gold bars continued to maintain stability with a uniform selling price of 76.98 million VND/tael, unchanged from the selling price in the past few days.

At 8:46 a.m., DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), keeping the same price as the closing price on the afternoon of June 16.

Saigon Jewelry Company (SJC) listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), stable compared to the closing price on the afternoon of June 16.

Gold price today June 18, 2024: World gold price plummets, people are advised to avoid being taken advantage of, experts give advice to avoid speculation and manipulation. (Source: AFP)

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

However, according to experts, gold buyers should be cautious in transactions as world gold prices are always fluctuating.

Currently, the price of SJC gold bars is below 77 million VND/tael (selling price), the lowest level since January 30, 2024. If calculated from the historical price of 92.5 million VND, each tael of gold bar sold has decreased by nearly 16 million VND. The gap between domestic and world gold prices continues to narrow to about 5 million VND per tael.

To prevent acts of spreading false information, speculation, profiteering, and manipulation of the gold market, the State Bank has requested the Ministry of Public Security to coordinate in verifying and strictly handling violations to narrow and control the gap between domestic SJC gold bar prices and world prices according to the direction of the Government and the Prime Minister. At the same time, the Hanoi City Police and the Ho Chi Minh City Police ensure security at gold selling locations of commercial banks and SJC Company, limiting the situation of subjects with bad intentions hiring people to queue up to buy gold, causing 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, and it is necessary to soon recommend the Ministry of Finance to develop tax policies for gold. Applying tax policies to the domestic gold market will help reduce the demand for gold of some investors and the market. Especially for those who buy gold for the purpose of speculation, hoarding, and manipulating gold prices; the above solution can affect the psychology of consumers, causing them to switch to other investment channels, thereby helping to control gold prices.

In addition, applying tax will ensure fairness in gold trading activities and create a healthy business environment. Currently, the securities and real estate sectors are also applying personal income tax, so gold trading should also apply appropriate tax policies.

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

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; Rong Thang Long gold brand is traded at 74.28 - 75.58 million VND/tael; jewelry gold price is traded at 73.40 - 75.30 million VND/tael.

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

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

Converted according to the USD price at Vietcombank on June 17, 1 USD = 25,471 VND, the world gold price is equivalent to 71.28 million VND/tael, 5.7 million VND/tael lower than the selling price of SJC gold.

Gold prices fall as investors await Fed signal

Gold prices fell on Monday as investors remained cautious ahead of more US economic data, while reports from last week showed inflation was stabilizing, raising expectations that the Federal Reserve (Fed) could cut interest rates this year.

Spot gold fell 0.5% to $2,318.79 an ounce as of 0753 GMT, after rising more than 1% on Friday. US gold futures fell 0.6% to $2,333.50.

“Today’s small move is probably just a slight retracement from the action we saw last Friday,” said Kyle Rodda, financial markets analyst at Capital.com. He added that long-term, the fundamentals are very constructive for gold, but it still depends on U.S. economic data.

Retail sales data for the world's No. 1 economy will be released on June 18 (US time), weekly jobless claims on June 20 and the PMI index is scheduled for release on June 21. Several Fed officials are also scheduled to speak this week.

“With some signs of weakness emerging in the US economy, which could weigh on the strength of the US dollar and also raise expectations of future rate cuts, gold is in a great position to take advantage,” added analyst Rodda.

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

Traders expect a 67% chance of a rate cut in September, compared with 63% ahead of producer price data next Thursday, according to CME Group's FedWatch Tool.

However, Minneapolis Fed President Neel Kashkari said on June 16 that it was a “reasonable guess” that the US central bank would cut interest rates once this year and would have to wait until December to do so.

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

External markets put pressure on gold, silver prices

Meanwhile, according to Kitco News , world gold prices fell in early trading on Monday in the US. In the context of a lack of important, fresh fundamental news to boost the metal market to start the trading week, gold traders are focusing on the outside markets, which are in a mostly bearish state.

Earlier on June 17, gold prices in the Asian market fell due to rising US government bond yields, as market participants looked for more economic data to assess when the Fed will start cutting interest rates.

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

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

Gold demand in India remained sluggish last week, despite the recent price correction, as buyers refrained from buying in the absence of any major festivals.

Source