Gold price today June 21, 2024, gold ring price increased steadily, SJC gold bar price remained unchanged for 11 consecutive sessions, currently only 1.73-1.83 million VND/tael higher than gold ring price. World gold price continues to increase, making the gap with the world level increasingly narrow.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/21 AND EXCHANGE RATE TODAY 6/21
| 1. SJC - Updated: 06/20/2024 08:45 - 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 | 73,600 | 75,200 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 73,600 | 75,300 |
| Jewelry 99.99% | 73,500 | 74,500 |
| Jewelry 99% | 71,762 | 73,762 |
| Jewelry 68% | 48,315 | 50,815 |
| Jewelry 41.7% | 28,720 | 31,220 |
Update gold price today June 21, 2024
Domestic gold price has remained at 76.98 million VND/tael for nearly two weeks.
The price of SJC gold bars at the end of the trading session on June 20 at trading units nationwide continued to be stable at 74.98 - 76.98 million VND/tael (buy - sell).
The price of 9999 gold rings continues to increase steadily, approaching the price of SJC gold bars. Some brands adjusted their prices up in the trading session on June 20. Saigon Jewelry Company adjusted its price up by VND100,000/tael, listing the price of gold rings at VND73.55-75.15 million/tael (buy - sell). Doji Group buys and sells 9999 plain round gold rings at VND74.4-75.65 million/tael, VND50,000/tael higher than yesterday's closing price.
World gold prices rose to a two-week high.
Weaker U.S. economic data has increased the likelihood of a Federal Reserve rate cut this year. Data released last week showed a softening of the labor market and price pressures, with economic activity remaining subdued in the second quarter of 2024. The Fed is looking for further signs of falling inflation before deciding whether to cut rates once or twice later this year. Lowering rates would reduce the opportunity cost of holding non-yielding assets like gold.
According to TG&VN at 7:45 p.m. on June 20 (Hanoi time), the world gold price on the Kitco exchange was at 2,350.30 - 2,351.30 USD/ounce, up 2.3 USD compared to the previous trading session.
The world gold price converted according to the bank's USD exchange rate is nearly 71.6 million VND/tael, excluding taxes and fees, about 5.38 million VND/tael lower than the domestic gold price.
ActivTrades expert Ricardo Evangelista said that, in addition to investors' confidence in the possibility of the Fed cutting interest rates at its September meeting, the fact that central banks of many countries are increasing their gold purchases also contributes to supporting the price of this commodity.
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| Gold price today June 21, 2024: World gold price continues to rise, central banks increase gold reserves, why? (Source: Getty) |
Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of June 20:
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.
Why do central banks increase their gold reserves?
Central banks with growing economies appreciate the strategic role of gold in times of geopolitical uncertainty and renewed concerns about financial stability.
Central bank gold purchases continue to dominate and transform the gold market, with the trend getting stronger, according to the latest report from the World Gold Council (WGC).
Earlier this week, the WGC released the results of its annual Central Bank Gold Reserves Survey. Of the 70 respondents, 29% said they still expected to increase their gold reserves in the next 12 months. The WGC said this was the highest level it has seen since it began the annual survey in 2018.
“The planned gold purchases were driven primarily by a desire to rebalance gold holdings to strategically appropriate levels – domestic gold production and financial market concerns, including higher crisis risks and rising inflation,” analysts said in the WGC report.
The survey results come nearly two weeks after data from the People’s Bank of China showed that it did not increase its gold reserves in May, ending an 18-month buying spree. But analysts say that even if China slows its purchases, there is still strong interest in gold as a way to diversify its reserves.
“While China has been a positive contributor to official demand year-on-year, we continue to believe that central banks will remain net buyers overall. Buying has been broad-based, with several other central banks continuing to accumulate gold, even as prices have rallied in recent months. As a result, while central bank demand may not reach the levels seen in 2022 or 2023 in 2024, we believe it will remain healthy for the rest of the year.”
While nearly a third of central banks surveyed are looking to buy gold this year, there is a broad expectation across the official sector that gold reserves will increase, said Krishan Gopaul, senior analyst at the WGC . The survey found that 81% of respondents expect holdings to increase over the next 12 months, up sharply from the 71% reported last year.
The growing diversification into gold comes as central banks see growing shifts in global financial markets, as the US' role as the world's reserve currency continues to decline, the survey found.
Looking at the role of the US dollar as the world's reserve currency, 62% of respondents said they think the US dollar's share will gradually decline five years from now, up from 55% in 2023 and 42% in 2022.
Meanwhile, regarding gold, 69% of respondents said that the yellow metal will account for a larger share in the next five years, up from 62% in 2023 and 46% in 2022.
In the longer term, as central banks look to diversify away from the dollar, analysts said “interest rates,” “inflation concerns,” and “geopolitical uncertainty” continue to be top factors in central bank reserve management decisions — roughly in line with last year’s answers.
According to the survey, central banks are motivated to hold gold because it is seen as a “long-term store of value/inflation hedge,” “performance in times of crisis,” an “effective portfolio diversifier,” and virtually “risk-free.”
Source: https://baoquocte.vn/gia-vang-hom-nay-2162024-gia-vang-the-gioi-tang-manh-ngan-hang-trung-uong-tang-du-tru-vang-vi-sao-275640.html
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