LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/12 and EXCHANGE RATE TODAY 6/12
| 1. SJC - Updated: 06/11/2024 08:35 - 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 | 72,700 | 74,300 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 72,700 | 74,400 |
| Jewelry 99.99% | 72,500 | 73,500 |
| Jewelry 99% | 70,772 | 72,772 |
| Jewelry 68% | 47,635 | 50,135 |
| Jewelry 41.7% | 28,303 | 30,803 |
Update gold price today June 12, 2024
Domestic gold prices are gradually being regulated, the gap with world prices is gradually decreasing.
The price of SJC gold bars has been moving sideways for many consecutive sessions as the State Bank continues to maintain the gold selling price. The current selling price of SJC gold on the market is 76.98 million VND/tael.
The State Bank announced the USD exchange rate on June 11 as 24,242 VND/USD. Converting the world gold price shows that the price of SJC gold bars is now only about 6 million VND/tael higher than the world gold price instead of up to 20 million VND/tael as a few days ago.
The recent measure of the State Bank of Vietnam to sell gold directly to the Big 4 banks and SJC for distribution to the people is considered to have had a positive impact. In just nearly 2 weeks since the announcement of this measure, the price of SJC gold has decreased from over 90 million VND/tael to about 77 million VND/tael.
Other groups of solutions are still being implemented to bring the domestic market closer to the world, including market inspection to handle price manipulation and price hikes; amending Decree 24... However, a new challenge that the State Bank is facing is that the world gold price is on a downward trend.
The price of 9999 gold rings suddenly dropped sharply by millions of dong in the session.
As of the end of the session on June 11, the price of Bao Tin Minh Chau's Rong Thang Long gold brand decreased by 1 million VND/tael compared to the end of yesterday, currently standing at 73.43 - 74.73 million VND/tael (buy - sell).
World gold prices are still falling as they face many short-term obstacles from the hawkish interest rate policy of the US Federal Reserve (Fed).
According to TG&VN at 9:00 p.m. on June 11, the gold price traded on Kitco floor at USD/ounce decreased by USD compared to the previous trading session.
Typically, when the Fed cuts interest rates, the US dollar weakens. Historically, a weaker US dollar has had a positive impact on gold prices. However, there is no expected change in US monetary policy at the upcoming Fed meeting. This means that gold prices are unlikely to form a strong upward trend.
Meanwhile, on June 12, the market and investors closely followed the latest update of the US economy 's Consumer Price Index (CPI) to predict the Fed's interest rate decision - which is expected to significantly impact fluctuations in the currency market, thereby certainly affecting the gold market.
After the shock of last week’s jobs numbers, it’s hard to imagine a bigger event than Fed Chairman Jerome Powell’s press conference to shape investors’ outlook for the rest of the year, Barron’s notes. The FOMC is not expected to take any new monetary policy action this week. Markets are betting about a 60% chance that the Fed will cut rates before November.
Gold prices will move this week depending on factors such as the US consumer price index (CPI) for May and the Federal Reserve's monetary policy announcement on the same day on Wednesday (June 12). On Thursday (June 13), some other information that can affect market sentiment include US unemployment benefits data and the Bank of Japan's monetary policy decision.
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| Gold price today June 12, 2024: Domestic gold price is in the framework, speculative selling, China has new moves, price will decrease? (Source: CNBC) |
Summary of SJC gold prices at major domestic trading brands at the closing time of June 11:
Saigon Jewelry Company listed at 74.98 - 76.98 million VND/tael.
Doji Group is currently listed at: 74.98 - 76.98 million VND/tael.
PNJ system listed at: 74.98 - 76.98 million VND/tael.
Phu Quy Gold and Silver Group listed at 75.50 - 76.98 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 75.50 - 76.98 million VND/tael.
Gold prices are likely to continue to fall?
After last weekend's plunge and the possibility that the Fed will not lower interest rates next week, Wall Street experts predict that gold prices will continue to fall.
In early June, when the European Central Bank (ECB) decided to cut interest rates by 25 basis points, gold reached a weekly high of $2,386.75 per ounce. However, the price of the precious metal reversed when the People's Bank of China (PBOC) announced the end of its 18-month streak of gold reserves purchases. Then, a stronger-than-expected US jobs report pushed gold prices below $2,300.
Following this plunge, the latest Kitco News survey shows that few Wall Street analysts are optimistic about gold prices in the short term. Meanwhile, retail investors remain relatively optimistic.
Marc Chandler, CEO of Bannockburn Global Forex, said a stronger-than-expected US jobs report and China halting its gold purchases pushed gold to a new one-month low. “A loss of $2,300 in the spot market would send gold prices towards the May low of around $2,277. A break below $2,270 would send gold to the $2,220 per ounce region,” he predicted.
Adam Button, head of currency strategy at Forexlive, also said that the news that China stopped buying gold reserves last weekend was detrimental to the gold market and the price of this metal will fall further.
Darin Newsom, Senior Market Analyst at Barchart agrees, saying that the downtrend was not completely completed last week, looking at the trading chart.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said the Fed is unlikely to cut interest rates next week. “That’s good for the dollar and bad for gold in the near term,” he said.
However, in the long term, some analysts believe that gold prices are being strongly supported by interest rate cuts from major central banks. In particular, after the ECB cut interest rates by 25 basis points last week, boosting expectations that the Fed will start cutting interest rates in September instead of November. Therefore, many experts predict that gold prices will have a new bullish cycle.
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