Precious metals fall sharply

The world gold price today listed on Kitco is at 1,937 USD/ounce, down 17 USD/ounce compared to early this morning.

World gold prices fell sharply this morning as the recovery of the USD continued to put pressure on the precious metal.

Markets are awaiting the latest comments from Federal Reserve Chairman Jerome Powell, who will deliver his semi-annual monetary policy report to Congress on Wednesday and Thursday.

Many believe the world's most powerful central banker will repeat comments made at a recent press conference, in which he left open the possibility of higher interest rates in the future.

Gold price today June 21: Precious metal falls sharply - 1 — Gold prices fell sharply today.

Markets will be closely watching Powell's remarks for fresh clues on the timing of a rate hike. If he takes a hawkish tone, that could boost the dollar and Treasury yields. But if he is more optimistic and offers no fresh clues, that could weaken the greenback.

Gold price movements today

+ Domestic gold price

At 6:30 a.m. on June 21, the gold price at Doji was listed at 66.45 - 67.05 million VND/tael (buy - sell), an increase of 50,000 VND/tael compared to the same time yesterday.

Meanwhile, the gold price at SJC was listed at 66.5 - 67.1 million VND/tael (buy - sell), unchanged from yesterday afternoon.

The price of gold rings and jewelry of all kinds is traded around 53.65 - 55.9 million VND/tael.

+ International gold price

The world gold price listed on Kitco is at 1,937 USD/ounce, down 17 USD/ounce compared to early this morning. Gold futures last traded at 1,941 USD/ounce.

Gold Price Forecast

Eurozone inflation risks exceeding recent forecasts, European Central Bank (ECB) Governing Council member Isabel Schnabel said, according to Kitco News.

Mr. Erlam said that the moves of central banks in the coming months in the fight against high inflation will make currency prices volatile, which will make bond prices very volatile and prolonged, greatly affecting gold prices.

Rising interest rates increase the opportunity cost of holding non-yielding bullion.

Ngoc Vy

Useful
Emotion
Creative
Unique

Source