Today's world gold price, as listed on Kitco, is $1,937 per ounce, down $17 per ounce compared to early yesterday morning.
World gold prices fell sharply this morning as the recovery of the US dollar continued to put pressure on the precious metal.
The market is awaiting the latest statements from Federal Reserve Chairman Jerome Powell. He will deliver his semi-annual monetary policy report to Congress on Wednesday and Thursday.
Many believe the chairman of the world's most powerful central bank will repeat comments made at a recent press conference, in which he left open the possibility of higher interest rates in the future.
Gold prices fell sharply today.
The market will be closely watching Powell's remarks for new clues about when interest rates will rise. If he offers a hawkish stance, this could boost the USD and US Treasury yields. But if he is more optimistic and provides no new clues, this could weaken the greenback.
Gold price movements today
+ Domestic gold prices
At 6:30 AM on June 21st, the price of gold at Doji was listed at 66.45 - 67.05 million VND/ounce (buy - sell), an increase of 50,000 VND/ounce compared to the same time yesterday.
Meanwhile, the price of gold at SJC is listed at 66.5 - 67.1 million VND/ounce (buy - sell), unchanged compared to yesterday afternoon.
The price of gold rings and other types of jewelry is trading around 53.65 - 55.9 million VND per tael.
+ International gold prices
World gold prices listed on Kitco are at $1,937 per ounce, down $17 per ounce compared to early yesterday morning. Gold futures last traded at $1,941 per ounce.
Gold price forecast
According to Kitco News, Isabel Schnabel, a member of the European Central Bank (ECB) Board of Directors, said that inflation in the Eurozone risks exceeding recent forecasts.
Mr. Erlam believes that the actions of central banks in the coming months in the fight against high inflation will cause currency prices to fluctuate, which will lead to highly volatile and prolonged bond prices, significantly impacting the price of gold.
Rising interest rates increase the opportunity cost of holding gold bullion that does not yield interest.
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