Update SJC gold price
After 10 days of the State Bank of Vietnam (SBV) implementing the gold price stabilization program, many people still rushed to buy. Economic expert - Dr. Dinh The Hien explained that the people lining up to buy gold are those who have demand and intention to buy but the market supply is not enough.
Especially when the State Bank (SBV) lists a selling price much lower than the previous market price. For example, the market price is 90 million, but the bank lists a selling price 5-6 million VND/tael lower, it is understandable that people rush to buy.
This expert also said that the increase in demand for gold is partly due to people who no longer have faith in investment channels such as real estate, and deposit money in banks when interest rates are low. In addition, the world gold price is rising, creating a mentality of expectation that domestic gold prices will continue to increase. From there, they switch to buying gold, causing the demand for gold to increase dramatically recently.
Economist - Dr. Nguyen Tri Hieu commented that gold buyers should continue to monitor the market at this time. Because the gold price is likely to continue to decrease. The gap between domestic gold price and world gold price is still high, so the market still has room to decrease further.
"In my opinion, the reasonable difference between world and domestic gold prices is about 3-5 million VND/tael, which is reasonable" - Dr. Nguyen Tri Hieu commented.
Meanwhile, Associate Professor Dr. Ngo Tri Long - former Director of the Institute for Price Market Research (Ministry of Finance) commented: "With people rushing to buy gold at the current listed price of the State Bank, of course people will feel more profitable than the previous market price.
But that does not guarantee that they will benefit in the future, because the domestic gold price is still high compared to the world gold price. If the State manages, the gold price will gradually decrease and only differ by about 1 million - 2 million VND/tael compared to the world gold price.
Therefore, buying gold now may not be profitable in the future, so gold buyers need to consider carefully."
Price of round gold ring 9999
As of 7:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI Gold and Gemstone Group is listed at 73.70-74.90 million VND/tael (buy - sell).
Compared to the closing price of last week's trading session, this unit kept the buying price of gold rings unchanged and decreased by 50,000 VND/tael for selling.
Saigon Jewelry Company SJC listed the price of 9999 plain round rings at 72.9-74.54 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling compared to the close of the previous trading session.
The price of 9999 gold rings at Bao Tin Minh Chau is listed at 73.68-74.98 million VND/tael (buy - sell). Compared to the closing price of last week's trading session, the price of gold rings by this unit has increased and remained unchanged in both buying and selling directions.
World gold price
As of 7:30 p.m. today, the world gold price listed on Kitco was at 2,311.7 USD/ounce.
Gold Price Forecast
World gold prices fell slightly as the USD index remained at a high level. Recorded at 9:00 p.m. on June 13, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 104.540 points (down 0.07%).
Gold prices fell in today's trading session after the US Federal Reserve (FED) said the bank only expected to cut interest rates once this year due to high inflation.
The Fed left interest rates unchanged at the end of its two-day meeting on June 12, while policymakers said they expected only one rate cut in 2024.
Fed Chairman Jerome Powell said the Fed's inflation outlook was "quite conservative" and could be inconsistent with incoming data, and could be adjusted. Powell added that better-than-expected consumer price index (CPI) data was what officials were looking for.
The Fed may be late in cutting rates, but once they start, gold prices will rise rapidly, according to David Rosenberg, founder and president at Rosenberg Research.
Meanwhile, Mr. Tai Wong, an independent metals trader in New York, said that gold will continue to fluctuate with data on employment and inflation.
Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-136-sut-giam-nen-can-nhac-khi-mua-1352692.ldo
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