Up from 3-month low

Domestic gold price

At the end of the trading session on June 23, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.45 million/tael (buy) and VND67.05 million/tael (sell). SJC Hanoi listed at VND66.45 million/tael (buy) and VND67.07 million/tael (sell).

Doji Hanoi listed at 66.4 million VND/tael (buy) and 67 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/tael and sold at 66.95 million VND/tael.

International gold price

On the world market, the spot gold price on June 23 (Vietnam time) was trading at 1,934 USD/ounce.

Gold prices fall to 3-month low. (Photo: Kitco)

Gold prices fell to a three-month low in just one session. Gold remains negatively affected by the decision of the US central bank. The US Federal Reserve (Fed) continues to tighten monetary policy. Government bond yields are higher. This reduces demand for gold.

The US dollar index (a measure of the greenback's strength against a basket of six major currencies) rose 0.39% to 102.78 from the previous session. A stronger US dollar makes gold less attractive to foreign investors.

The market was also surprised when the Bank of England (BoE) made a larger-than-expected 0.5% interest rate hike to tackle persistent inflation.

Meanwhile, the Swiss National Bank also raised its base interest rate, raising concerns about global inflation.

Gold Price Forecast

According to Clifford Bennett, an expert at ACY Securities, the trend of extending the US Federal Reserve Chairman's monetary tightening policy is putting pressure on gold prices.

Gold expert Tai Wong said that gold prices could trade within the range of 1,895 - 1,945 USD/ounce in the short term.

Source: https://vietnamnet.vn/gia-vang-hom-nay-24-6-tang-len-tu-day-3-thang-2157837.html