Domestic gold price
At the end of the trading session on June 16, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.55 million/tael (buy) and VND67.15 million/tael (sell). SJC Hanoi listed at VND66.55 million/tael (buy) and VND67.17 million/tael (sell).
Doji Hanoi listed at 66.5 million VND/tael (buy) and 67.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67.05 million VND/tael.
International gold price
On the world market, the spot gold price on June 16 (Vietnam time) was trading at 1,955 USD/ounce.
During the week, the gold market had an impressive recovery after investors sold off USD. The USD index fell to a 4-week low in just one session.
On June 16, the Dollar Index (measuring the strength of the USD in a basket of 6 key international payment currencies) was at 102.15 points.
The US Commerce Department said retail sales rose 0.3% in May after rising 0.4% in April. Economists polled by Reuters had forecast a 0.1% decline.
The US Federal Reserve (Fed) decided to keep interest rates unchanged and forecast a 1% interest rate cut in 2024 as inflation falls faster.
The Fed's decision to pause interest rate hikes ended a streak of 10 consecutive rate hikes that the agency had made since March 2022 to curb inflation and help keep the US policy interest rate in the range of 5% - 5.25%.
Meanwhile, the ECB raised interest rates by 0.25% on June 15, the eighth consecutive increase, to 3.5% - the highest level in the past 22 years, and said that interest rates are likely to increase even higher in the coming time.
Gold Price Forecast
According to Edward Meir, an analyst at Marex, gold prices rose thanks to the Fed's decision to temporarily suspend interest rates, creating optimism for investors. The depreciation of the US dollar is beneficial for gold prices, because gold is an asset priced in the greenback.
However, Suki Cooper, an analyst at Standard Chartered Bank, said the market is entering a period of seasonal decline in physical gold demand. Gold prices are still likely to continue to fall in the coming sessions.
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