Domestic growth, world stagnation

Gold markets were quiet in the final trading session of the week after a busy week of events and data releases. US traders and investors will enter a three-day holiday weekend. Markets will be closed on Monday for the Juneteenth federal holiday.

According to the latest analysis from VanEck, gold has formed a new base at $1,900/ounce and if that level continues to hold, a record high is within reach. Specifically, gold has been trading at highs above $1,900/ounce for a long time and has averaged $1,933/ounce so far.

Gold price today, June 17, fluctuated little. (Illustration photo)

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on June 17, the gold price at Doji was listed at 66.55 - 67.15 million VND/tael (buy - sell), an increase of 100,000 VND/tael compared to yesterday morning.

Meanwhile, the gold price at SJC was listed at 66.55 - 67.15 million VND/tael (buy - sell), an increase of 50,000 VND/tael.

The price of gold rings and jewelry of all kinds is traded around 54.49 - 56.65 million VND/tael.

+ International gold price

The world gold price listed on Kitco was at $1,958/ounce, unchanged from yesterday morning. August gold futures last traded at $1,971.2/ounce, up $0.5.

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% 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%.

Gold Price Forecast

May was a promising month for gold as the metal attempted to test its record high, but market optimism eventually weighed on sentiment. Experts said that expectations that the latest rate hike could be the last in this tightening cycle supported gold in early May. However, for most of the month, the dollar rose and gold fell as the narrative shifted to a hawkish Fed stance and the probability of another rate hike in 2023 increased.

Huw Roberts, head of analysis at Quant Insight, said that the driving force for financial markets, including gold, is still interest rate volatility. Specifically for the precious metal, for gold to move higher, interest rate volatility must ease. Interest rate volatility is currently being driven by concerns about supply and rising debt levels in a higher interest rate environment.

Roberts said there are potential risks that could increase gold’s safe-haven appeal. Gold remains sensitive to credit spreads in the short term, he said. If credit spreads start to widen due to economic concerns, gold could attract investor interest in the precious metal, he added.

Cong Hieu

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Source: https://vtc.vn/gia-vang-hom-nay-17-6-trong-nuoc-tang-the-gioi-dung-im-ar799919.html