Domestic gold price
At the end of the trading session on June 24, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.5 million VND/tael (buy) and 67.1 million VND/tael (sell). SJC Hanoi listed at 66.5 million VND/tael (buy) and 67.12 million VND/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 66.5 million VND/tael and sold at 66.7 million VND/tael.
International gold price
On the world market, the spot gold price on June 24 (Vietnam time) was trading at 1,920 USD/ounce.
World gold prices were negatively affected by the hawkish policies of central banks and the firm stance of Federal Reserve (Fed) Chairman Jerome Powell on two more interest rate hikes this year.
During his testimony before Congress, Mr. Powell affirmed that there will be two more interest rate hikes this year after keeping interest rates unchanged at the June meeting.
Mr. Powell said that the economy is performing as expected, which is appropriate to raise interest rates twice this year. He decided to keep interest rates unchanged to give the economy time to control inflation.
Rising US Treasury yields pushed gold trading activity near a three-month low.
The dollar index rose 0.5%. Gold is less attractive to holders of other currencies.
In the weekend trading session, world gold prices recovered slightly but remained low.
Gold Price Forecast
The decline in gold prices is consistent with the prospect of rising interest rates, said Ilya Spivak, head of global macro at Tastylive. The dollar started to strengthen after Jerome Powell confirmed that interest rates could rise in the near future.
Gold prices are falling after central banks tightened monetary policy. The outlook for global growth is being cut. That could trigger a safe-haven trend back to the dollar, not gold, said Edward Moya, senior market analyst at OANDA.
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