Domestic gold price
At the end of the trading session on June 10, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.5 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 66.45 million VND/tael (buy) and 67.05 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67 million VND/tael.
International gold price
On the world market, the spot gold price on June 10 (Vietnam time) was trading at 1,960 USD/ounce.
Gold ended the week up 0.7%. The August Comex gold futures contract settled at $1,960 an ounce. The Federal Reserve is still likely to raise interest rates. Many analysts expect the Fed to pause interest rates in June but do not rule out the possibility of more rate hikes this summer. This has a strong impact on gold prices.
In the short term, analysts say gold still faces many risks. The Fed's interest rate hike and higher USD put pressure on the precious metal.
The Fed is expected to keep interest rates unchanged at 5.25% next week, allowing the lagged effects of the past 15 months of monetary policy tightening to take effect.
The CME FedWatch tool rates a 72% chance of a Fed pause. If the Fed does pause, it would be the first “pause” since January 2022.
Gold Price Forecast
Gold prices are vulnerable after trading in a narrow range, said Daniel Ghali, senior commodity strategist at TD Securities. The market is focused on the interest rate decision.
The Fed's rate pause will have a positive impact on the gold sector, according to Edward Moya, senior market analyst at Oanda.
Gold prices are expected to rise, possibly beyond the trading range of $1,950 to $2,000 an ounce.
Source
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