Domestic gold prices today
Early this morning, June 21st , the price of 9999 gold from SJC decreased by 100,000 VND/ounce in both buying and selling prices compared to the closing price of yesterday's trading session.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:32 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 9:16 AM as follows:
| Buy | Sell | |
| SJC Hanoi | 66,400,000 VND/ounce | 67,020,000 VND/ounce |
| SJC Ho Chi Minh City | 66,400,000 VND/ounce | 67,000,000 VND/ounce |
| SJC Da Nang | 66,400,000 VND/ounce | 67,020,000 VND/ounce |
| Doji Hanoi | 66,350,000 VND/ounce | 66,950,000 VND/ounce |
| Doji Ho Chi Minh City | 66,450,000 VND/ounce | 66,950,000 VND/ounce |
Updated SJC and DOJI gold prices at the beginning of the morning on June 21st.
At the close of trading on June 20th, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in the following order for buying and selling:
SJC Hanoi: 66,500,000 VND/ounce - 67,120,000 VND/ounce
Doji Hanoi: 66,450,000 VND/ounce - 67,050,000 VND/ounce
SJC Ho Chi Minh City: 66,500,000 VND/ounce - 67,100,000 VND/ounce
Doji Ho Chi Minh City: 66,450,000 VND/ounce - 66,950,000 VND/ounce
The central exchange rate for June 21st, announced by the State Bank of Vietnam, is 23,727 VND/USD, an increase of 9 VND compared to yesterday. The USD price at commercial banks this morning (June 21st) is trading around 23,320 VND/USD (buying) and 23,690 VND/USD (selling).
International gold price today
At 10:05 AM today (June 21st, Vietnam time) , the spot price of gold in the world market stood around $1,936.5 USD/ounce, an increase of $0.5 USD/ounce compared to last night. The price of August gold futures on the Comex New York exchange was $1,948.5 USD/ounce.
On the night of June 20th (Vietnam time), the spot price of gold in the world market stood around $1,937 per ounce. Gold futures for August delivery on the Comex New York exchange were at $1,959 per ounce.
World gold prices on the night of June 20th were approximately 6.2% (US$113/ounce) higher than at the beginning of 2023. Converted using the bank's USD exchange rate, world gold was priced at VND 55.7 million/ounce, including taxes and fees, which is about VND 11.3 million/ounce lower than domestic gold prices as of the end of the trading session on June 20th.
Gold prices on the international market unexpectedly plummeted amid a slight rise in the US dollar and investor caution regarding statements from Federal Reserve Chairman Jerome Powell this week.
According to the plan, Jerome Powell will testify for two days, June 21-22, before the U.S. House of Representatives and Senate.
Many recent forecasts suggest that upcoming macroeconomic data could have a significant impact on the gold market. Previously, Powell stated that the US central bank's next move would depend on economic data.
Gold price forecast
The Fed's pause on interest rate hikes at its June 13-14 meeting was a positive sign for precious metals. However, this was merely a temporary pause by the agency to assess the impact of the previous 10 interest rate hikes (a total increase of 500 basis points, from 0-0.25% to 5-5.25% per year).
The dot plot (showing policymakers' forecasts for future interest rate directions) indicates that the Fed expects interest rates to be higher. A majority of Fed officials expect the federal funds rate to reach 5.6% by the end of this year.
Therefore, in the remaining four meetings this year, the FOMC could raise interest rates two more times. This also means that the Fed will only begin lowering interest rates in 2024, if this expectation remains unchanged.
In fact, technically, the failure of gold to break through the $1,970/ounce level has increased selling pressure. This could lead to a deeper correction.
Conversely, many organizations still forecast that gold will appreciate in the long term as the Fed reverses its monetary policy. Gold could break through the $2,000/ounce mark in the near future.
Gold remains a viable option as European and Asian stocks fall and China decides to lower interest rates amid a slow economic recovery.
Source
Comment (0)