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Gold 'turns around' and plummets

VietNamNetVietNamNet14/06/2023


Domestic gold price today

Early morning of June 14 , SJC gold price 9999 today decreased by 100 thousand VND/tael in both buying and selling compared to the closing price of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:26 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:32 a.m. as follows:

Buy Sell
SJC Hanoi 66,400,000 VND/tael 67,020,000 VND/tael
SJC HCMC 66,400,000 VND/tael 67,000,000 VND/tael
SJC Danang 66,400,000 VND/tael 67,020,000 VND/tael
Doji Hanoi 66,400,000 VND/tael 67,000,000 VND/tael
Doji HCMC 66,450,000 VND/tael 66,950,000 VND/tael

SJC and DOJI gold price list updated early morning June 14

At the end of the trading session on June 13, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,500,000 VND/tael - 67,120,000 VND/tael
Doji Hanoi: 66,450,000 VND/tael - 67,050,000 VND/tael
SJC HCMC: 66,500,000 VND/tael - 67,100,000 VND/tael
Doji HCMC: 66,500,000 VND/tael - 67,000,000 VND/tael

The central exchange rate on June 14 announced by the State Bank is 23,700 VND/USD, up 1 VND compared to yesterday. The USD price at commercial banks this morning (June 14) was traded around 23,300 VND/USD (buy) and 23,670 VND/USD (sell).

International gold price today

At 9:56 a.m. today (June 14, Vietnam time), the world spot gold price stood at around 1,946.2 USD/ounce, down 12.8 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,960.3 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of June 13 (Vietnam time), the world spot gold price stood at around 1,959 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,982 USD/ounce.

The world gold price on the night of June 13 was about 7.4% higher (135 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.4 million VND/tael, including taxes and fees, about 10.7 million VND/tael lower than the domestic gold price as of the end of the afternoon session on June 13.

Gold price today, June 14, is about to skyrocket. (Photo: HH)

The US Department of Labor said that the consumer price index rose 0.1% in May after increasing 0.4% in April. This increase was lower than market expectations (which estimated an increase of 0.2%).

Compared to the same period last year, US commodity prices increased by 4%, lower than the 4.1% forecast by experts. This is the lowest increase in 2 years.

Gold prices rose immediately after the news of US inflation. However, because US core inflation remained high (up 5.3% over the same period), excitement for the precious metal was restrained.

While inflation cools, some economists and analysts say high core inflation could prompt the US Federal Reserve (Fed) to maintain its tight monetary policy stance.

Gold Price Forecast

Interest rates will be raised further through the summer, which will also mean a stronger dollar and put downward pressure on gold.

Market signals show that there is a 75.8% chance that the Fed will keep interest rates unchanged at its June 13-14 meeting. However, there is also a 64.2% chance that the Fed will raise interest rates in July.

Nigel Green, CEO and founder of DeVere Group, said that inflation is moving in the right direction (downward), but is still well above the 2% target.

Therefore, investors need to pay attention to the possibility of another interest rate hike this year, even though the Fed may not raise it at its June meeting.



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