SJC gold suddenly dropped sharply

Domestic gold price

On the afternoon of June 6 , today's price of SJC 9999 gold decreased by 250 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:24 and the price of 9999 gold was listed by Doji Jewelry Group at 15:26 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	66,500,000 VND/tael	67,000,000 VND/tael

SJC and DOJI gold price list updated on the afternoon of June 6

On June 6, the price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:59 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:33 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,650,000 VND/tael	67,270,000 VND/tael
SJC HCMC	66,650,000 VND/tael	67,250,000 VND/tael
SJC Danang	66,650,000 VND/tael	67,270,000 VND/tael
Doji Hanoi	66,500,000 VND/tael	67,100,000 VND/tael
Doji HCMC	66,500,000 VND/tael	67,100,000 VND/tael

At the end of the trading session on June 5, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.55 million VND/tael (buy) and 67.15 million VND/tael (sell). SJC Hanoi listed at 66.55 million VND/tael (buy) and 67.17 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 66.4 million VND/tael and sold at 67 million VND/tael.

The State Bank announced the central VND/USD exchange rate applied on June 5 at 23,693 VND/USD. The reference USD exchange rate at the State Bank's Exchange is listed at 23,400 - 24,827 VND/USD (buy - sell).

Domestic gold prices fluctuate little. (Photo: N.Hue)

International gold price

At 9:53 a.m. today (Vietnam time), the world spot gold price stood at around 1,960 USD/ounce. The price of gold futures for August delivery on the Comex New York floor was at 1,961 USD/ounce.

On the world market, the spot gold price on June 5 (Vietnam time) was trading at 1,959 USD/ounce. The futures gold price was trading at 1,960 USD/ounce.

The services purchasing managers index rose 50.3% last month, below forecasts, according to the Institute for Supply Management (ISM). Economists were expecting a 52.6% increase.

Many analysts believe that gold has not found its next direction. However, the main driver of gold is still the monetary policy stance of the US Federal Reserve (Fed). More and more investors expect that the Fed will pause its tightening policy at its upcoming meeting on June 13-14.

CME's FedWatch tool predicts a 73.6% chance of the Fed pausing rate hikes.

Some other analysts said that does not mean the Fed will stop raising interest rates completely. They predicted that the Fed will increase interest rates after this summer.

According to Michael Boutros, senior technical strategist at Forex, it is not ruled out that the Fed will maintain the current high interest rate for a long time, despite the Fed stopping to raise interest rates at the next meeting.

Gold Price Forecast

The gold market is at risk of falling again before trending up again, analysts said.

Michael Boutros, shared on Kitco, that gold will tend to increase slightly in the coming time. However, in the short term, gold prices are likely to turn back to a deeper level, from about $ 1,926 / ounce to $ 1,881 / ounce.

The World Gold Council has just released its annual survey of central bank gold reserves. Of the 59 central banks surveyed, about 24% said they plan to buy gold in the next 12 months.

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