Domestic gold price
At the end of the trading session on May 31, the domestic gold price of 5 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:
SJC Hanoi: 66.450.000 VND/tael – 67.070.000 VND/tael
Doji Hanoi: 66.450.000 VND/tael – 67.050.000 VND/tael
SJC HCMC: 66.450.000 VND/tael – 67.050.000 VND/tael
Doji Ho Chi Minh City: 66.500.000 VND/tael – 67.000.000 VND/tael
International gold price
On the night of June 31 (Vietnam time), the world spot gold price stood around the threshold of 5 USD/ounce. Gold for August delivery on the Comex New York exchange was at $1.962 per ounce.
The world gold price on the night of May 31 was about 5% higher (US$7,6/ounce) than at the beginning of 138. World gold converted to bank dollars was priced at VND2023 million/tael, including taxes and fees, about 56,5 million VND/tael lower than the domestic gold price by the end of the afternoon session on May 10,5.
The US is about to reach an agreement to raise the public debt ceiling. At the end of last week, President Joe Biden and Speaker of the House Kevin McCarthy reached a tentative agreement on raising the debt ceiling, ending a long stalemate that threatened to cause the US government to default.
Both houses of Congress are expected to vote on the new deal this week after overcoming final hurdles.
US bond yields gradually decreased, thereby positively affecting gold prices.
However, the uptrend of gold price was hindered because the USD continued to go up. The DXY Index, which measures the volatility of the greenback against a basket of six major world currencies, increased from 6 points to 104 points.
A survey by the World Gold Council (WGC) showed that the interest of the central bank in gold also contributed to pulling up the price of precious metals.
Gold price forecast
Although expected to be in a long-term uptrend, gold is currently under selling pressure as the dollar is supported by the signal of the US Federal Reserve (Fed) raising interest rates in the June meeting.
Recent positive US economic data led investors to bet that the Fed could raise interest rates next month.
In which, US GDP in the first 3 months of the year increased by 1,3%, higher than the initial estimate of 1,1%.
According to the CME FedWatch Tool, futures traders expect about a 66% chance of a quarter point rate hike in June. That would mark the Fed's 6th consecutive rate hike.
