Shocking predictions about gold prices appear

(NLDO) – The price of SJC gold bars has slowed down while 99.99 gold rings have fallen to their lowest level in about a month.

On the morning of June 20, the domestic gold market recorded a slight decrease in both SJC gold bars and gold rings. According to updates from gold trading enterprises, the price of SJC gold bars was listed at 117.4 million VND/tael for buying and 119.4 million VND/tael for selling, down 200,000 VND/tael compared to yesterday morning.

Following the downward trend, the price of 99.99 gold rings and jewelry gold was also adjusted, trading around VND113.5 million/tael for buying and VND116 million/tael for selling. The decrease in this product group was deeper, up to VND300,000 per tael.

Thus, gold rings are trading at the lowest price in nearly a month, while SJC gold bars remain around the lowest level of the week. The difference between the price of plain gold and gold bars is currently over 3 million VND/tael.

Domestic gold prices have been on a downward trend in recent days, but trading on the market remains quite quiet. Many investors are still closely monitoring price movements, expecting the gap between domestic and world gold prices to narrow further to calculate buying points.

Domestic gold price decreased this morning

In the international market, the price of gold this morning was at 3,357 USD/ounce, down about 20 USD compared to the previous trading session. Although still maintaining above the threshold of 3,300 USD/ounce, the price of gold has not been able to break out due to the lack of strong supporting information from the global financial market.

Since the beginning of the year, the world gold price has increased by nearly 30%, continuing the strong increase in 2024. However, the decision of the US Federal Reserve (FED) to keep the interest rate in the range of 4.25% - 4.5% is putting considerable pressure on the gold market, because this precious metal is often sensitive to monetary policies.

In addition, the current tension between Israel and Iran is not considered to have a significant impact on the global economy . Therefore, after a period of strong growth due to its safe haven role, investors are tending to take profits, causing the international gold price to fall to around 3,350 USD/ounce.

Some experts even predict that if geopolitical and trade factors cool down, gold prices could fall sharply, falling below the $3,000/ounce mark by the end of this year.

Specifically, in the latest update, Citigroup adjusted its short-term gold price target (0–3 months) to $3,300/ounce, lower than its previous forecast of $3,500/ounce. For the 6–12 month time frame, the bank also lowered its forecast from $3,000 to $2,800/ounce.

Currently, the world gold price converted according to the listed exchange rate is only about 106.4 million VND/tael, lower than the domestic SJC gold bar price by about 13 million VND/tael.

Source: https://nld.com.vn/xuat-hien-du-bao-gay-soc-ve-gia-vang-196250620093700394.htm