Gold price will hit 1,900 USD, selling trend "dominates", time of new investors and new cash flow

Gold price today June 26, 2023 is assessed by experts, selling is understandable after central banks around the world have strengthened their "hawkish" stance on monetary policy. Now is the time for new investors and new money to flow into the market.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/26 AND EXCHANGE RATE TODAY 6/26

1. SJC - Updated: June 24, 2023 08:28 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
SJC 1L, 10L	66,500	67,100
SJC 5c	66,500	67,120
SJC 2c, 1C, 5 phan	66,500	67,130
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,350	56,350
SJC 99.99 gold ring 0.5 chi	55,350	56,450
99.99% Jewelry	55,250	55,950
99% Jewelry	54,196	55,396
Jewelry 68%	36,200	38,200
Jewelry 41.7%	21,483	23,483

World gold prices last week saw its biggest weekly percentage drop in more than four months. The precious metals market was pressured by a stronger US dollar and hawkish views from US Federal Reserve officials.

According to TG&VN , the world gold price closed the trading week (June 23) on Kitco floor at 1,921.2 USD/ounce.

At the end of the weekend session on June 24, the domestic gold price was listed by Saigon Jewelry Company at 66.5 - 67.1 million VND/tael.

Thus, compared to the first session of the week on June 19 (at 66.5 - 67.1 million VND/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company remained unchanged in both buying and selling directions.

Gold price today June 26, 2023: Gold price will hit 1,900 USD, selling trend 'dominates', time of new investors and new cash flow. (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of last weekend (June 24):

Saigon Jewelry Company listed SJC gold price at 66.5 - 67.1 million VND/tael.

Doji Group currently lists SJC gold price at: 66.4 - 67.0 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.45 - 66.95 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.47 - 66.98 million VND/tael; Rong Thang Long gold brand is traded at 55.57 - 56.42 million VND/tael; jewelry gold price is traded at 55.05 - 56.15 million VND/tael.

Converted according to the USD price at Vietcombank on June 24, 1 USD = 23,690 VND, the world gold price is equivalent to 54.84 million VND/tael, 12.26 million VND/tael lower than the selling price of SJC gold.

Time to buy

As investors get ready to “close the books” in June 2023, gold is set for its worst monthly performance in four months. The latest Kitco News weekly gold survey highlights a slightly bearish bias for the market among Wall Street analysts and Main Street retail investors.

Some analysts have said that with the bearish momentum in the market, a test around $1,900/ounce is just a matter of time.

However, while gold prices are expected to fall in the coming period, some analysts note that for tactical investors, now is the time to buy, to build a hedge against a potential downturn in the stock market and the growing threat of an economic recession.

Phillip Streible, chief market strategist at Blue Line Futures, said he was disappointed with the performance of gold last week, but said the selling was understandable after central banks around the world stepped up their hawkish stance on monetary policy.

"Traditionally, now is still the best time to buy gold and silver. You want to buy gold and silver when everyone hates it. A drop to $1,900 for gold and $20 for silver may be what is needed to bring in new investors, new money into the market."

According to Mr. James Stanley, senior market strategist at Forex.com, he expects the price to return to $2,000/ounce.

“Persistent underlying inflation will force the Fed to maintain its hawkish stance, creating a challenging environment for gold.”

This week, 22 Wall Street analysts participated in Kitco News ’ gold survey. Of those surveyed, 11 analysts, or 50%, said they see gold prices falling in the near term. Nine analysts, or 41%, said prices will rise this week, and two analysts, or 9%, said prices will be flat.

Meanwhile, 966 votes were cast in Main Street’s online poll, with 395 respondents, or 41 percent, expecting gold to rise next week. Another 403, or 42 percent, said the precious metal would be lower. Meanwhile, 168, or 17 percent, were neutral in the near term.

Retail investor pessimism is at its highest since mid-February 2023. Investors are also paying more attention to precious metals, with participation in this week's survey at its highest since March 2023.

Despite the bearish trend in the market, there are still some analysts optimistic about gold in the coming period.

For example, Alex Kuptsikevich, senior market analyst at FxPro, noted that while rising interest rates make bonds more attractive than gold, the hawkish trend continues to pose risks to global financial markets.

“The previous rise in gold prices was due to regional banking crises, which have gone unnoticed, leading to some capital outflows from gold. However, this issue could flare up again due to the continued monetary tightening since March this year,” he asserted.

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