9999 SJC gold fell sharply in both directions

Domestic gold price today

Early morning of June 21 , SJC 9999 gold price today decreased by 100 thousand VND/tael in both buying and selling compared to the close of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:32 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 9:16 a.m. as follows:

	Buy	Sell out
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	66,350,000 VND/tael	66,950,000 VND/tael
Doji HCMC	66,450,000 VND/tael	66,950,000 VND/tael

SJC and DOJI gold price list updated early morning June 21

At the end of the trading session on June 20, 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: 66,450,000 VND/tael - 66,950,000 VND/tael

The central exchange rate on June 21 announced by the State Bank is 23,727 VND/USD, up 9 VND compared to yesterday. The USD price at commercial banks this morning (June 21) was traded around 23,320 VND/USD (buy) and 23,690 VND/USD (sell).

International gold price today

At 10:05 am today (June 21, Vietnam time) , the world spot gold price stood at around 1,936.5 USD/ounce, up 0.5 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,948.5 USD/ounce.

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

On the night of June 20 (Vietnam time), the world spot gold price stood at around 1,937 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,959 USD/ounce.

The world gold price on the night of June 20 was about 6.2% higher (113 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 55.7 million VND/tael, including taxes and fees, about 11.3 million VND/tael lower than the domestic gold price as of the end of the afternoon session on June 20.

Gold prices in the international market suddenly plummeted as the USD edged up slightly and investors were cautious about the speech of US Federal Reserve Chairman Jerome Powell this week.

*Gold price today June 21st dropped sharply. (Photo: KC)*

According to plan, Mr. Jerome Powell will have a two-day hearing on June 21-22 before the US House of Representatives and Senate.

Many recent forecasts show that upcoming macroeconomic data can have a big impact on the gold market. Previously, Mr. Powell affirmed that the next step of the US central bank depends on economic data.

Gold price forecast

The Fed’s pause in raising interest rates at its meeting on June 13-14 is a good sign for precious metals. However, this is just a pause for the agency to assess the impact of the previous 10 interest rate hikes (a total increase of 500 basis points, from 0-0.25% to 5-5.25%/year).

The dot plot, which shows policymakers' forecasts for the future direction of interest rates, shows that the Fed expects interest rates to be higher. Fed officials largely expect the federal funds rate to reach 5.6% by the end of this year.

Thus, in the remaining 4 meetings this year, the FOMC may raise interest rates 2 more times. This also means that the Fed will only start lowering interest rates in 2024, if this expectation remains.

In fact, technically, gold's failure to break $1,970 an ounce has increased selling pressure, which is expected to lead to a deep correction.

On the other hand, many organizations still predict that gold prices will increase in the long term when the Fed reverses its monetary policy. Gold may break through the $2,000/ounce level in the near future.

Gold remains an option as European and Asian stocks fall and China decides to cut interest rates as its economy slows.

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