Gold recovers after vertical fall

Domestic gold price today

Early afternoon of June 22 , SJC's 9999 gold price today remained unchanged compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 2:58 p.m. and the price of 9999 gold was listed by Doji Jewelry Group at 1:25 p.m. as follows:

	Buy	Sell out
SJC Hanoi	66,450,000 VND/tael	67,070,000 VND/tael
SJC HCMC	66,450,000 VND/tael	67,050,000 VND/tael
SJC Danang	66,450,000 VND/tael	67,070,000 VND/tael
Doji Hanoi	66,400,000 VND/tael	67,000,000 VND/tael
Doji HCMC	66,450,000 VND/tael	66,950,000 VND/tael

SJC and DOJI gold price list updated early afternoon June 22

Early morning of June 22 , SJC 9999 gold price today increased by 50 thousand VND/tael in both buying and selling prices compared to the close of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:34 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:42 a.m. as follows:

	Buy	Sell out
SJC Hanoi	66,450,000 VND/tael	67,070,000 VND/tael
SJC HCMC	66,450,000 VND/tael	67,050,000 VND/tael
SJC Danang	66,450,000 VND/tael	67,070,000 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 22

At the end of the trading session on June 21, 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: 66,400,000 VND/tael - 67,020,000 VND/tael
Doji Hanoi: 66,350,000 VND/tael - 66,950,000 VND/tael
SJC HCMC: 66,400,000 VND/tael - 67,000,000 VND/tael
Doji HCMC: 66,400,000 VND/tael - 66,950,000 VND/tael

The central exchange rate on June 22 announced by the State Bank is 23,732 VND/USD, up 5 VND compared to yesterday. The USD price at commercial banks this morning (June 22) was traded around 23,310 VND/USD (buy) and 23,680 VND/USD (sell).

International gold price today

At 10:17 a.m. today (June 22, Vietnam time), the world spot gold price stood at around 1,932.6 USD/ounce, up 5.4 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,943.5 USD/ounce.

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

On the night of June 21 (Vietnam time), the world spot gold price stood at around 1,926 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,948 USD/ounce.

The world gold price on the night of June 21 was about 5.6% higher (102 USD/ounce) than at the beginning of 2023. World gold converted according to the bank USD price was 55.4 million VND/tael, including taxes and fees, about 11.6 million VND/tael lower than the domestic gold price as of the end of the afternoon session on June 21.

The US has not yet ended its cycle of interest rate cuts and is still waiting for clearer signals from the economy. Previously, Chairman of the US Federal Reserve (Fed) Jerome Powell said that the next steps of the US central bank still depend on economic data.

Inflation in the US has cooled recently (down below 5%), but is still high compared to the 2% target. The labor market remains quite good, which is the basis for the Fed to continue to implement its tight monetary policy.

At its June meeting, the Fed paused interest rate hikes after 10 consecutive hikes. Fed officials waited to see the impact of monetary policy on the economy.

Gold price forecast

If nothing changes, according to the expectations of most Fed officials, the agency will raise interest rates two more times in the rest of 2023.

If so, the US dollar could strengthen and weigh on gold.

Recent US housing market reports have also been quite positive, which has also contributed to the decline in precious metals.

Gold is also under selling pressure according to technical analysis. Gold futures contracts closed below the 100-day moving average. This is a rather bad signal. It caused selling to be even stronger, pushing prices down for 2 consecutive sessions.

Currently, many gold investors are also following China's moves, specifically the demand for gold from this market as well as signals about the world's second largest economy.

The People's Bank of China has eased monetary policy again. China is still looking for ways to support economic recovery as the property market weakens.

In the long term, gold is still expected to rise again when the Fed reverses monetary policy (possibly from 2024), thereby causing the USD to decline.

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