Under the impact of the decline in world gold prices, domestic gold prices on June 21 showed a decrease in a series of domestic gold brands.
In which, the price of SJC gold bars in Hanoi was listed by SJC Saigon Joint Stock Company at 66.40 - 67.02 million VND/tael, down about 100,000 VND per tael for both buying and selling compared to yesterday's closing price.
The price of Dragon Thang Long gold of Bao Tin Minh Chau also decreased by 100,000 VND/tael in both buying and selling directions compared to yesterday's closing price.
However, entering a new trading session on the evening of June 21, Vietnam time, gold prices on the world market are still continuing to decline.
According to Kitco gold price information page, gold prices are currently trading at 1,934 USD/oz, down more than 2 USD compared to the closing price of that session a few hours away.
Thus, the world gold price has now lost more than 16 USD, from the popular price of 1,950 USD/tael in less than 24 hours. Converted to the USD exchange rate at Vietcombank on the same day, the world gold price is losing nearly 460,000 VND per tael.
The mentality of listening and the difference in the time zone makes domestic gold prices often adjust more slowly than the fluctuations of world gold prices. However, due to the large depreciation of world gold prices, it is likely that domestic gold prices will decrease further tomorrow, June 22.
According to many investment institutions, the strong recovery of the USD is continuing to put pressure on the precious metal. Most easily seen is on June 21, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies increased the attractiveness of gold to buyers holding other currencies.
The market is also waiting for the latest statements of Chairman of the US Federal Reserve (Fed) Jerome Powell. He will provide a semi-annual monetary policy report to the National Assembly on Thursday and Friday. Many believe that the Fed Chairman may continue to leave open the possibility of higher interest rates in the future.
Increasing interest rates could boost the US dollar and US Treasury yields, which could have a negative impact on gold prices.