The domestic gold price this morning (June 7) at 9:00 a.m. was listed by Doji Jewelry Group in Hanoi at: 37.25 million VND/tael (up 200,000 VND for buying) and 37.40 million VND/tael (up 200,000 VND for selling) compared to the previous session.
Bao Tin Minh Chau Jewelry Company listed the price at: 37.25 million VND/tael (up 200,000 VND for buying) and 37.35 million VND/tael (up 190,000 VND for selling) compared to the session on June 5.
SJC gold price on the free market in Ho Chi Minh City is trading around 37.1 - 37.4 million VND/tael. In Hanoi and Da Nang, SJC gold price is trading around 37.1 - 37.42 million VND/tael.
The above markets all increased by VND100,000/tael compared to the closing price of the previous session. The difference between buying and selling is 300,000 - 320,000 VND/tael, extending to 50,000 VND/tael compared to yesterday's session.
World gold prices increased the most since the beginning of the year, in the context of the market expecting the US to cut interest rates.
After 6 consecutive sessions of increase, there were slight increases, but there was also a session of increase above 10 USD/z, bringing the world gold price to 1,341 USD/z, closing the session in the US market early this morning (June 8, Hanoi time, up 8 USD compared to the close of the previous session.
Overall, during the week, the world gold price increased by 37 USD/oz compared to the closing price of the previous weekend, compared to the opening price of the world gold week increasing by 29 USD/oz.
The increase in gold prices was due to China's white paper on trade agreements with the US at the beginning of the week, in which Beijing clearly expressed its view of not agreeing on core national issues.
In the middle of the week, world gold prices benefited from the US Federal Reserve (Fed) issuing a gray book on the world's largest economy, with a forecast of limited growth. Although the World Monetary Fund (IMF) later raised its forecast for US economic growth to 2.6%.
However, this factor cannot overshadow many factors supporting gold, such as the US abolishing tax exemptions and reductions on Indian goods and imposing an additional 5% on all Messican goods due to immigration.
Federal Reserve Chairman Jerome Powell said interest rates could fall if trade tensions harm economic prospects. Mr. Powell also said that the Fed does not know how and when these trade issues will be resolved.
Mr. James Bullard, Governor of the FED St. Petersburg Branch. Louis said there could be grounds for a rate cut soon. Investors are betting that the FED will cut interest rates at least once between now and the end of the year.
Economic expert Howie Lee of OCBC said that the information that Washington may postpone the plan to impose tariffs on Mexico has supported financial markets, but it is probably not in the interest of gold prices in this session. The OCBC economist also said that gold market trading will be almost "silent" until the US employment data is released.
