Gold prices drop, SocGen stays until prices reach $4,000/ounce
Although gold prices have lost $3,400/ounce, Company Generale (SocGen) is still steadfast in this precious metal.
The bank's market strategists said that they will maintain a 7% stake in the multi-asset investment portfolio until the end of the third quarter of 2025, considering gold both an investment channel for price increases and a "shield" against geopolitical instability.
In its just-issued portfolio strategy report, SocGen affirmed that it is not in a hurry to take profits as gold prices have not yet reached the target of 4,000 USD/ounce. Experts continue to be optimistic as central banks of many countries step up buying, reducing dependence on the USD.
Protecting foreign exchange reserves and cutting off the US dollar is accelerating de-dollarization, the analysis team wrote. They estimate that gold prices could reach $4,200/ounce in the second quarter of next year. See more...
Foreign investors continue to sell net
In the trading session on June 20, the stock market continued to fluctuate and the VN-Index returned to fluctuate slightly around the reference level.
The market ended the weekend session with a slight decrease of only 2.7 points due to a lack of consensus among major stocks. Meanwhile, export stocks including seafood and textiles have reversed the general market and increased sharply.
At the end of the session, the HOSE floor had 135 stocks increasing and 167 stocks decreasing, the VN-Index decreased by 2.69 points to 1,349.35 points. Total trading volume reached nearly 847.6 million units, worth more than VND 22,097 billion, up 6.9% in volume and nearly 18% in value compared to the session on June 19.
Regarding foreign transactions, foreign investors continued to net sell more than VND572 billion in the session of June 20. On HoSE alone, foreign investors net sold nearly VND574 billion. See more...
The State Bank reorganizes the branch system
Implementing Resolution No. 18-NQ/TW of the Central Committee on innovation and streamlining the organization of the political system to be streamlined, effective and efficient, the State Bank of Vietnam (SBV) has reorganized the system of provincial and municipal branches into 15 regional SBV branches. This organization also meets the requirements for implementing Resolution No. 60-NQ/TW dated April 12, 2025 of the 13th Party Central Committee on the arrangement of provincial-level administrative units.
Accordingly, from July 1, 2025, the system of 15 regional SBVs will officially come into operation synchronously with the new local government apparatus in 34 provinces and cities after the merger. In particular, the State Bank of Vietnam, Area 1 (Hanoi City) and Area 2 (Ho Chi Minh City, Dong Nai and neighboring localities) have been operating since March 1, 2025. See more...
Yen unexpectedly increases
According to Lao Dong, on June 20, the Japanese Yen (JPY) slightly increased against the US dollar (USD), after data showed that inflation in Japan continued to exceed the 2% target of the Bank of Japan (BoJ). However, the Yen's gains are still quite weak, and the USD/JPY exchange rate remains near its highest level of the month.
The Statistical Institute of Japan announced that the national consumer price index (CPI) in May increased by 3.5% compared to the same period last year. Core CPI - excluding fresh food prices - increased to 3.7%, the highest level since January 2023. Even the deeper core CPI - both food and energy - increased sharply to 3.3%, showing widespread inflationary pressures. These figures reinforce the possibility that the BoJ may continue to raise interest rates in the coming time. See more...
