Gold price update at the closing session on June 11th: Reverse after many declining sessions

SJC gold bar price

As of 5:30 PM, SJC gold bar prices were listed by DOJI at the threshold of 133.4-13.84 million VND/tael (buying - selling), an increase of 100,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 133.7-138.7 million VND/tael (buying - selling), down 1.3 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 133.4-138.4 million VND/tael (buying - selling), down 400,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

9999 gold ring price

As of 5:30 PM, DOJI listed the price of gold rings at the threshold of 133.4-138.4 million VND/tael (buying - selling), an increase of 100,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 133.7-138.7 million VND/tael (buying - selling), down 1.3 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 133.4-138.4 million VND/tael (buying - selling), down 400,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 5 million VND/tael.

The buying - selling price difference of gold is at a very high level, around 5 million VND/tael, posing a risk of losses for investors.

World gold price

At 5:30 PM, world gold prices were listed around the threshold of 4,991 USD/ounce, down 67.8 USD compared to the previous day.

Gold price forecast

World gold prices are recovering after falling to the lowest level in about 6 months. However, this recovery momentum is still assessed as quite fragile, as the precious metals market continues to be under pressure from inflation, US bond yields and expectations that the US Federal Reserve (Fed) will maintain high interest rates for a longer time.

According to analysts, the upward momentum of gold prices in the recent session mainly came from the settlement of short selling positions after a period of deep decline. This is not enough to confirm that the upward trend has returned.

Independent analyst Ross Norman said that gold prices are currently in a significant oversold state. The issue is whether the current recovery is a real recovery or just profit-taking from short-selling positions.

The biggest pressure on gold today comes from the interest rate story. US May inflation data shows strong consumer prices, in which the energy group continues to be a noteworthy factor.

Crude oil prices remained at a high level after US-Iran tensions raised concerns that inflation could be more persistent. At that time, the Fed had more reason to maintain tight monetary policy, even the market began to consider the possibility of interest rates possibly increasing before the end of the year.

Usually, geopolitical tensions are a supporting factor for gold thanks to safe-haven demand. However, in the current context, the conflict in the Middle East is viewed more by the market as an inflation shock. Rising energy prices lead to high US bond yields, causing gold's attractiveness to decline because the precious metal does not yield interest.

Commerzbank expert Carsten Fritsch believes that the market is currently almost certain that the Fed will raise interest rates before the end of the year. According to him, if the next Fed meeting does not signal the possibility of raising interest rates, gold prices may begin to recover.

Technically, the 4,100 USD/ounce zone is a noteworthy threshold. If this zone is maintained, gold prices may retest the 4,180-4,200 USD/ounce zone. Conversely, if selling pressure returns, the psychological level of 4,000 USD/ounce may continue to be challenged. In the short term, gold prices are likely to still fluctuate strongly according to inflation data, oil prices and policy signals from the Fed.