Gold price update at the closing session on June 21st: Experts predict unexpectedly

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 144.2-147.2 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (June 14), SJC gold bar price at Saigon SJC Jewelry Company increased by 200,000 VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at 144.2-147.2 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (June 14), SJC gold bar price at DOJI increased by 200,000 VND/tael in both buying and selling directions.

If buying SJC gold bars in the June 14 session and selling them in today's session (June 21), buyers at Saigon Jewelry Company SJC and DOJI will both lose 2.8 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 144.2-147.2 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 143-146.5 million VND/tael (buying - selling), down 1 million VND/tael on the buying side and down 500,000 VND/tael on the selling side. The buying - selling difference is at 3.5 million VND/tael.

If buying gold rings in the session on June 14 and selling them in today's session (June 20), buyers at DOJI will lose 2.8 million VND/tael, while the loss when buying at Phu Quy is 4 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,154.7 USD/ounce, down 63.6 USD compared to a week ago.

Gold price forecast

World gold prices closed the trading week in a weakening state, under pressure from a stronger USD and US bond yields hovering around high levels. After the latest policy meeting of the US Federal Reserve (Fed), the market shifted from expectations of interest rate cuts to considering the possibility of the Fed maintaining a tougher stance in the near future. This increased the opportunity cost of holding gold, thereby limiting buying power for precious metals.

According to a weekly gold survey by a precious metals website, Wall Street analysts' sentiment has shifted to more negative after gold prices lost most of their previous gains.

Among the 10 experts participating in the survey, only 1 person, equivalent to 10%, predicted gold prices would increase next week. Up to 7 experts, accounting for 70%, believe that gold prices will continue to decrease. The remaining two experts, equivalent to 20%, predicted that gold prices would remain flat.

In the opposite direction, individual investor sentiment is still more positive. Among 46 people participating in Kitco's online survey, 25 people, equivalent to 54%, expect gold prices to increase next week; 16 people, equivalent to 35%, forecast prices to decrease; and 5 people, equivalent to 11%, believe that gold prices will accumulate.

Mr. Adrian Day - Chairman of Adrian Day Asset Management - said that gold prices may go sideways but fluctuate strongly. According to him, a tougher tone from the Fed makes the market need more time to absorb. However, the buying power of central banks and geopolitical instability can still create a support for gold prices.

Meanwhile, Mr. Kevin Grady - Chairman of Phoenix Futures and Options - said that gold prices are likely to retest the recent bottom, especially the psychological milestone of 4,000 USD/ounce. This expert believes that the current trading volume is quite low, showing that investors have not really returned to the market. If buying power does not improve, gold prices may continue to be under pressure in the short term.

Next week, the market will monitor a series of important US economic data, including the PMI index of manufacturing and services, adjusted Q1 GDP, number of unemployment claims, durable goods orders and the Personal Consumption Expenditure (PCE) index. These data may directly affect interest rate expectations, thereby strongly impacting gold price trends.