Gold price update at the closing session on June 22: Domestic gold recovers

SJC gold bar price

As of 6:25 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 145.5-148.5 million VND/tael (buying - selling), an increase of 1.8 million VND/tael on the buying side and an increase of 1.3 million VND/tael on the selling side. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 145.6-148.6 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 144.4-147.9 VND/tael (buying - selling), an increase of 700,000 VND/tael on the buying side and an increase of 900,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

9999 gold ring price

As of 6:25 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 145.2-148.2 million VND/tael (buying - selling), an increase of 2.2 million VND/tael on the buying side and an increase of 1.7 million VND/tael on the selling side. The difference between buying and selling prices is at 3 million VND/tael.

DOJI listed gold ring prices at the threshold of 145.6-148.6 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 144.4-147.9 VND/tael (buying - selling), an increase of 700,000 VND/tael on the buying side and an increase of 900,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

World gold price

At 6:35 PM, world gold prices were listed around 4,203.2 USD/ounce, up 48.5 USD compared to the previous day.

Gold price forecast

World gold prices are under great pressure after the US Federal Reserve (Fed) issued a tougher signal on interest rates. This development makes market sentiment cautious, in the context that the USD and US bond yields may continue to remain high.

According to Kitco News' weekly gold survey, the psychology of Wall Street analysts has clearly leaned towards a negative scenario. Among the 10 experts participating in the survey, only 1 person predicted gold prices would increase, 7 people thought the precious metal would decrease and 2 people predicted prices would go sideways. This result shows that the short-term resistance force to gold is still quite large, especially when the market has not had more clear signals about the next direction of US monetary policy.

Ms. Nicky Shiels - Director of Metal Research and Strategy at MKS PAMP - said that the Fed's latest meeting did not create more support for gold. According to her, the recovery from around $4,000/ounce is likely just a short-term technical rebound, rather than a sustainable reversal sign. When the Fed's stance is assessed as tougher than expected, gold's gains may continue to face selling pressure.

In the opposite direction, some large financial institutions still maintain a positive view of gold in the medium and long term. Société Générale - a French multinational bank - recently increased the proportion of gold in the third quarter portfolio from 7% to 10%, and recommended investors to take advantage of adjustment phases to accumulate.

According to the analysis group of Société Générale, the demand for gold from central banks, the trend of foreign exchange reserve diversification and inflation risk are still important supporting factors. This bank believes that although gold prices may still fluctuate in the short term, the long-term trend has not been broken and the precious metal is still likely to recover in the coming quarters.

This week, the market will pay attention to a series of US economic data, including PMI, Q1 GDP, durable goods orders and PCE inflation index. If the data shows persistent inflation, gold may continue to be under pressure. Conversely, weaker-than-expected data may help the precious metal regain support.