Gold price update at the closing session on June 27: Rising but less optimistic prospects

SJC gold bar price

As of 6:15 PM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 145.3-148.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.2 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 145.5-148.5 million VND/tael (buying - selling), an increase of 1.5 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 144.3-148 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.7 million VND/tael.

9999 gold ring price

As of 6:15 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 145-148 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

DOJI listed gold ring prices at the threshold of 145.5-148.5 million VND/tael (buying - selling), an increase of 1.5 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 the price of gold rings at 144.3-148 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.7 million VND/tael.

World gold price

At 7:10 PM, world gold prices were listed around the threshold of 4,088.6 USD/ounce, up 42.3 USD compared to the previous day.

Gold price forecast

The world gold market has just experienced a volatile trading week and is under pressure. Strong sell-offs appeared after a series of US economic data was released showing that inflation is still high.

The continuous strength of the USD along with expectations that the US Federal Reserve (Fed) will continue to maintain its monetary tightening policy has pushed precious metal prices deeply back to near the threshold of 4,000 USD/ounce. Despite a slight recovery at the last minute thanks to bottom-fishing demand and geopolitical tensions in the Strait of Hormuz, the general trend has not yet escaped gloom.

According to the latest survey by a website specializing in precious metals, pessimistic sentiment is overwhelming the market. Specifically, among 18 Wall Street analysts participating in the survey, up to 44% predict that gold prices will continue to fall next week, only 28% expect prices to increase and 28% believe that the market will move sideways.

On the Main Street retail market, investor sentiment also faltered before the fear of interest rates. Among 238 voters, 46% predicted gold would depreciate, only 37% maintained an optimistic view and 17% predicted accumulation prices.

Assessing the upcoming trend, Mr. Jesse Colombo - independent precious metals analyst at BubbleBubble Report - said that gold is being oversold. This expert commented: "Real inflation expectations are falling again.

If this reflects into the Treasury bond market, causing yields to fall, the precious metal will receive positive momentum. Currently, gold is rising from an important support zone, and I believe that there will soon be a strong recovery because we are still in a long-term uptrend cycle.

From a more cautious perspective, Mr. Sean Lusk - Trade Risk Prevention Director at Walsh Trading - assessed that gold may continue to decline in the short term. "Prices may fall slightly further before creating a large buying opportunity.

If upcoming economic data continues to show positivity, gold may be pushed down to the 3,700 - 3,800 USD/ounce range. At that price level, bottom-fishing buying will return. In short, the market is under pressure in the short term but still very promising in the long term" - Mr. Lusk emphasized.

Next week, the focus of investors' attention will be on important US jobs reports, including JOLTS job opportunity data, ADP private sector jobs report, ISM manufacturing PMI index and especially the non-farm payrolls for June. These "measurement" data will determine the direction of Fed monetary policy, thereby deciding the trend of gold prices ahead of the US Independence Day holiday.