Gold price update at the close of June 28th: Heavy losses after a week

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold price at 145.5-148.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week's trading (June 21), the price of SJC gold bars at Saigon SJC Jewelry Company increased by 1.3 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 145.5-148.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (June 21), the price of SJC gold bars at DOJI increased by 1.3 million VND/tael in both buying and selling directions.

If buying SJC gold bars in the June 21 session and selling them in today's session (June 28), buyers at Saigon Jewelry Company SJC and DOJI will both lose 1.7 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 145.5-148.5 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 145-148 million VND/tael (buying - selling), an increase of 2 million VND/tael on the buying side and an increase of 1.5 million VND/tael on the selling side. The buying - selling difference is at 3 million VND/tael.

If buying gold rings on June 14 and selling them on today's session (June 20), buyers at DOJI will lose 1.7 million VND/tael, while the loss when buying at Phu Quy is 1.5 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,88.6 USD/ounce, down 66.1 USD compared to a week ago.

Gold price forecast

Gold prices are facing strong sell-off pressure in the short term due to concerns about interest rates and the strength of the USD. The latest survey shows that caution is covering both experts and investors.

According to Kitco's latest weekly survey results, the downward price forecasting faction is absolutely dominant. Among 18 analysts at Wall Street, 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.

The sentiment on Main Street was also no less gloomy. Among 238 retail investors participating in the voting, 46% predicted that the precious metal would depreciate, 37% expected an increase, and 17% predicted that the market would accumulate.

The main reason for this decline is that the US Federal Reserve (Fed) continues to be tough in controlling inflation. This pushes bond yields and the USD up, and the heat from the wave of investment in artificial intelligence (AI) is also attracting cash flow away from the gold market.

Although the short-term picture is quite bleak, many experts still see a "bottom-fishing" opportunity. Mr. Rich Checkan - Chairman of Asset Strategies International commented: "The psychological support level of 4,000 USD/ounce seems to be still standing firm. This sell-off has gone too far and I believe that both individual investors and central banks will take advantage of buying at this bargain price.

Agreeing with this view, independent analyst Jesse Colombo said that the market is reacting excessively to the Fed's "hawkish" signals. "Gold is being oversold. In fact, we are still in a long-term bull market cycle and this precious metal has strong recovery potential in the near future," Mr. Colombo emphasized.

Despite the current downwinds, major financial institutions still do not give up an optimistic long-term perspective. Typically, BMO Capital Markets forecasts gold will reach the 5,000 USD/ounce mark in the first quarter of next year, while Bank of America remains steadfast with the 6,000 USD/ounce target even though the peak period may be longer. Foundation factors such as high global public debt and the aggressive gold hoarding trend of central banks will still be solid support for this precious metal.