Gold price update at the closing session on June 29: Facing fourth consecutive month in red

SJC gold bar price

As of 7:15 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 144.8-148 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.2 million VND/tael.

SJC gold bar prices are listed by DOJI at the threshold of 145-148 million VND/tael (buying - selling), down 500,000 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 143.5-147 million VND/tael (buying - selling), down 800,000 VND/tael on the buying side and down 1 million 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 7:15 PM, Phu Quy Jewelry Group listed the price of gold rings at the threshold of 144.5-147.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

DOJI listed gold ring prices at the threshold of 145-148 million VND/tael (buying - selling), down 500,000 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 143.5-147 million VND/tael (buying - selling), down 800,000 VND/tael on the buying side and down 1 million 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 7:15 PM, world gold prices were listed around the threshold of 4,047.7 USD/ounce, down 40.9 USD compared to the previous day.

Gold price forecast

Commenting on market developments in the coming time, experts believe that the precious metal is facing heavy downward pressure in the context of geopolitical tensions in the Middle East continuing to have complex developments. These instabilities not only hinder the recovery momentum of gold but also raise concerns about the "ghost" of inflation, thereby strengthening speculation about further interest rate hikes by the US Federal Reserve (Fed).

In fact, at the end of last week's trading session, gold recorded a decrease of 1.7% and is on track to close June with a plunge of more than 10%. If this bad scenario occurs, this will be the fourth consecutive month that the global precious metals market sinks deep into red.

The root cause directly affecting investor sentiment stems from hotspots in the Gulf region. Although US officials recently revealed that Washington and Tehran have agreed to suspend hostilities and resume negotiations on disputes in the Strait of Hormuz, geopolitical risks are still present.

Previous missile and drone attacks have caused crude oil prices to rise, directly threatening global inflation control efforts.

Commenting on this context, analyst Ricardo Evangelista from the trading platform ActivTrades commented: "Gold prices are under great pressure because investors are still skeptical about the peace negotiation process between the US and Iran.

Any new outbreak of tension could push energy prices up, thereby reigniting concerns about inflation and further strengthening the monetary policy tightening stance from central banks.

In fact, although gold has always been considered a safe haven and an effective defense tool against inflation, the attractiveness of this precious metal is being significantly overshadowed in a high-interest rate environment due to its non-profit nature.

Currently, CME's FedWatch tool shows that the market is assessing the possibility that the Fed will have 3 waves of interest rate hikes this year, with a tightening probability in September up to about 61%.

In the short term, cash flow is tending to stand idly by to wait for the June ADP jobs data and especially the US Non-Farm payroll report. Giving a price trend forecast, expert Evangelista emphasized: "A stronger than expected non-farm jobs report to be released later this week will be a solid basis for the Fed to act more "hawkishly". This will create conditions for a deep price slide, pushing gold down the important support level of 4,000 USD/ounce sustainably.