Gold price update morning of June 29: Turning back down, experts predict negative

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 145.3-148.5 million VND/tael (buying - selling). 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). The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 144.3-148 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 3.7 million VND/tael.

9999 gold ring price

As of 6:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at 145-148 million VND/tael (buying - selling). 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). 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). The difference between buying and selling prices is at 3.7 million VND/tael.

World gold price

At 6:00 AM, world gold prices were listed around the threshold of 4,060.1 USD/ounce, down 28.5 USD/ounce compared to the previous day.

Gold price forecast

Closing the past trading week with a sharp decrease, the gold market entered the new week (from June 29) with a very cautious sentiment. According to Kitco's latest weekly gold market survey, the selling side is dominating Wall Street and the retail market.

Among the 18 analysts participating in the survey, up to 44% predicted that gold prices would continue to plummet this week; 28% predicted that prices would remain flat and only 28% were optimistic about the recovery momentum.

Pessimism also spread to individual investors as nearly half of respondents predict that the precious metal will continue to depreciate under pressure from concerns about tightening interest rates.

Explaining the current tense situation, Mr. Adrian Day - Chairman of Adrian Day Asset Management investment fund - said that the market is being affected by conflicting information flows.

Geopolitical conflicts may flare up again, while the sell-off of technology stocks may boost demand for liquidity, and gold is the optimal source of liquidity.

However, the US Federal Reserve (Fed) remains steadfast in its goal of cooling down inflation. However, if the consumer price index (CPI) falls in the next few months thanks to cooling oil prices, the Fed may have reason to stop tightening monetary policy," Adrian Day analyzed.

Agreeing with the market outlook, Mr. Sean Lusk - Director of Commercial Risk Insurance at Walsh Trading - assessed that the current downward spiral has not necessarily ended, but this is the premise for a new breakthrough.

After the recent deep decline, bottom-fishing cash flow has begun to appear. Gold and silver may weaken a little further, but this will create a huge buying opportunity. The current overall picture is a short-term decline, but still maintaining growth momentum in the long term," this expert emphasized.

This week, all the attention of global investors will be focused on the US labor market. A series of important economic data such as JOLTS job opportunities, ADP jobs data, ISM manufacturing PMI index and especially the non-farm payrolls report for June will be released.

These "indicators" are expected to provide clearer clues about the health of the US economy as well as the policy orientation of the Fed before the National Day holiday. If economic data is not positive, gold prices may find momentum to rebound above the important psychological threshold.