Gold prices today, June 28, 2024, have rebounded from the lowest price in the past two weeks. Precious metal prices may not be able to break out in the short term, but in the long term, gold is still a commodity that is being "supported" by central banks around the world.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/28 and EXCHANGE RATE TODAY 6/28
| 1. SJC - Updated: 06/27/2024 08:22 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 74,980 | 76,980 |
| SJC 5c | 74,980 | 77,000 |
| SJC 2c, 1c, 5 phan | 74,980 | 77,010 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 73,700 ▼150K | 75,300 ▼150K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 73,700 ▼150K | 75,400 ▼150K |
| Jewelry 99.99% | 73,600 ▼150K | 74,600 ▼150K |
| Jewelry 99% | 71,861 ▼149K | 73,861 ▼149K |
| Jewelry 68% | 48,383 ▼102K | 50,883 ▼102K |
| Jewelry 41.7% | 28,761 ▼63K | 31,261 ▼63K |
Update gold price today June 28, 2024
World gold prices quickly recovered from a two-week low, returning to above $2,300.
According to TG&VN at 5:00 p.m. on June 27 (Hanoi time), the world gold price on the Kitco exchange was at 2,315.30 - 2,316.30 USD/ounce , a sharp increase of 17.7 USD compared to the previous trading session.
Gold prices immediately rebounded after many consecutive declines, returning to trading above $2,300/ounce, as the USD stagnated.
Just before that, the gold price broke through the important support level of 2,300 USD/ounce and plunged to the lowest price range in the past 2 weeks. The world gold price lost 0.95% on June 26, the second consecutive decline, hitting a two-week low of -2,293 USD, when both the USD and US interest rates rose again at the same time.
The dollar rose 0.4% to a near two-month high against its rivals, making gold more expensive for holders of other currencies, while benchmark U.S. 10-year bond yields also hit a near two-week high.
At this point, the market is likely reacting to the strengthening of the US dollar and we continue to assess the possibility that the US Federal Reserve (Fed) is unlikely to change (interest rates) in the early summer," said Bart Melek, head of commodity strategy at TD Securities .
In the market, investors are now waiting for key U.S. economic data due later on June 27 on growth and unemployment data for further clues on the future of monetary policy. Data released earlier this week showed U.S. consumer confidence eased in June amid concerns about the economic outlook, but households remained upbeat about the labor market and expected inflation to be moderate next year.
Meanwhile, Fed Governor Michelle Bowman said that keeping policy rates steady “for some time” could be enough to keep inflation in check, but reiterated “the readiness to raise borrowing costs if needed.”
Analysts say that world gold prices will likely find it difficult to break out in the short term, at least until there is clearer information about the Fed's monetary policy.
Domestic gold prices continue to remain "unmoved" with SJC gold bars.
The price of SJC gold bars traded at Saigon Jewelry Company is at 74.98-76.98 million VND/tael (buy - sell). Doji Hanoi Group listed the price of SJC gold bars at 74.98-76.98 million VND/tael. Phu Quy Group is listing SJC gold bars at 75.50-76.98 million VND/tael.
The price of 9999 gold rings plummeted.
Compared to the previous session, at Saigon Jewelry Company, the price of 9999 gold rings has decreased by about 200,000 VND/tael for buying and 250,000 VND/tael for selling, standing at 74.3-75.55 million VND/tael.
Bao Tin Minh Chau Company is currently listing the price of Thang Long Golden Dragon brand plain round gold rings at 74.56-75.86 million VND/tael.
With the stable price of SJC gold bars in recent days, the price difference between SJC gold and gold rings has narrowed significantly, currently only about 1-1.5 million VND/tael.
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| Gold price today June 28, 2024: Gold price soars above resistance, is it true that the Bank of China has temporarily stopped buying gold? (Source: DT next) |
Summary of SJC gold bar prices at major domestic trading brands at the closing time of trading session on June 27:
Saigon Jewelry Group listed SJC gold price at: 74.98 - 76.98 million VND/tael
Doji Group listed SJC gold price at: 75.30 - 76.98 million VND/tael.
PNJ system listed at: 74.98 - 76.98 million VND/tael.
Phu Quy Gold and Silver Group listed at: 75.50 - 76.98 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 75.50 - 76.98 million VND/tael.
Gold prices will continue to be supported
Gold prices will continue to be supported by strong central bank buying even as Chinese purchases slow and gold could see a drop in Indian demand later this year, according to precious metals strategists at Heraeus Precious Metals. In its latest precious metals report, Heraeus said it still expects strong central bank demand for gold.
“A recent survey by the World Gold Council (WGC) found that the majority of 70 central banks surveyed indicated a trend of increasing gold purchases and reducing US dollar holdings over the next five years.” Explaining that trend, “interest rates, inflation concerns and geopolitical uncertainty ranked as the top three drivers behind reserve management decisions. In fact, the data showed that net central bank purchases in the year to April reached 110.5 tonnes, largely in line with the past two years.”
Heraeus also noted that the news that the People’s Bank of China (PBoC) paused gold purchases in May, after 18 consecutive months of inflows, is not very meaningful. The lack of additional reporting on the central bank’s gold holdings may not tell the whole story. The PBoC is still accumulating gold in other ways.
Even taking into account the PBoC’s slowing purchases, global central banks are expected to buy 273.7 tonnes of gold this year, the analysts wrote. “If central bank purchases remain robust, as the survey suggests, demand will remain robust over the next five years.”
Source: https://baoquocte.vn/gia-vang-hom-nay-2862024-gia-vang-bang-bang-vuot-luc-can-su-that-ngan-hang-trung-quoc-tam-dung-mua-vang-276535.html
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