Gold price hits all-time high for 3 consecutive quarters, forecast to reach 3,000 USD/ounce, gold rings closely follow SJC

Gold price today June 30, 2024, gold price reached an all-time record quarterly closing price for the third consecutive quarter, up 21% since the end of the second quarter of 2023. It is not surprising that many commodity analysts remain extremely optimistic about the precious metal. Domestically, the price of gold rings closely follows SJC gold bars.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/30 AND EXCHANGE RATE TODAY 6/30

[WIDGET_GOLD_RATE:::SJC:]

Update gold price today June 30, 2024

Domestic gold prices were stable last week.

On the morning of June 24, the price of SJC gold bars continued to stabilize at 76.98 million VND/tael for sale.

Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), unchanged from the closing price yesterday afternoon.

Throughout this week, the price of SJC gold bars maintained a sideways trend. Accordingly, the price of SJC gold bars listed by state banks (Agribank, Vietcombank, BIDV and Vietcombank) and Saigon Jewelry Company (SJC) was stable at 74.98 - 76.98 million VND/tael (buy - sell).

Meanwhile, the price of gold rings is also maintained stable, with not too much fluctuation.

As of the afternoon of June 29, Bao Tin Minh Chau listed the buying price of plain round gold rings under the brand of Thang Long Dragon Gold at 74.68 million VND/tael and the selling price at 75.98 million VND/tael. The price of 999 round gold rings (Hung Thinh Vuong) was listed by DOJI Gold and Gemstone Group at 74.65 - 75.90 million VND/tael (buy - sell).

According to The Gioi & Viet Nam Newspaper , at 5:33 p.m. on June 29 (Vietnam time), the world gold price at goldprice.org was at 2,326.73 USD/ounce, down 0.93 USD/ounce compared to the previous trading session.

Gold price today June 30, 2024: Gold price hits all-time high for 3 consecutive quarters, forecast to reach $3,000/ounce, gold rings closely follow SJC. (Source: Kitco News)

Summary of SJC gold prices at major domestic trading brands at the closing time of June 29:

Saigon Jewelry Company listed at 74.98 - 76.98 million VND/tael.

Doji Group is currently listed at: 74.98 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at 75.5 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.5 - 76.98 million VND/tael; Rong Thang Long gold brand is traded at 74.68 - 75.98 million VND/tael; jewelry gold price is traded at 73.80 - 75.70 million VND/tael.

Converted according to the USD price at Vietcombank on June 29, 1 USD = 25,473 VND, the world gold price is equivalent to 71.41 million VND/tael, 5.57 million VND/tael lower than the selling price of SJC gold.

Since the beginning of June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC Company. For more than two weeks, the selling price of gold from the State Bank has remained unchanged, so the selling price of gold from banks and SJC Company has also remained unchanged.

World gold price ends Q2/2024 at record high

The gold market may be stuck below $2,350 right now, but that hasn't stopped prices from hitting new records.

Friday’s gold close marked the end of the second quarter of the year, and the precious metal set a new all-time quarterly record for the third consecutive quarter. Gold ended the week at around $2,336 an ounce, up more than 5% from the end of the first quarter of 2024.

Meanwhile, on a year-over-year basis, gold prices have risen by 21% since the end of Q2 2023. Looking at the long-term chart of gold, it is no surprise that many commodity analysts remain extremely bullish on gold. Not only does the price have solid fundamental macroeconomic support, but the chart also shows a clear upward trend.

While gold has room to fall in the near term, it is difficult to see how the current trend will change. While long-term fundamentals remain strong, the market lacks a catalyst to generate a new rally to all-time highs. Investors continue to focus on gold’s opportunity cost as the US Federal Reserve maintains its accommodative monetary policy.

However, analysts are starting to see signs of a shift in the market as investors seek alternative safe-haven assets. This week, State Street Global Advisors, in collaboration with the World Gold Council, released its annual Gold Perceptions Survey.

The survey polled 525 professional investors in North America and a surprising 29% expect to increase their capital allocation to precious metals in the next 12 to 18 months.

The survey also found that investors are more bullish on gold this year. Nine out of 10 advisers surveyed said they have some allocation to the precious metal, up from 69% in 2018 and 76% in 2019.

As for what will be the catalyst for gold, Michael Widmer , a commodities analyst at Bank of America, has a few ideas. This week, he increased his gold price forecast, predicting it will hit $3,000 an ounce in the next 12 to 18 months.

Widmer added that investors will not jump into the gold market until they get a clear signal from the Fed that it is embarking on a new easing cycle.

However, he also noted that gold's appeal is increasing as central banks around the world reduce their exposure to the US dollar and US Treasuries.

“Gold is in a holding pattern,” said Michele Schneider, chief strategist at MarketGauge.com. “Inflation is not going down, geopolitical tensions are not easing, and government deficits are growing. This is solid support for gold.”

A clear message from a growing number of analysts is that gold prices remain in a strong uptrend as long as support above $2,300 an ounce holds.

After two months of stability, gold price action looks attractive, especially as inflation pressures appear to ease further, said David Morrison , senior market analyst at Trade Nation.

“Gold is currently consolidating over the last month and is down 6% from its all-time high, chart-wise. To me, this looks like a setup from which prices will eventually move higher. I certainly wouldn’t be surprised to see gold back above $2,350 sometime in July,” he said.

However, other analysts also noted that gold has not yet given a “clear signal” and that could only happen after the US jobs numbers are released next week.

Lukman Otunuga, Chief Market Analyst at FXTM, said the market is watching for a breakout between $2,290 and $2,370 an ounce and is waiting for a catalyst to trigger the next directional move.

Source: https://baoquocte.vn/gia-vang-hom-nay-3062024-gia-vang-cao-ky-luc-moi-thoi-dai-3-quy-lien-tiep-du-bao-thoi-diem-dat-3000-usdounce-vang-nhan-bam-sat-sjc-276815.html