Domestic gold price today

Domestic gold prices continued their quiet days this morning and remained at nearly VND67 million/tael. Currently, the domestic precious metal prices are listed specifically as follows:

DOJI brand gold price in Hanoi is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND lower than in Hanoi.

Domestic gold prices fluctuated slightly this morning. Photo: vietnamnet.vn

SJC gold price in Hanoi and Da Nang is currently being bought at 66.5 million VND/tael and sold at 67.12 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

PNJ Gold is buying at 66.5 million VND/tael and selling at 67.05 million VND/tael. Bao Tin Gold Bao Tin Minh Chau is listing at 66.5 million VND/tael for buying and 67.05 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 21 as follows:

Yellow

Area

Early morning June 19

Early morning 20-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.45

67.05

66.45

67.05

-

-

Ho Chi Minh City

66.45

67

66.45

67

-

-

SJC

Ho Chi Minh City

66.45

67.05

66.5

67.1

+50

+50

Hanoi

66.45

67.07

66.5

67.12

+50

+50

Danang

66.45

67.07

66.5

67.12

+50

+50

PNJ

Ho Chi Minh City

66.5

67.1

66.5

67.05

-

-50

Hanoi

66.5

67.1

66.5

67.05

-

-50

Bao Tin Minh Chau

Nationwide

66.46

67.03

66.5

67.05

+40

+20

World gold price today

World gold prices fell sharply early this morning with spot gold falling $15.8 to $1,936.8 an ounce. August gold futures last traded at $1,948.2 an ounce, down $15.3 from early the previous day.

The strong recovery of the US dollar continues to put pressure on the precious metal. Early this morning, the US Dollar Index, which measures the greenback's movements against six major currencies, increased, reducing the attractiveness of gold to buyers holding other currencies.

Markets are awaiting the latest remarks from Federal Reserve Chairman Jerome Powell. He will deliver his semi-annual monetary policy report to Congress on Wednesday and Thursday. Many expect the head of the world's most powerful central bank to repeat comments from his recent press conference, in which he left open the possibility of higher interest rates in the future. Markets will be watching Powell's remarks closely for new clues on the timing of a rate hike. If he takes a hawkish stance, that could boost the dollar and Treasury yields. But if he is more optimistic and offers no new clues, that could weaken the greenback.

Speaking about gold in the long term, Tavi Costa, portfolio manager at Crescat Capital, said that it is only a matter of time before gold prices break above $2,000 an ounce as the world continues to deal with higher interest rates, rising inflationary pressures and a debt-ridden global economy.

Costa said he sees three risks to the global economy that would support gold. The first is a U.S. government default. He added that while the likelihood of this is extremely low, it is not impossible. However, a recession triggered by an aggressive Fed tightening cycle or a U.S. debt level that triggers a bond market sell-off are two real threats looming.

Costa has sounded the alarm about a recession in 2023. His research has noted that not only is the yield curve the most inverted in recent history, but 90% of the curve is inverted, meaning across the spectrum, short-term yields are higher than long-term rates.

World gold fell sharply this morning. Photo: Kitco

“If you look at history, when 70% of the yield curve is inverted, you basically stop everything and buy gold and sell the S&P 500,” he said. In a recession, he doesn’t believe gold will trade at $2,000 an ounce.

While investors continue to stay away from the precious metals market, Costa noted that gold continues to benefit from solid central bank demand. He said central bank gold purchases have fundamentally changed the precious metals market. “With interest rates moving higher around the world, we are going to see more volatility in the foreign exchange market. In this environment, central banks will need to build up their reserves over time by owning more precious metals,” Costa said.

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,936.8 USD/ounce (equivalent to nearly 55.3 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently nearly 12 million VND/tael.

TRAN HOAI