Domestic gold price today

Domestic gold prices fell slightly this morning and traded at nearly 67 million VND/tael. Currently, the domestic precious metal prices are listed specifically as follows:

DOJI brand gold price in Hanoi is listed at 66.35 million VND/tael for buying and 66.95 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at 50,000 VND higher but sold at the same price as in Hanoi.

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

SJC gold price in Hanoi and Da Nang is currently being bought at 66.4 million VND/tael and sold at 67.02 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 66.45 million VND/tael and selling at 67 million VND/tael. Bao Tin Bao Tin Minh Chau gold is listed at 66.42 million VND/tael for buying and 66.93 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 22 as follows:

Yellow

Area

Early morning 21-6

Early morning 22-6

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

66.35

66.95

-100

-100

Ho Chi Minh City

66.45

67

66.4

66.95

-50

-50

SJC

Ho Chi Minh City

66.5

67.1

66.4

67

-100

-100

Hanoi

66.5

67.12

66.4

67.02

-100

-100

Danang

66.5

67.12

66.4

67.02

-100

-100

PNJ

Ho Chi Minh City

66.5

67.05

66.45

67

-50

-50

Hanoi

66.5

67.05

66.45

67

-50

-50

Bao Tin Minh Chau

Nationwide

66.5

67.05

66.42

66.93

-80

-120










World gold price today

World gold prices continued to decline early this morning, with spot gold falling $3.7 to $1,933.1 an ounce. August gold futures last traded at $1,944.9 an ounce, down $3.3 from early the previous day.

Gold prices fell to a three-month low in midweek trading as Federal Reserve Chairman Jerome Powell maintained a hawkish tone in his testimony before Congress. Specifically, Mr. Powell emphasized that further interest rate hikes would be needed to achieve the goal of reducing inflation. This pushed up Treasury bond yields and put pressure on the precious metal.

Despite the price drop, MKS PAMP experts said the gold market has remained more or less stable in the face of somewhat tough testimony from Chairman Jerome Powell. However, the longer gold trades sideways without fresh momentum, the greater the risk of a deeper sell-off, according to MKS PAMP head of metals strategy Nicky Shiels.

Shiels said her bullishness on gold has diminished, although the factors driving demand for the precious metal remain. However, the precious metal has been in this trading range for so long that it usually implies a pullback. Shiels said the $1,940-$1,950 an ounce range coincides with the 100-day moving average.

According to her, there are still three main drivers supporting gold's recovery, including active central bank buying, strong physical demand and retail coin and bar buying.

However, Shiels warned that there are some signs of weakness that could accelerate the sell-off. She pointed out that in the past two weeks, ETF outflows have been 42,000 ounces a day, due to falling interest in these accounts and weak physical demand from China. Specifically, China’s gold imports fell 13% month-on-month, and retail sales of gold and silver jewelry have fallen from the double-digit growth recorded from March to May 2023.

World gold continued to decline early this morning. Photo: Kitco

The precious metals market will be dominated this week by Chairman Powell’s testimony on Wednesday and Thursday and the Bank of England’s interest rate decision on Thursday. How gold finishes the second quarter will also provide additional clues about where prices will head in the summer months.

Gold has managed to make higher lows and higher highs over the past three quarters as hawkish comments from Fed officials have pushed the dollar and US real rates higher, while there has been a growing lack of news to fuel the precious metal’s rally, Shiels said.

With the domestic gold price decreasing slightly and the world gold price listed at Kitco at 1,933.1 USD/ounce (equivalent to nearly 55.1 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently nearly 12 million VND/tael.

TRAN HOAI