Domestic gold price today

Domestic gold prices fluctuated 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 66.4 million VND/tael for buying and 67 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 increased slightly this morning. Photo: thanhnien.vn

SJC gold price in Hanoi and Da Nang is currently being bought at 66.45 million VND/tael and sold at 67.07 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 66.46 million VND/tael for buying and 67.03 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 23 as follows:

Yellow

Area

Early morning 22-6

Early morning 23-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.35

66.95

66.4

67

+50

+50

Ho Chi Minh City

66.4

66.95

66.4

66.95

-

-

SJC

Ho Chi Minh City

66.4

67

66.45

67.05

+50

+50

Hanoi

66.4

67.02

66.45

67.07

+50

+50

Danang

66.4

67.02

66.45

67.07

+50

+50

PNJ

Ho Chi Minh City

66.45

67

66.45

67

-

-

Hanoi

66.45

67

66.45

67

-

-

Bao Tin Minh Chau

Nationwide

66.42

66.93

66.46

67.03

+40

+100










World gold price today

World gold prices continued to decline sharply early this morning, with spot gold falling $19.1 to $1,914 an ounce. August gold futures last traded at $1,924 an ounce, down $20.9 from early the previous day.

World gold prices in the evening trading session on June 22 (Vietnam time) continued to be "sunk" to the lowest level in 4 months by the hawkish tone of the world's most powerful central bank Chairman Jerome Powell in a 2-day hearing before Congress.

Specifically, on the second day of testimony, US Federal Reserve Chairman Powell remained fully committed to two more interest rate hikes this year after keeping interest rates unchanged at the June meeting.

“If the economy performs as expected, it would probably be appropriate to raise rates twice this year. We are holding rates steady to give ourselves time to make those decisions. We are committed to keeping inflation under control,” Mr. Powell said.

It’s not just the US central bank that’s maintaining a hawkish stance on monetary policy. The Bank of England met this week and surprised with a 50 basis point hike. Norway’s central bank raised its main interest rate by 50 basis points on Thursday.

Although gold was “drowned” by Mr. Powell’s hawkish tone, George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that despite the headwinds, gold continues to show relative strength because US monetary policy is only a small aspect driving the gold market.

Milling-Stanley said it was no surprise that the US central bank maintained its hawkish tone after leaving interest rates unchanged at its monetary policy meeting last week. He noted that while inflation has eased sharply from last year’s peak, it remains well above its 2% target.

World gold continues to fall sharply. Photo: Reuters

Rather than looking at the short-term opportunity cost of holding gold in a rising interest rate environment, Milling-Stanley said investors should look at how gold can provide long-term protection and enhance risk-adjusted returns.

He explained that inflation remains stubbornly high and it would not be surprising if the Fed decided to raise interest rates again this year. However, the Fed's decisions are likely to lead to a more serious consequence, which is a recession, and investors should look at that.

While gold may continue to struggle in the near term as the Fed maintains aggressive monetary policy, George Milling-Stanley says investors should also consider the impact this will have on equity markets and the growing threat of inflation.

Central banks continuing to buy gold at a record pace is another factor supporting central gold. Milling-Stanley expects central banks to continue buying gold in the near future.

With the domestic gold price increasing slightly and the world gold price listed at Kitco at 1,936.8 USD/ounce (equivalent to nearly 54.6 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is currently over 12 million VND/tael.

TRAN HOAI