Domestic gold price today

Domestic gold prices were stable 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 are stable 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 66.95 million VND/tael. Bao Tin Minh Chau Gold is listed at 66.47 million VND/tael for buying and 66.98 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 24 as follows:

Yellow

Area

Early morning 23-6

Early morning 24-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.4

67

66.4

67

-

-

Ho Chi Minh City

66.4

66.95

66.4

66.95

-

-

SJC

Ho Chi Minh City

66.45

67.05

66.45

67.05

-

-

Hanoi

66.45

67.07

66.45

67.07

-

-

Danang

66.45

67.07

66.45

67.07

-

-

PNJ

Ho Chi Minh City

66.45

67

66.45

66.95

-

-50

Hanoi

66.45

67

66.45

66.95

-

-50

Bao Tin Minh Chau

Nationwide

66.46

67.03

66.47

66.98

+10

-50










World gold price today

World gold prices increased slightly this morning with spot gold rising $6.2 to $1,920.2 an ounce. August gold futures last traded at $1,929.6 an ounce, up $5.9 from the previous morning.

Gold had a modest gain in the final trading session of the week as the latest report showed that activity in the US manufacturing sector fell to a six-month low, while the service sector also slowed.

June is proving to be a tough month for the precious metal, with prices hovering near their lowest levels since early March. Gold is under pressure as central banks around the world continue to hike interest rates. Most recently, the Bank of England surprised with a 50 basis point hike. Norway’s central bank followed suit and the Swiss National Bank raised rates by 25 basis points. Turkey has even raised its benchmark interest rate from 8.5% to 15% to support its currency.

Rising global bond yields have created headwinds for non-interest-bearing assets like gold. However, some analysts say the precious metal is still supported by a number of factors in the long term.

In an effort to cool inflation, central banks are aggressively raising interest rates to slow the economy. Central bank officials are hoping that they can cool inflation before pushing the global economy into recession. However, many investors and analysts believe that the “soft landing” scenario is a bit too optimistic.

The real threat of a global recession will continue to support gold prices in the long term, even if they correct lower over the summer, according to George Milling-Stanley, chief gold strategist at State Street Global Advisors. In an interview with Kitco News, Milling-Stanley said investors should focus on gold’s long-term role in their portfolios, not its short-term opportunity cost.

World gold reversed and increased slightly. Photo: Kitco

Central banks, along with retail investors, continue to increase their gold holdings. For example, the Polish Central Bank increased its reserves to a record 19 tons in May after adding 15 tons in April. The bank now holds 263 tons of the precious metal in its foreign exchange reserves.

Other central banks that added gold to their reserves in May were the Reserve Bank of India (2 tonnes), the Czech National Bank (1.8 tonnes), Russia (3.1 tonnes) and the Central Bank of the Kyrgyz Republic (1.5 tonnes).

Leigh Goehring, managing partner at Goehring & Rozencwajg, commented that the US dollar may soon lose its status as a reserve currency. “Regime changes in 1930, 1968 and 1998 were powerful drivers of commodity prices, and we believe that the currency regime change that will occur this decade will be no different,” Goehring said.

Leigh predicts central bank demand for gold will push prices above $2,000 an ounce.

Forecasting future central bank gold additions, Tavi Costa, portfolio manager at Crescat Capital, said that gold used to account for about 40% of global reserves; today, that figure is about 15%. He noted that central banks would have to buy about $3.2 trillion worth of gold to get back to where they were 40 years ago.

With the domestic gold price stable and the world gold price anchored at 1,920.2 USD/ounce (equivalent to nearly 54.8 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.

T R A HOAI