Domestic gold price today

Domestic gold prices were stable early this morning, remaining 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 66.4 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 66.5 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 66.45 million VND/tael and selling at 66.95 million VND/tael. Bao Tin Gold Bao Tin Minh Chau is listing 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 25 as follows:

Yellow

Area

Early morning 24-6

Early morning 25-6

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

66.5

67.1

+50

+50

Hanoi

66.45

67.07

66.5

67.12

+50

+50

Danang

66.45

67.07

66.55

67.12

+50

+50

PNJ

Ho Chi Minh City

66.45

66.95

66.45

66.95

-

-

Hanoi

66.45

66.95

66.45

66.95

-

-

Bao Tin Minh Chau

Nationwide

66.47

66.98

66.47

66.98

-

-










World gold price today

Spot gold ended the trading week down $38, while August gold futures fell $41.60 from the previous week’s close, marking their worst week since February. The precious metal has been under pressure as the Federal Reserve is expected to raise interest rates two more times. However, some analysts say that macro data does not seem to support this “hawkish” view.

In testimony before Congress this week, Fed Chairman Jerome Powell reiterated his commitment to two more rate hikes. The gold market has begun to discount the possibility of a rate cut later this year.

Other central banks also made interest rate decisions this week. The biggest surprise was the Bank of England, which raised its key interest rate by 0.5 percentage points, taking it to 5% from 4.5%. Norway's central bank also decided to raise its interest rate by 50 basis points. The Swiss National Bank raised its interest rate to 1.75% from 1.5%.

Analysts point out that this new global “hawkish” stance could increase the attractiveness of the US dollar as a safe-haven asset.

On the macro front, gold’s technical position doesn’t look good after prices fell below the 100-day moving average around $1,940 an ounce. Gainesville Coins precious metals expert Everett Millman said that gold’s drop below the 100-day moving average signals the possibility of further declines. In addition, the macro drivers are working against gold, and technicals are also deteriorating. Millman sees new resistance at $1,940 an ounce, with support at $1,900 an ounce and then $1,880 an ounce.

Many long positions have been eliminated as the possibility of a rate cut has faded, according to Kevin Grady, president of Phoenix Futures and Options LLC. Outflows from exchange-traded funds have increased in June, Standard Chartered precious metals analyst Suki Cooper said, with investor interest at its lowest since 2018.

World gold is at risk of falling sharply. Photo: Kitco

$1,900 an ounce is a key level for investors to watch, said TD Securities senior commodity strategist Daniel Ghali.

In the coming weeks, the gold market will be watching to see whether new macro data, especially labor and inflation reports, support the Fed’s case for two more rate hikes. Ghali said the upcoming data will not reinforce the case for further rate hikes. He said the May rate hike is likely to be the last in the Fed’s tightening cycle.

Ghali said that a recession will hit in the fourth quarter and gold could rise to $2,100 early next year. Once the data starts to deteriorate, the likelihood of a rate cut in the next 12 months will increase. The expert said that because gold is a forward-looking financial asset, new investors will pour in, which will support higher prices.

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.

TRAN HOAI