LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/21 AND EXCHANGE RATE TODAY 6/21
| 1. SJC - Updated: 06/20/2023 11:31 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,500 ▲50K | 67,100 ▲50K |
| SJC 5c | 66,500 ▲50K | 67,120 ▲50K |
| SJC 2c, 1c, 5 phan | 66,500 ▲50K | 67,130 ▲50K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 55,600 ▼50K | 56,550 ▼50K |
| SJC 99.99 gold ring 0.5 chi | 55,600 ▼50K | 56,650 ▼50K |
| Jewelry 99.99% | 55,450 ▼50K | 56,150 ▼50K |
| Jewelry 99% | 54,394 ▼50K | 55,594 ▼50K |
| Jewelry 68% | 36,336 ▼34K | 38,336 ▼34K |
| Jewelry 41.7% | 21,567 ▼21K | 23,567 ▼21K |
World gold prices fell sharply as the US dollar continued to recover. The US dollar index, a measure of the greenback's strength against a basket of rivals, rose 0.21% to 102.04. The recent rise in US Treasury yields and the still-hawkish Fed are still negative factors for the precious metal market.
According to TG&VN at 9:30 p.m. on June 20 (Vietnam time) on Kitco, the gold price was trading at 1,929.9 - 1,930.9 USD/ounce, down 21.2 USD compared to the previous session . The last time, the August gold price decreased by 8.40 USD, trading at 1,962.80 USD.
The market is waiting for the testimony of US Federal Reserve Chairman Powell scheduled for June 21-22 to seek clues about the direction of interest rates, after the Fed decided to pause raising interest rates last week.
According to the CME Fedwatch tool, there is a 74% chance of a 25 basis point rate hike in July, taking rates to a range of 5.25% - 5.50%, with a rate cut not expected until 2024. While gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding non-yielding assets like gold.
Meanwhile, European and Asian stocks fell after China cut interest rates less than expected and markets awaited more details on Beijing's plans to boost a faltering economic recovery.
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| Gold price today June 21, 2023: Gold price plummets, USD is strong and sustainable, many negative factors, will gold fall sharply? (Source: Kitco) |
Domestic gold prices fluctuated slightly and maintained trading levels around 67 million VND/tael.
Summary of SJC gold prices at major domestic trading brands at the closing time of last weekend's trading session (June 16):
Saigon Jewelry Company listed the price of SJC gold at 66.50 - 67.12 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.45 - 67.05 million VND/tael.
Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.
PNJ system listed at: 66.50 - 67.05 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.50 - 67.05 million VND/tael; Rong Thang Long gold brand is traded at 55.88 - 56.73 million VND/tael; jewelry gold price is traded at 55.55 - 56.55 million VND/tael.
Converting world gold price according to USD exchange rate at Vietcombank: 1 USD = 23,670 VND, world gold price is equivalent to 55.55 million VND/tael, 11.93 million VND/tael lower than SJC gold selling price at the same time.
Gold Price Forecast: Could There Be a Deep Correction?
Technically, gold's failure to break $1,970 could lead to a deeper correction or a resumption of the downtrend from $1,983, according to Reuters technical analyst Wang Tao.
The decline in speculative positions comes after weeks of relatively stable trading. Some analysts said the move in the gold market was not surprising as investors and hedge funds rebalanced their positions ahead of the Fed’s monetary policy decision. The CFTC report showed that total investor long positions fell from 10,473 contracts to 110,512 contracts. Short positions increased from 8,312 contracts to 35,869 contracts. Investors were anticipating a less likely bullish scenario and were more likely to move in the opposite direction.
Markets will be closely watching the Fed chairman’s testimony for any new clues on the timing of a rate hike. If Powell takes a hawkish tone, that could boost the dollar and Treasury yields. But if he is more upbeat and offers no new clues, that could weaken the greenback and reduce yields.
While gold is struggling to gain traction, analysts note that its strength now depends on the level of support in the market.
“We have identified that there is still strong buying interest in the gold market. However, there is no trigger for a larger rally to $2,000 an ounce. I think we need to get back above $1,985 an ounce before bullish sentiment returns to gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Looking at the market from another angle, emphasizing the strength of gold in recent times, experts say any drop in price will be the perfect buying opportunity.
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