Gold price today June 26, 2024, domestic gradually stabilized, following the direction of the Government. This week, economic data and comments from the Fed will be very important in shaping market sentiment and likely to boost gold prices in the coming time.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/26 AND EXCHANGE RATE TODAY 6/26
| 1. SJC - Updated: 06/25/2024 08:30 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 74,980 | 76,980 |
| SJC 5c | 74,980 | 77,000 |
| SJC 2c, 1c, 5c | 74,980 | 77,010 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 73,950 | 75,550 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 73,950 | 75,650 |
| Jewelry 99.99% | 73,850 | 74,850 |
| Jewelry 99% | 72,109 | 74,109 |
| Jewelry 68% | 48,553 | 51,053 |
| Jewelry 41.7% | 28,866 | 31,366 |
Update gold price today June 26, 2024
Domestic gold prices continue to maintain stability.
The price of 9999 gold rings is alone in the market, "roaming" up and down, approaching the price of SJC gold bars, only 1.33 million VND/tael lower.
On the afternoon of June 25, the price of SJC 9999 gold rings increased by 50,000 VND for buying and 150,000 VND for selling compared to the previous session, trading at 73.95 - 75.65 million VND/tael. The difference between buying and selling is 1.7 million VND/tael.
At Bao Tin Minh Chau, the price of gold rings also increased by 100,000 VND for plain round gold rings, currently listed at 74.66 - 75.96 million VND/tael.
SJC gold bar price recorded 20th consecutive "static" day, listed buying - selling at 74.98 - 76.98 million VND/tael.
Closing the afternoon session on June 25, SJC gold bar price traded at Saigon Jewelry Company maintained at 74.98 - 76.98 million VND/tael (buy-sell). At Bao Tin Minh Chau, both buying and selling prices remained stable, listed at 75.50 - 76.98 million VND/tael (buy-sell).
World gold prices increased due to a weaker USD.
According to TG&VN at 5:30 p.m. on June 25 (Hanoi time), the world gold price on the Kitco exchange was at 2,336.40 - 2,337.40 USD/ounce , a slight increase of 2.2 USD compared to the previous trading session.
Gold futures posted modest gains at the start of the week, largely due to a weaker US dollar. A sharp decline in the US dollar index contributed significantly to the gold rally. Investors are gearing up for a busy final week of the month with several key economic reports due for release.
The most anticipated report of the week is the U.S. Commerce Department’s Personal Consumption Expenditures (PCE) data for May. According to a Reuters poll of economists, the PCE is expected to be unchanged from the previous month while falling 10 basis points to an annual rate of 2.6%. Forecasts show monthly and annual readings of 0.1% and 2.6%, respectively, both below April’s figures.
Federal Reserve officials have been stressing the need for higher interest rates to curb demand and inflation. While economic reports and Fed commentary will largely influence gold prices, traders now see a 67.7% chance of a September rate cut, according to the CME FedWatch tool.
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| Gold price today June 26, 2024: Gold ring price increases, SJC gold bars 'stand still', world price may be pushed up to 3,000 USD. (Source: Kitco) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading sessions last week (June 25):
Saigon Jewelry Group listed SJC gold price at: 74.98 - 76.98 million VND/tael
Doji Group listed SJC gold price at: 75.30 - 76.98 million VND/tael.
PNJ system listed at: 74.98 - 76.98 million VND/tael.
Phu Quy Gold and Silver Group listed at: 75.50 - 76.98 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 75.50 - 76.98 million VND/tael.
Gold prices could be pushed to $3,000?
The gold market may be struggling now, but it is expected to surge significantly higher as the Fed cuts interest rates later this year and rising debt adds to economic uncertainty, according to Bank of America. Fed rate cuts and bond market turmoil could push gold to $3,000 in the next 12 to 18 months.
In a report published earlier this week, Michael Widmer, commodity strategist at Bank of America, said he sees gold prices reaching $3,000 an ounce in the next 12 to 18 months. However, he added that the market needs to see increased investment demand, which is unlikely to happen until the Fed sends a clear signal that it is ready to cut interest rates.
“If non-commercial demand picks up from current levels on the back of Fed rate cuts, the yellow metal could rally again. In addition to inflows into physically backed ETFs, increased LBMA clearing volumes would be an encouraging sign,” Widmer wrote in the report.
“Averaging $2,500 an ounce this year could be reasonable if investment demand increased by about 20%. However, non-commercial purchases increased by only about 3% year-on-year in the first quarter of 2024, enough to justify an average gold price of only $2,200 an ounce at the beginning of the year.”
Looking beyond U.S. monetary policy, Bank of America sees rising bond yield volatility as another favorable opportunity for gold. Gold remains an attractive reserve asset as central banks around the world reduce their exposure to the U.S. dollar and Treasury bonds, Widmer noted.
The Bank of America report also notes that China is a dominant force in both the gold and bond markets. “China has been the largest official buyer of gold in recent years, while the share of the US dollar in its portfolio has declined. Indeed, the PBoC has steadily diversified its foreign exchange reserves, with gold holdings increasing by the equivalent of US$51 billion since January 2023, raising the yellow metal’s share of total reserves from 3.5% in December 2022 to 4.9% in April 2024.
“At the same time, data shows that China’s holdings of US Treasuries have fallen by $102 billion over the past 12 months, to a 25-year low of $767 billion in March 2024,” said strategist Widmer.
The situation, warned Bank of America expert, is that risks in the global economy are increasing and the US bond market looks fragile. Analysts even warn that the US bond market is just one shock away from being unable to function smoothly. Analysts say the biggest problem is that growing government debt means that market makers cannot keep up with the growing supply of bonds, which is creating illiquidity in the market.
“In our view, the search for a ‘safe haven’ asset will eventually redirect flows into the gold market, so the yellow metal is likely to rally thereafter. The long-standing inverse relationship between gold and interest rates has become more fragile and this is unlikely to change in the future,” said Widmer.
Analysts at CPM Group predict that gold prices will rise in the next week or two. During this time, a series of political, economic and financial market issues could push gold prices up to $2,400 an ounce, or even $2,450 an ounce. However, analysts also warn that the rise in gold prices may be short-lived and will dissipate after the first week of July due to the risk of a sell-off.
Source: https://baoquocte.vn/gia-vang-hom-nay-2662024-gia-vang-nhan-tang-vang-mieng-sjc-bat-dong-gia-the-gioi-co-the-bi-day-len-3000-usd-276241.html
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