World gold price "runs" fast, can reach 2,400 USD and more

Gold prices today, June 29, 2024, increased and recorded the third consecutive quarter of increase in the world market. Experts say that gold prices will increase step by step, creating a new foundation after each price increase.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/29 AND EXCHANGE RATE TODAY 6/29

1. SJC - Updated: 06/28/2024 08:24 - 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, 5 phan	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	73,950 ▲250K	75,550 ▲250K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,950 ▲250K	75,650 ▲250K
Jewelry 99.99%	73,850 ▲250K	74,850 ▲250K
Jewelry 99%	72,109 ▲248K	74,109 ▲248K
Jewelry 68%	48,553 ▲170K	51,053 ▲170K
Jewelry 41.7%	28,866 ▲105K	31,366 ▲105K

Update gold price today June 29, 2024

World gold prices go up and The US economy posted its third consecutive quarterly gain, while investors await US inflation data due later in the day for a clearer view of the US Federal Reserve's interest rate cut path.

According to TG&VN at 10:30 a.m. on June 28, the world gold price on the Kitco exchange was at 2,334.7 - 2,335.7 USD/ounce, up 6.3 USD compared to the previous trading session.

According to Kitco News, the gold market is maintaining a solid increase, but prices have no new momentum as the latest inflation data does not provide direction for the US Federal Reserve's monetary policy.

The U.S. Commerce Department said on June 28 that its personal consumption expenditures (PCE) price index , which strips out volatile food and energy prices, rose 0.1% last month, compared with a revised 0.3% gain in April. The data was in line with expectations.

Over the past 12 months, core PCE rose 2.6%, down from the 2.8% reported in April; annual inflation fell in line with expectations.

Gold prices rose in the second quarter of 2024 largely due to increased expectations of monetary easing in the US. In addition, China's large purchases of gold for its reserves also helped support the precious metal.

After adding to its gold reserves for 18 consecutive months, official figures from the People’s Bank of China (PBoC, the central bank) showed its gold holdings unchanged in May. However, a survey by the World Gold Council found that more central banks have increased their gold reserves over the past 12 months.

Domestic gold prices remain the same as the SJC brand, recording a selling price of 76.98 million VND/tael.

Last week, SJC gold price moved sideways, but the difference between buying and selling gold listed at a high level caused investors to suffer heavy losses.

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

Gold price today June 29, 2024: World gold price 'runs' fast, can reach 2,400 USD and more. (Source: Getty Images)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of trading session on June 28:

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 will increase step by step

“Some new economic data is supporting the gold market. Basically, US wholesale inventories in May 2024 were lower than expected,” said Phillip Streible, chief market strategist at Blue Line Futures.

The final revised GDP growth for the first quarter of 2024 was significantly lower. Therefore, commodity futures prices are getting a boost from the falling US dollar index."

The weakening economic momentum was further underscored by data showing US business spending on equipment fell in May, while a slump in exports pushed the goods trade deficit higher.

In its third revision to first-quarter 2024 GDP growth, the government confirmed that U.S. economic growth had slowed sharply. This made gold more attractive to holders of other currencies, as the dollar fell 0.2% against a basket of currencies, while the 10-year Treasury yield fell to 4.2845%.

Investors largely expect about two rate cuts this year, although the bank only forecasts one, according to LSEG's FedWatch data. Lower interest rates reduce the opportunity cost of holding gold.

In a recent interview with Kitco News , Joy Yang, Head of Product Management and Marketing at MarketVector Indexes, expects gold prices to rise in stages, creating a new base after each rally.

She noted that at the beginning of the year, gold prices established a solid bottom of $2,000 an ounce and nearly seven months later, that bottom has risen another $200.

“Gold is definitely in a new comfort zone. In a few months, I expect gold to find a floor at $2,400 an ounce. I don’t see any risk. Investors who buy and hold gold are more focused on the macro economy. The precious metal serves as a long-term store of value in a bubble market,” Yang said.

In the near future, Ms. Joy Yang does not expect central banks to stop buying gold, especially in the context that banks continue to stay away from the US dollar due to the size and trajectory of government debt.

Source: https://baoquocte.vn/gia-vang-hom-nay-2962024-gia-vang-the-gioi-chay-nhanh-co-the-dat-moc-2400-usd-va-hon-the-nua-276712.html