LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/16 and EXCHANGE RATE TODAY 6/16
| 1. SJC - Updated: June 15, 2023 14:19 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,550 | 67,150 |
| SJC 5c | 66,550 | 67,170 |
| SJC 2c, 1c, 5 phan | 66,550 | 67,180 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 55,450 | 56,400 |
| SJC 99.99 gold ring 0.5 chi | 55,450 | 56,500 |
| Jewelry 99.99% | 55,300 | 56,000 |
| Jewelry 99% | 54,246 | 55,446 |
| Jewelry 68% | 36,234 | 38,234 |
| Jewelry 41.7% | 21,504 | 23,504 |
World gold prices fell nearly 1% during the day, trading at a three-month low after the US Federal Reserve (Fed) signaled the possibility of raising interest rates this year.
Standard Chartered Bank analyst Suki Cooper said the market is entering a period of seasonal slowdown in physical gold demand, which is one of the signals that suggests gold prices are likely to fall further in the coming sessions if US economic data weakens.
According to TG&VN at 9:25 p.m. on June 15 (Vietnam time) on Kitco, the gold price was trading at 1,956.60 - 1,957.60 USD/ounce, up 14.6 USD compared to the previous session . The August gold futures price was last traded at 1,939 USD/ounce, down 1.52% on the day.
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| Gold price today June 16, 2023: Gold price drops to 3-month low, facing many resistances, will price continue to fall deeply? (Source: Shutterstock) |
In its new economic projections, the Fed signaled that a stronger-than-expected economy and slower inflation would push borrowing costs up by half a percentage point by the end of the year. At the June 13-14 meeting, nine of 18 Fed officials saw the overnight rate needing to rise by half a percentage point from its current range of 5% to 5.25%, while three others saw it needing to go higher.
Tim Waterer, market analyst at KCM Trade , said the movement of gold prices will depend on how long the tough comments from the head of the Fed will continue to support US government bond yields.
"Gold is under pressure after the Fed decided to pause interest rates, along with a surge in US government bond yields and the US dollar," said independent analyst Ross Norman . The US dollar index rose, making gold more expensive for buyers using other currencies.
Domestic gold prices increased again from 50,000 to 100,000 VND/tael at the end of the session on June 15, at most precious metal trading systems nationwide.
The price of SJC gold bars has been "alone in the market" for many years now, due to the scarcity of supply, higher than the world gold price by 10-15 million VND/tael depending on the time. Meanwhile, the price of plain round gold rings is equivalent to the world gold price. Therefore, every time the world gold price fluctuates, the domestic plain round gold ring price increases accordingly.
Summary of SJC gold prices at major domestic trading brands at the closing time of the trading session on June 15:
Saigon Jewelry Company listed the price of SJC gold at 66.55 - 67.17 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.50 - 67.10 million VND/tael.
Phu Quy Group listed at: 66.50 - 67.10 million VND/tael.
PNJ system listed at: 66.50 - 67.10 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.50 - 67.02 million VND/tael; Rong Thang Long gold brand is traded at 55.63 - 56.48 million VND/tael; jewelry gold price is traded at 55.30 - 56.30 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 55.12 million VND/tael, 11.93 million VND/tael lower than SJC gold selling price at the same time.
Gold price forecast?
The gold market largely ignored the economic data as markets continued to digest the Fed's latest monetary policy decision, announced on June 14. While the central bank left interest rates unchanged, the Fed maintained its hawkish tone, signaling that it could raise rates two more times this year as it continues to fight inflation.
According to the CME Fedwatch tool, traders expect a 72% chance that the Fed will raise rates in July.
The June rate cut deal is done and the Fed’s July decision will be a game changer as the deflationary drive is likely to continue, but signs of trouble remain, said Edward Moya, senior market analyst at OANDA . For gold to rally, Wall Street needs to believe the Fed is done raising rates.
Edward Moya said that the Fed's pause in raising interest rates would have a positive impact on gold. Conversely, any sign that the Fed is still aggressive in tightening monetary policy would mean a sharp sell-off in gold.
In addition to U.S. economic data, investors are also focusing on the European Central Bank (ECB) meeting. As expected, the ECB raised the marginal lending facility and deposit facility rates to 4.00%, 4.25% and 3.50%, respectively. The gold market struggled against the euro after the ECB raised interest rates and warned investors that inflationary pressures would remain too high for too long.
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