Around the 4 month bottom

Domestic gold price

At the end of the trading session on June 27, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,350,000 VND/tael - 66,950,000 VND/tael
Doji Hanoi: 66,350,000 VND/tael - 66,950,000 VND/tael
SJC HCMC: 66,350,000 VND/tael - 66,970,000 VND/tael
Doji HCMC: 66,450,000 VND/tael - 66,950,000 VND/tael

International gold price

On the night of June 27 (Vietnam time), the world spot gold price stood at around 1,925 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,947 USD/ounce.

The world gold price on the night of June 27 was about 5.5% higher (101 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 55.4 million VND/tael, including taxes and fees, about 11.6 million VND/tael lower than the domestic gold price as of the end of the afternoon session on June 27.

Gold prices in the international market are still quite weak and around the bottom of the past 4 months due to the US economy occasionally sending positive signals and oil prices falling quite sharply.

*Gold price today sinks to 4-month low. (Photo: KC)*

Gold came under pressure after the US announced that US durable goods orders in May rose 1.7% compared to the forecast of a 1% decline. This data immediately supported the USD, thereby putting pressure on gold.

Gold prices also fell due to a sharp drop in oil prices, with both WTI and Brent crude falling more than 1% to $68.6/barrel and $73.4/barrel, respectively. Saudi Arabia is set to cut crude oil production by 1 million barrels/day (down to 9 million barrels/day) from July.

Oil and gold are two commodities that are closely related to each other.

The announcement of positive economic signals from the US has made investors worry that the US Federal Reserve (Fed) has more grounds to raise interest rates twice more in two meetings in the second half of the year and may maintain high interest rates for a long time.

Gold Price Forecast

Gold was also under pressure as money returned to many stock markets after geopolitical risks in Russia eased.

However, the Russia-Ukraine conflict still poses many risks. This is a positive factor for gold.

In addition, many countries have reversed their monetary policies from tight to loose to revive their economies. These moves have also contributed to the rise of many commodities, including gold.

Gold is still considered a safe haven when inflation returns.

In the long term, gold is still expected to rise again when the Fed reverses monetary policy (possibly from 2024), thereby causing the USD to decline.

Gold price today June 27: SJC gold leaves the 67 million VND/tael mark . Gold price today June 27 on the world market is under a lot of pressure from the tough monetary policy of the US Federal Reserve (Fed) and central banks around the world. Domestic SJC gold leaves the 67 million VND/tael mark.

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