Why is the price of SJC gold bars standing still, waiting for gold rings to "catch up", will the market have surprises this week?

Gold price today June 24, 2024: Domestic gold prices have gradually stabilized, the price of gold rings is only about 1 million VND/tael different from the price of gold bars. The world market recorded the second consecutive week of precious metals rising. What do experts predict about gold prices this week?

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/24 and EXCHANGE RATE TODAY 6/24

1. SJC - Updated: 06/21/2024 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, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	73,750	75,350
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,750	75,450
Jewelry 99.99%	73,650	74,650
Jewelry 99%	71,911	73,911
Jewelry 68%	48,417	50,917
Jewelry 41.7%	28,782	31,282

Update gold price today 6/24/2024

Domestic gold prices remained stable at the market operator's target price.

The price of SJC gold bars has been "unstable" for two weeks, currently around 77 million VND, demonstrating the effectiveness of market management by the Government, the State Bank of Vietnam and related units.

At a recent meeting with precious metal trading organizations, Governor of the State Bank of Vietnam Nguyen Thi Hong affirmed that there is enough determination, resources, and tools to implement appropriate short-term and long-term solutions for the gold market to develop stably according to the principle of a market under state management.

Since early June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four leading state-owned banks (including Vietcombank, Agribank, BIDV and VietinBank) and Saigon Jewelry Company (SJC). The regulator sets the selling price of gold bars to the market by setting a margin of 1 million VND compared to the price these units buy from the State Bank.

Over the past two weeks, the State Bank’s gold selling price has remained unchanged at VND75.98 million. The gold selling price of banks and SJC has therefore also remained unchanged, although people’s demand for gold remains high.

The price of 9999 gold rings decreased by about 400 VND in the last sessions of the week, close to the price at the beginning of last week. The general price is only about 1 million VND more than the price of SJC gold bars, in some places it is less than 1 million VND. Previously, at the beginning of the year when the price of gold increased sharply, plain rings were often about 10 million VND more than the price of gold bars.

At many businesses, the price of 9999 gold rings is trading around 76 million VND/tael, of which, Saigon Jewelry Company is anchored at 75.4 million VND/tael. DOJI Group sells round rings at over 76 million VND/tael. Bao Tin Minh Chau sells plain round rings at nearly 76 million VND. The difference between the buying and selling price of gold rings of the brands currently fluctuates between 1.3-1.7 million VND per tael.

World gold prices fell sharply at the end of last week.

According to TG&VN, at the last session of last week (June 21), the world gold price on the Kitco exchange was at 2,320 USD/ounce , equivalent to a decrease of 1.1 million VND/tael. However, for the whole week, the world gold price still increased by 0.6% - marking the second consecutive week that this precious metal increased. Gold futures for August traded at 2,334 USD/ounce.

The gold market did not change much in the first sessions of the week. However, by the end of the week, gold prices left some drama. By the end of the week, the USD strengthened and US government bond yields increased, following positive data on business activities in the US, causing gold prices to fall by 40 USD/ounce, reversing the strong increase (30 USD) that occurred immediately before.

Gold benefited from a slew of weak U.S. economic data this week. Investors are still weighing news that could prompt more and earlier U.S. rate cuts. The CME FedWatch tool shows investors now see a 63% chance of a September rate cut, unchanged from the previous session. Lower interest rates reduce the opportunity cost of holding gold.

With the current world gold price, each tael of gold traded is more than 71 million VND, converted to the USD exchange rate, the price of gold rings is currently about 5 million VND different, while the price of gold bars is about 6 million VND different.

Gold price today June 24, 2024: Why is the price of SJC gold bars standing still, waiting for gold rings to catch up 'closely', will the market have surprises this week? (Source: Kitco)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading sessions last week (June 21):

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.

How do experts predict gold prices this week?

The highlight of next week's economic calendar is the release of the core PCE price index report for May, as markets will be keen to see whether the Federal Reserve's preferred inflation gauge improves further, raising the possibility of a rate cut in 2024.

After a volatile week, the latest Kitco News weekly gold survey shows that experts are indecisive on gold's near-term path, while retail sentiment remains positive.

This week, the short-term outlook for the precious metal is roughly balanced among 14 Wall Street analysts surveyed. Five experts expect gold prices to rise next week, another five see prices falling, and four expect gold to trade sideways next week.

Meanwhile, Main Street investors remain bullish on the precious metal this week, according to 209 respondents in Kitco’s online poll. 114 retail traders, or 55%, see gold prices rising next week; another 38%, or 18%, see the metal trading lower; the remaining 57, or 27%, see it trading sideways.

Gold may seem to be in the doldrums this summer, but there's a lot going on beneath the surface, says Daniel Pavilonis, senior commodities broker at RJO Futures .

“If you look at the pullback in the dollar, the dollar is still moving higher. That could push the exchange rate back up, which would put pressure on gold. But ultimately, we’re going to see some big headwinds coming up in the US election and maybe some more interest rate spikes in Europe, along with the situation in France,” Daniel said.

However, according to experts Daniel Pavilonis, basically, although gold is being supported by the trend of USDization, debt, political instability... which is very beneficial for gold, the price of this precious metal may decrease next week because "hawkish" comments from Fed officials and strong economic data are factors pushing gold prices down.

The main driver of gold's price increase remains market expectations for the Fed's monetary policy, but the increase is quite small as the market awaits more important news, said Ricardo Evangelista, senior analyst at ActivTrades.

Looking ahead, investors are awaiting the Fed's preferred inflation gauge, the core personal consumption expenditures price index. Weaker data could increase the likelihood of a rate cut in 2024, which would support the yellow metal.

Kitco Metals expert Jim Wyckoff said the gold market is lacking a lot of fundamental information. He predicted that gold prices could trade in the range of $2,300-2,400/ounce until the market receives an important catalyst.

Source: https://baoquocte.vn/gia-vang-hom-nay-2462024-tai-sao-gia-vang-mieng-sjc-dung-yen-cho-vang-nhan-duoi-sat-nut-thi-truong-tuan-nay-se-co-bat-ngo-276024.html