Just 'recovered', gold price drops again

Domestic gold price today

Early afternoon of July 6 , today's SJC 9999 gold price increased by 50 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 3:16 p.m. and the price of 9999 gold was listed by Doji Jewelry Group at 2:16 p.m. as follows:

	Buy	Sell
SJC Hanoi	66,400,000 VND/tael	67,020,000 VND/tael
SJC HCMC	66,400,000 VND/tael	67,000,000 VND/tael
SJC Danang	66,400,000 VND/tael	67,020,000 VND/tael
Doji Hanoi	66,400,000 VND/tael	67,000,000 VND/tael
Doji HCMC	66,450,000 VND/tael	66,950,000 VND/tael

SJC and DOJI gold price list updated early afternoon 6/7

Early morning of July 6 , SJC 9999 gold price today remained unchanged compared to the close of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:57 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:50 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,350,000 VND/tael	66,970,000 VND/tael
SJC HCMC	66,350,000 VND/tael	66,950,000 VND/tael
SJC Danang	66,350,000 VND/tael	66,970,000 VND/tael
Doji Hanoi	66,350,000 VND/tael	66,950,000 VND/tael
Doji HCMC	66,450,000 VND/tael	66,950,000 VND/tael

SJC and DOJI gold price list updated early morning 6/7

At the end of the trading session on July 5, 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 - 66,970,000 VND/tael

Doji Hanoi: 66,350,000 VND/tael - 66,950,000 VND/tael

SJC HCMC: 66,350,000 VND/tael - 66,950,000 VND/tael

Doji HCMC: 66,450,000 VND/tael - 66,950,000 VND/tael

The central exchange rate on July 6 announced by the State Bank is 23,828 VND/USD, up 15 VND compared to yesterday. The USD price at commercial banks this morning (July 6) was traded around 23,550 VND/USD (buy) and 23,920 VND/USD (sell).

International gold price today

At 9:45 a.m. today (July 6, Vietnam time), the world spot gold price stood at around 1,918.8 USD/ounce, down 9.2 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,925.9 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of July 5 (Vietnam time), the world spot gold price stood at around 1,928 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,949 USD/ounce.

The world gold price on the night of July 5 was about 5.7% higher (104 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.1 million VND/tael, including taxes and fees, about 10.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 5.

*Gold prices edged up today despite strong USD. (Photo: KC)*

Gold prices rose despite the strengthening of the US dollar. The DXY index (measuring the greenback's performance against six major currencies) rose to 103.1 points. The US dollar rose amid the increasing possibility that the US Federal Reserve (Fed) will raise interest rates at its upcoming meeting.

Gold continued to rise mainly due to bottom-fishing demand and gold purchases to pay for previous short contracts. Gold prices increased quite quickly before the threshold of 1,900 USD/ounce, instead of breaking through this support level as expected by many investors.

In fact, gold remains under pressure in the short and medium term. The USD has appreciated against most other major currencies as the Fed’s stance remains very “hawkish”, in the direction of maintaining the momentum of tightening monetary policy.

Gold Price Forecast

However, gold is supported by many other factors, including geopolitical instability in many regions and the sluggish economic situation in most countries. Many governments are stepping up economic stimulus policies, pumping money into the economy to revive growth. This also means that currencies can lose value, inflation returns and gold becomes a safe haven.

Domestically, gold prices are supported by the increase in USD/VND exchange rate. The USD price at Vietcombank on the afternoon of July 5 was 23,920 VND/USD.

Despite the recovery, gold is forecast to continue to face difficulties in the short and medium term. Accordingly, gold is being supported at $1,900/ounce, but profit-taking pressure has also increased sharply when the price reached $1,950/ounce.

Additionally, gold is struggling as US bond yields rise and are expected to stay high for a long time.

Recently, there have been some predictions that if the $1,900/ounce mark is lost, gold could fall to $1,860/ounce.

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