Countries massively buy in, gold is lurking to increase

Domestic gold price

As of 2:50 p.m. on June 7, SJC’s 9999 gold price increased by 50 thousand dong in both buying and selling afternoon compared to early morning. Specifically, the gold price of 9999 is traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 2:50pm on June 7

Open the market on 7/6, SJC’s gold price of 9999 today in Hanoi decreased by 50 thousand dong in both buying and selling direction compared to the end of yesterday’s session. Specifically, at 9:10 am on June 7, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Gold price list SJC and DOJI updated at 9:10′ on June 7

At the end of the trading session on June 6, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.60 million VND/tael – 69.52 million VND/tael

Doji Hanoi: 68.60 million VND/tael – 69.50 million VND/tael

SJC HCMC: 68.60 million VND/tael – 69.50 million VND/tael

Doji Ho Chi Minh City: 68.60 million VND/tael – 69.50 million VND/tael

International gold price

Until 9:15 am today (June 7, Vietnam time), The world spot gold price stood around the threshold of $1,840.3 per ounce, down $13.7 per ounce compared to last night. Gold futures delivery in July on the Comex New York exchange was at $1,842.9 per ounce, down $12.1 per ounce compared to last night.

On the night of June 6 (Vietnam time), the world spot gold price stood around $1,854 per ounce. Gold for August delivery on the Comex New York exchange was at $1,855 per ounce.

The world gold price on the night of June 6 was about 2.2% lower (US$41/ounce) compared to the beginning of 2021. World gold converted to bank dollars was priced at VND51.9 million/tael, excluding tax. and fees, about 17.7 million VND/tael lower than the domestic gold price as of late afternoon session 6/6.

Gold prices in the international market are lurking to rise again as oil prices reach new highs and some countries step up their purchases of precious metals.

Gold rebounded after a commodity closely related to gold, oil, rose above the threshold of 120 USD/barrel and the dollar remained relatively weak, while US Treasury yields were stable.

However, gold’s gains slowed as many risky assets including stocks rose. Investors expect an easing of containment measures Covid pandemic in China could bring prosperity back to the economies.

The Czech Central Bank (CNB) said it plans to buy gold strongly, raising its reserves from the current 11 tons to 100 tons or even more. However, the buying will be done “gradually”.

Before that, many central banks of EU countries had similar plans as those of Hungary and Poland.

Gold price forecast

Gold price is currently in a downtrend following technical analysis signals. However, the market also recorded bottom fishing signals.

The next strong resistance level of gold is 1,900 USD/ounce. The nearest resistance is at $1,875/ounce. Meanwhile, the strong support is at $1,800/ounce. Prior to that, a key support level was last week’s low: $1,830.2 an ounce.

Investors are waiting for the policy of the European Central Bank (ECB) at its meeting next Thursday, with the possibility of more tightening decisions. Besides, the US will release the report on the consumer index in May, with an increase over the same period forecasted at 8.2%, compared with 8.3% in April.

According to a survey by Kitco, there are 47% forecast that gold will increase in price in the new week. According to the Main Street online poll, 70% gold forecast will increase this week.

V. Minh