Monetary tightening pressure, gold price drops

Domestic gold price

As of 2:50 p.m. on June 6, 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 6/6

Open the market on 6/6, SJC’s gold price of 9999 today in Hanoi decreased by 100 thousand dong in both buying and selling direction compared to the end of last week’s session. Specifically, at 8:30 am on June 6, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 8:50 am on 6/6

At the end of yesterday’s trading session, the price of 9999 gold bars at SJC and Doji listed as follows:

SJC HCMC: 68.75 million VND/tael (buy in) – 69.65 million VND/tael (sold out)

SJC Hanoi: 68.75 million VND/tael (buy in) – 69.67 million VND/tael (sold out)

Doji Hanoi: 68.7 million dong/tael (buy in) -69.65 million dong/tael (sold out)

Doji Ho Chi Minh City: 68.7 million dong/tael (buy in) – 69.6 million dong/tael (sold out)

International gold price

Until 8:30 am today (June 6, Vietnam time), world spot gold price stood around the threshold of 1,853.6 USD/ounce, up 2.3 USD/ounce compared to last night. Gold futures for July delivery on Comex New York were at $1,855.1 per ounce, up $0.9 per ounce compared to last night.

On the world gold market, the spot gold price in the US fell by 17.2 USD/ounce to 1,851.3 USD/ounce. Gold futures for August delivery on the Comex New York exchange fell $21.2 to $1,850.2 an ounce.

According to the Beige Book, released by the Fed this week, all 12 counties in the US recorded growth, but the impact of the Fed’s tightening policy in these regions is becoming more and more obvious.

The US recorded 390,000 additional jobs in the May 2022 report. Although higher than forecast, this number is down from 428,000 jobs set in April. Moreover, most of the past year the US recorded about 450,000-650,000 additional jobs per month.

Investors will keep an eye on U.S. nonfarm payrolls data and signal the pace of monetary policy tightening by the Federal Reserve in the second half of the year. Signs of a tightening labor market could give the Fed a foot in the air to cool down rates.

The European Central Bank (ECB) will hold its monetary policy meeting on June 9. It is likely that the ECB will keep interest rates unchanged at current levels. However, if the ECB raises interest rates, it will put pressure on the USD, thereby pushing up gold prices next week.

Gold price forecast

Survey about gold price this week According to Kitco News, there are 7 experts, equivalent to 47%, think that the gold price will increase next week; 5 experts, or 36%, think prices are falling; while the other 3, or 20%, are price neutral.

As for the online survey with 637 participants, the results showed that 448 people, or 70%, think that gold will increase in price next week; 117 people, or 18%, said lower; while the remaining 72, or 11%, think the price is flat.

Mr. Everett Millman, senior analyst at Gainesville Coins Group, said that although the Russia-Ukraine war continues to contribute to the increase in gold’s role as a haven, the Fed’s continued interest rate hikes have a negative impact. pressure for the price of gold. Therefore, gold price will still correct, around 1,800 USD/ounce in the short term.

Ole Hansen, chief economist at Saxo Bank, said that while any decline in gold prices is seen as a buying opportunity for the long-term, gold prices are unlikely to rise above $1,870 an ounce.

Told him

Gold increases for the 4th week in a row: Tuberculosis follows fever, potential risksNext week, gold prices still have many upside prospects, possibly reaching the highest level in the past month. However, recent disappointing US economic data makes it difficult for investors to bet on gold prices in the near term.