Reversal to the upside when the USD suddenly depreciates

Gold price today in the domestic market continued to increase strongly despite the decline in world gold price.

At 9 o’clock, the price of SJC gold was bought by listed companies at 68.85 million dong/tael, sold at 69.75 million dong/tael, increased by 150,000 dong/tael compared to the end of yesterday, and increased to 300,000 dong/tael. dong per tael compared to yesterday.

This is a strong increase of SJC gold price in the context that the world gold price did not really recover strongly.

Meanwhile, the price of gold jewelry, 24K gold rings of all kinds was almost “immovable” when popularly traded around 53.9 million VND/tael bought, 54.85 million VND/tael sold.

This development caused the difference in the price of SJC gold and the price of 24K gold jewelry to widen to nearly 15 million dong/tael.

On the international market, until 9 am Vietnam time, the gold price today was at 1,849 USD/ounce, down about 7 USD compared to the early morning.

The central exchange rate this morning was listed by the State Bank at 23,057 VND/USD, stable compared to yesterday. USD price at commercial banks was traded around 23,050 VND/USD bought in, 23,330 VND/USD sold, an increase of 5 VND per USD.

Today’s gold price in the world sometimes increased sharply to reach the highest level of 1,856 USD/ounce

Last night, the world gold price sometimes increased sharply to reach the highest level of 1,856 USD/ounce. At 6 o’clock on June 8, the price of gold today traded at 1,853 USD/ounce. Gold price for August delivery also increased by 10 USD/ounce, last traded at 1,854 USD/ounce.

Gold prices fluctuated today as Finance Secretary Janet Yellen told the US Congress that oil production was not enough to meet the needs of economic recovery after the Covid-19 epidemic. Maybe believe This stimulated many people to put their capital into fuel, causing the crude oil price to sometimes jump to the threshold of 120 USD/barrel, creating momentum for the gold price to rise today.

The World Bank has sharply reduced its forecast for global economic growth in 2022 from 4.1% to 2.9%. World Bank President David Malpass warned that many central banks raising interest rates faster than expected to cool down inflation could push some countries into a debt crisis, like the one that happened last year. 1980.

In response to this news, the USD reversed and gained against many other foreign currencies, giving the gold market more opportunities to prosper. Therefore, when the world gold price traded at 1,836 USD/ounce, the bulls immediately increased their purchasing power.

Immediately, the price of gold today increased by nearly 20 USD/ounce to reach 1,856 USD/ounce. At 6 o’clock on June 8, gold traded at 1,853 USD/ounce, up 11 USD/ounce compared to the same time the previous day.

Gold price today (June 8) in Vietnam will be announced by businesses at 8:30 a.m. Accordingly, the SJC gold price may fluctuate according to the domestic purchasing and selling power and the increasing momentum of the world gold price.

Previously, although from 9 a.m. to 5 p.m. on June 7, the world gold price did not fluctuate much, but due to the prosperity of domestic purchasing power, during this period, the price of SJC gold increased by 150,000 VND/tael, closing at the end of the day. at 69.6 million VND/tael.