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Selling pressure increased sharply, gold still fell in price

Gold price today 8/6 on the international market has not yet escaped the downtrend when the selling force usually increases strongly when the gold price recovers. The dollar’s rebound is a negative factor for precious metals.

Domestic gold price

End of session 7/6, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.70 million VND/tael – 69.62 million VND/tael

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

SJC HCMC: 68.70 million VND/tael – 69.60 million VND/tael

Doji Ho Chi Minh City: 68.80 million VND/tael – 69.50 million VND/tael

International gold price

On the night of June 7 (Vietnam time), the world spot gold price stood around $1,844 per ounce. Gold for August delivery on the Comex New York exchange was at $1,845 per ounce.

The world gold price on the night of June 7 was about 2.6% lower (50 USD/ounce) compared to the beginning of 2021. World gold converted to the bank’s USD price is 51.7 million VND/tael, excluding tax. and fees, about 17.9 million dong/tael lower than the domestic gold price as of late afternoon session 7/6.

Giavang-hom-nay-08-06-2022
Gold price is under a lot of selling pressure.

Gold price in the international market has not yet escaped from the downtrend as the selling force usually increases strongly when the gold price recovers. The US dollar’s rebound is a negative factor for precious metals.

The DXY index – measuring the volatility of the USD against a basket of 6 major currencies – rebounded above 102.7 points.

Gold turned down again after only gaining a little thanks to the previous bottom-fishing demand.

In the world, inflation is still a worrying issue.

The Royal Bank of Australia has just suddenly raised the basic interest rate range from 50 to 75 basis points.

US Treasury Secretary Janet Yellen will testify before Congress on Tuesday and Wednesday about the Biden administration’s budget request and plans to deal with rising inflation.

Two important pieces of news this week are the European Central Bank’s (ECB) regular monetary policy meeting on Thursday, at which the ECB is expected to unveil its monetary policy tightening plan. Over the weekend, the US will publish the consumer price index for May, which is expected to increase 8.2% year-on-year, after increasing 8.3% in April.

Gold price forecast

Technically, the downside in gold is still overwhelming. JP Morgan believes that the gold price will return to the threshold of $ 1,800 / ounce in the third quarter in the context that interest rates will be “normalized” by the US Federal Reserve (Fed), while US bond yields may remain high. than.

In contrast, the CEO of JPMorgan Chase & Co. Jamie Dimon last week warned of shocks to the economy amid a host of challenges including risks from inflation and the impact of the war in Europe.

These uncertainties can also lead many investors to look to safe-haven assets. Dimon warned investors to get ready for an economic storm and to prepare.

V. Minh

gia vang 1271

Gold price today 7/6: Countries massively buy in, gold is lurking to increaseGold price today 7/6 on the international market is lurking to rise again when oil prices reach new highs and some countries step up buying precious metals.

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