At the end of the trading session from June 16 to June 21, the price of SJC gold bars was listed by large enterprises at 117.7-119.7 million VND/tael (buy - sell). At the beginning of the week, the price of gold bars was listed at 118.5-120.5 million VND/tael (buy - sell). Thus, the buying and selling prices both decreased by 800,000 VND/tael after one week.
The price of plain gold rings listed by businesses is 113.7-116.2 million VND/tael (buy - sell), also decreasing 800,000 VND/tael after one week.
Domestic gold prices decreased in line with the international market. This week, the world gold price closed the week at 3,368 USD/ounce, equivalent to a decrease of 1.87%.
The reason for the gold price drop is not a specific shock in the financial markets but a combination of factors that have been simmering for a while. The number of US Federal Reserve officials who do not expect to cut interest rates in 2025 has nearly doubled. At the same time, the USD index has recovered slightly this week, weakening the role of gold as a defensive asset.
World precious metals experienced the sharpest weekly decline in more than a month (Photo: Tien Tuan).
However, the decline in gold still surprised many analysts. “If there was ever a week when gold should hold its price, this is it,” said Fawad Razaqzada, an expert at precious metals investment firm StoneX Bullion, adding that the correction this time is unusual when supporting factors - from geopolitics to inflation - are still present.
Some other analysts were not surprised, saying this week’s slide reflected the fact that the market was overbought after a six-month rally.
Expert Alex Kuptsikevich from international online financial brokerage FxPro pointed out that investors have begun to shift money flows to industrial metals such as silver and platinum, where real demand from industry and jewelry is increasing while supply is tight.
“If the price breaks through the support zone around $3,290, the selling momentum could push the price to $3,200/ounce,” noted Marc Chandler of Bannockburn Global Forex, a foreign exchange trading unit. According to him, the fact that gold briefly slipped below the 20-day moving average at the end of the week is a signal to watch closely.
Darin Newsom of data provider Barchart.com said that short-term fluctuations do not change the long-term role of gold as a safe haven asset. He emphasized that with the escalating geopolitical and global economic uncertainty, defensive money will continue to return to the gold market at any time.
The division among experts on the outlook for the precious metal is also reflected in Kitco News’ gold price forecast for next week. Of the 16 analysts surveyed, six (38%) expect gold prices to rise next week, five (31%) expect prices to fall and five (31%) expect prices to trade sideways.
Meanwhile, of the 258 retail traders polled, 138 (54%) expect gold to rise next week, 55 (21%) expect the yellow metal to fall and the remaining 65 (25%) predict prices will remain flat.
Sean Lusk of Walsh Trading said the market was being driven by a lack of major news on trade and interest rates, which has led hedge funds to act cautiously. “No one wants to make big bets this weekend,” he said, noting that hedge funds are now taking a defensive position rather than expanding.
On a more positive note, Rich Checkan from asset manager Asset Strategies International remains bullish, saying the correction is an opportunity for the market to absorb profit-taking pressure before bouncing back if geopolitical tensions continue to escalate.
Next week, the market focus will turn to US economic data, with important reports such as the preliminary June PMI, consumer confidence, new home sales and the core PCE index - the inflation measure that the Fed prioritizes monitoring.
Source: https://dantri.com.vn/kinh-doanh/du-bao-gia-vang-tuan-toi-ra-sao-20250621225410429.htm
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