On the morning of June 23, the precious metal on the international market was traded at 3,356 USD/ounce, down about 13 USD/ounce compared to the previous session. Gold prices continued to fall, after losing about 60 USD/ounce at the end of the week.
Gold prices fell as the market watched news related to the escalating conflict between Iran and Israel when the US officially intervened on June 22.
The latest information shows that the US attack on Iran's nuclear facilities has pushed the Middle East into instability.
The sharp increase in the USD Index (DXY), far exceeding the 99-point mark, also caused the price of gold to fall. According to VPS Securities Company, the price of gold is also affected by the monetary policy of the US Federal Reserve (FED).
Although the Fed is expected to cut interest rates twice this year, concerns about persistent inflation have limited confidence in that outlook, reducing the appeal of gold compared to other assets.
Currently, the world gold price converted according to the listed exchange rate is about 106.4 million VND/tael.
Domestic gold prices fluctuate within a narrow range, despite rapid decline in world prices.
In the domestic market, the price of SJC gold bars and gold rings fluctuated within a narrow range and at a slower pace. Specifically, SJC, PNJ, DOJI , and Bao Tin Minh Chau listed the common price of SJC gold bars at VND117.7 million per tael for buying and VND119.7 million per tael for selling, stable compared to the end of the week.
Similarly, 99.99% gold rings and jewelry gold continued to be stable, fluctuating around VND113.7 million/tael for buying and VND116.2 million/tael for selling.
It is expected that in the near future, the gold market will have a major change in structure when the monopoly mechanism for SJC gold bars is eliminated, and at the same time, more banks and businesses will be allowed to participate in the market.
At that time, investors expect domestic gold prices to continue to narrow the gap with world prices.
SJC gold bar price traded below 120 million VND/tael
Source: https://nld.com.vn/gia-vang-hom-nay-23-6-giam-manh-ngay-dau-phien-196250623085729763.htm
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