On Sunday, June 20, today’s gold price in the domestic market continued to decrease slightly by 100,000 dong per tael compared to yesterday, to 56.5 million dong/tael bought, 56.7 million dong/tael sold. For the whole week, the price of SJC gold decreased by a total of nearly 500,000 VND/tael.
The price of gold jewelry, 24K gold rings of all kinds traded around 51.45 million VND/tael purchased, 51.8 million VND/tael sold, a loss of about 150,000 VND/tael compared to yesterday.
Meanwhile, today’s gold price in the international market closed the week at 1,764 USD/ounce, down to 113 USD/ounce compared to the end of last week and the strongest weekly decrease since the beginning of the year so far.
Gold price plummeted last week
However, analysts believe that the decline in gold price has not stopped in the context of the complicated developments of the Covid-19 epidemic in the world and the strong recovery of the dollar index after the meeting of the US Federal Reserve. Fed). Previously, the Fed released the minutes of the meeting showing that it will shorten the roadmap to raise interest rates to 2 times in 2023, instead of keeping the basic interest rate unchanged until 2024 like the previous meeting.
The Fed’s move caused a strong sell-off in gold and the dollar index recovered, rising from 90 points to 92.3 points.
Analysts say that in the short term, the price of gold has not bottomed yet. The results of Kitco’s gold price survey next week show that market sentiment is still quite volatile, as analysts expect gold prices to fall while investors are more optimistic.
Specifically, in a survey on Wall Street, 56% of the 18 participating analysts said that the price of gold will fall, only 22% said that the price of gold will increase and the rest expect the precious metal to go down. horizontal.
At the Main Street online survey with 2,174 investors responded, of which 52% believed that the gold price would recover and rise again; 31% see gold prices falling and the rest see gold prices flat.
There is even a more pessimistic opinion when thinking that the gold price may fall deeply to the area of 1,700 USD/ounce, and this price will be attractive to investors.
Currently, the world gold price converted at the listed exchange rate is about 49.1 million VND/tael, 7.5 million VND/tael lower than the SJC gold price, about 2.6 million VND/tael lower than the jewelry gold price. .
The central exchange rate at the weekend was kept by the State Bank at 23,148 VND/USD, an increase of 49 VND/USD compared to the beginning of the week. USD price at commercial banks was traded around 22,910 VND/USD bought in, 23,110 VND/USD sold, increased by 60 VND per USD.