At 8:15 a.m. today (June 25, Vietnam time), The world spot gold price stood at around 2,329.3 USD/ounce, down 3.1 USD/ounce compared to last night. The gold futures price for August 2024 on the Comex New York floor was at 2,342.6 USD/ounce.
On the morning of June 25, the world gold price converted to USD bank price was over 71.5 million VND/tael, excluding tax and fees, about 5.48 million VND/tael lower than the domestic gold price.
The price of gold on the Kitco floor (at 9:00 p.m., June 24, Vietnam time) was traded at $2,332.4/ounce, up 0.56% compared to the beginning of the session. The price of gold futures for August 2024 delivery on the Comex New York floor was traded at $2,340.5/ounce.
World gold prices increase thanks to the weakening USD. Photo HH
At the beginning of the trading session on June 24 (US time), the world gold price increased thanks to the weakening of the USD. Analysts said that gold still maintained a price above 2,300 USD/ounce, which is a positive signal for the market. However, some other analysts said that in an increasingly unstable environment, any negative signal for gold will lead to a sell-off in the market, causing prices to fall very deeply.
Although gold’s rally has slowed, many analysts say the factors that have supported the precious metal in recent times have not disappeared.
In particular, concerns related to geopolitical instability are still a factor of concern for the market, especially before the US election in November.
In addition, geopolitical instability is also causing the USD reserves of countries around the world to be shrinking, and that is also the threat of global inflation remaining at high levels.
The World Gold Council said that central banks around the world as well as retail investors are increasing their access to the gold market. Of the 70 central banks participating in the survey, 81% said they would increase their gold reserves next year.
Gold Price Forecast
Analysts at CPM Group predict that gold prices will be higher in the next week or two, during which time a series of political, economic and financial market issues could push the price of gold to $2,400 an ounce, or even $2,450 an ounce.
However, analysts also gave a warning forecast that the increase in gold prices may be short-lived and will dissipate after the first week of July.
Analysts predict that, later this week, the US core personal consumption expenditure index report for May will be released. If the data is weaker, it may increase the possibility that the US Federal Reserve (Fed) ) early interest rate cuts in 2024 will support precious metals. On the contrary, higher-than-expected data will cause gold to fall deeper.