Gold price increases again

With support from the world market, the domestic gold price increased quite strongly at the beginning of the morning of June 28 but then the increase gradually decreased. Thus, after decreasing in the previous session, the price of this precious metal has increased again.

Opening the market, Saigon Jewelry Company traded SJC gold bars at VND41.65 million/tael - VND41.80 million/tael (buy-sell), up VND110,000/tael compared to the previous day's closing price. However, the increase did not last long. At 9:20 a.m., this company adjusted the price to VND41.58 million/tael - VND41.73 million/tael. Although it decreased, it was still VND40,000/tael higher than the previous day.

Sacombank-SBJ listed the price at 41.66 million VND/tael - 41.78 million VND/tael, an increase of 30,000 VND per tael.

Meanwhile, Doji Group traded SJC gold bars at retail at VND41.64 million/tael - VND41.74 million/tael and wholesale at VND41.66 million/tael - VND41.72 million/tael. The above prices were VND10,000 per tael higher than the previous day. Meanwhile, Thang Long Dragon gold of Bao Tin Minh Chau remained at VND40.15 million/tael - VND40.45 million/tael.

On the world market, yesterday the spot gold price in the New York market increased by 0.1% to 1,574.3 USD/ounce; the August gold futures price increased by 3.5 USD to 1,578.4 USD/ounce.

By this morning's session in the Asian market, the spot gold price on Kitco.com had a slight increase to 1,575.5 USD/ounce.

Gold prices rose on good news from the US market, notably the news that pending home sales rose 5.9%, the highest level in 2 years. This was the third positive report on the housing market since the beginning of the week. Gold prices were supported from there, other commodity markets even rose more strongly. However, the European bubble continued to dominate the market.

The market is now waiting for the outcome of a two-day meeting of EU leaders on June 28-29 to see if any measures will be taken to save Europe.

According to the analysis, the first resistance level of gold is 1,584.6 USD/ounce, followed by 1,589 USD/ounce. The immediate support level is 1,563.1 USD/ounce, followed by 1,558.6 USD/ounce.

In the foreign exchange market, banks increased the USD price by 10 - 20 VND compared to yesterday's closing price to a common level of 20,850 - 20,920 VND/USD.

Using the above exchange rate, the domestic gold price is 1.8 million VND/tael higher than the world price (after deducting costs).

According to (Hanoimoi.com.vn) - LT