At 9:15 am on June 24th, Vietnam time, gold prices continued their downward trend after former US President Donald Trump announced on his Truth Social media account that Israel and Iran had agreed to a comprehensive ceasefire.
Trump’s announcement came approximately five hours after Iran launched an attack on a US military base in Qatar in retaliation for Washington’s bombing of Tehran’s nuclear facilities over the weekend.
This news triggered a sell-off in gold, pushing prices down to $3,347 per ounce, a decline of about $20 per ounce from the previous session.
Gold prices also retreated further from the $3,400 per ounce level at the start of the week.
Earlier, the gold market saw an unexpected development as gold prices cooled off instead of surging as a safe-haven investment during the escalating tensions between Israel and Iran.
Some analysts attributed the market’s “surprisingly calm” reaction to the US strikes on Iran, noting a lack of panic selling of risky assets in recent trading sessions on global markets.
SJC gold bar prices remain unchanged for three days
The domestic gold market remained stagnant, with gold bar prices offered by SJC, PNJ, DOJI, and Bao Tin Minh Chau companies holding steady at VND 117.7 million per tael for buyers and VND 119.7 million per tael for sellers.
Similarly, the prices of 99.99% gold rings and jewelry remained stable at VND 113.7 million per tael for buyers and VND 116.2 million per tael for sellers.
Domestic gold prices have been unchanged for the past three days, despite the continuous decline in world gold prices.
This development has widened the gap between domestic and world gold prices. Currently, the world gold price converted at the listed exchange rate is around VND 106.2 million per tael, which is lower than the SJC gold bar price by about VND 13.5 million per tael.
The Golden Opportunity: Strategies for Buying and Selling Gold in a Volatile Market
This morning (June 21st), domestic gold prices continued their downward trend. Despite this, domestic gold prices remain significantly higher than global prices, with a premium of over 16 million VND per tael. Many experts advise investors against purchasing gold at this time.
The Commodity Crunch: Oil, Rubber, Coffee, Corn, and Soybean Prices All Take a Hit
The U.S. sanctions on Iran took a toll on oil prices, which witnessed a decline at the session ending June 20th. Meanwhile, copper and iron ore prices rose, whereas rubber, coffee, corn, wheat, soybeans suffered a collective downturn.
“Global Markets Rally: Oil Prices Surge and Iron Ore Rebounds”
“Oil prices surged nearly 3% on June 19 as the Israel-Iran conflict escalated, creating a ripple effect across global markets. This development overshadowed a relatively quiet day for other assets, with gold trading sideways, the dollar dipping to a weekly low, iron ore snapping a five-day losing streak, and Indian rice prices climbing on improved demand.”
The Shocking Gold Price Prediction Unveiled
The SJC gold bar price steadies while 99.99% gold rings plunge to a one-month low.
The Afternoon of June 20: Gold Ring Prices Plummet
The gold market witnessed a significant shift in the afternoon trading session, with prominent gold businesses slashing their prices for gold rings. The reduction reached a peak of one million VND per tael, marking a substantial adjustment.
