At 9:30 on 15/6, Saigon Jewelry Company (SJC) listed gold bar prices at 148 - 150.5 million dong per tael, an increase of 4 million dong on the buy side and 3.5 million dong on the sell side compared to the end of last week. The difference between the buy and sell prices narrowed from 3 million dong to 2.5 million dong per tael.

Ring gold prices also saw an increase today. SJC raised its ring gold prices to 147.9 - 150.4 million dong per tael. DOJI Gold and Gems Group listed ring gold at 147 - 149.5 million dong. Phu Nhuan Jewelry Company (PNJ) also increased ring gold prices to 146.5 - 149.5 million dong.

Internationally, the spot gold price surged by 100 USD to the 4,300 USD per ounce range immediately after the US and Iran reached a peace agreement and reopened the Strait of Hormuz. The difference between domestic and international gold prices currently stands at 12.5 million dong per tael.

J.P. Morgan's report in early June indicated a long-term bullish outlook for gold, targeting approximately 6,000 USD per ounce by the end of 2026 and 6,300 USD per ounce by the end of next year.

The primary drivers for this forecast, according to J.P. Morgan, are not short-term speculative demand but rather the trend of de-dollarization and diversification of reserves by central banks, with China continuing large-scale gold accumulation. Additionally, new demand from Chinese insurance companies, long-term inflation concerns, US public debt, and geopolitical instability are factors supporting the price of the precious metal.

The biggest risk to this scenario is the US Federal Reserve (Fed) being forced to resume interest rate hikes due to strong US economic growth and a resurgence of inflation. In such a situation, capital could shift from gold to higher-yielding assets.

The international silver price also rose by 3.7% to 70.4 USD per ounce. Domestically, Phu Quy, DOJI, and Sacombank - SBJ raised silver bar prices today to around 2.67 - 2.75 million dong per tael, equivalent to about 71 - 73 million dong per kilogram.

Quynh Trang