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Opening the morning trading session on June 12, domestic gold prices were largely flat after a strong rebound in the previous session. Internationally, world gold prices rose more than 3% to around $4,220 per ounce, supported by expectations that tensions in the Middle East may ease and by easing pressure on U.S. interest rates.
At the start of the June 12 session, domestic gold prices showed little change versus the end of the previous day. Major dealers kept their listed prices unchanged. Bullion prices were commonly around 138.4 million dong per tael for selling, while jewelry gold ranged from 138.3 to 138.7 million dong per tael.
Specifically, bullion at SJC was quoted at 133.4-138.4 million dong per tael (buying-selling). PNJ, DOJI, and Bao Tin Minh Chau also quoted bullion at 133.4-138.4 million dong per tael.
For jewelry, SJC traded at 133.3-138.3 million dong per tael. PNJ and DOJI were listed at 133.4-138.4 million dong per tael, while Bao Tin Minh Chau traded at 133.5-138.5 million dong per tael.
Bao Tin Minh Chau continued to quote the highest jewelry price on the market at 133.7-138.7 million dong per tael. Its bullion price remained at 133.4-138.4 million dong per tael.
On the international market, spot gold was trading around $4,220 per ounce in the early morning of June 12, up 0.23% from the previous close. Earlier, gold rose 3.4% in the most recent session.
World gold prices increased by more than 3% on Thursday after U.S. President Donald Trump said he would cancel planned military strikes on Iran. The announcement eased concerns about oil prices continuing to rise, which in turn reduced inflationary pressure and expectations for maintaining high U.S. interest rates.
Trump’s comments came hours after he warned about the possibility of expanding military operations. He also indicated that involved parties were entering final discussions on a potential peace agreement, with U.S., Israel, and several Middle Eastern countries participating.
Ryan McKay, a commodities strategist at TD Securities, said the market has seen similar information before without concrete outcomes. He added that if a real deal is signed, it would be a positive factor that could help gold move away from its current bottom.
Since the flare-up of the U.S.-Israel-Iran conflict in late February, gold has faced pressure as oil prices rose, raising concerns about persistent inflation and the possibility that rate hikes could remain high for longer. While gold is often viewed as an inflation hedge, a high-rate environment can reduce its appeal because it offers no yield.
According to CME Group’s FedWatch tool, after the U.S. canceled plans to attack Iran, the probability of the Fed raising rates in December fell from 69% to 62%.
New U.S. economic data showed initial jobless claims for the week ended June 6 rising to 229,000, above the 219,000 forecast by analysts.
However, inflationary pressures remain a key concern. The U.S. Producer Price Index (PPI) for May rose more than expected. A day earlier, Consumer Price Index data showed price gains at their highest in three years, driven mainly by higher energy prices.
Attention is now focused on the Federal Reserve policy meeting next week. This will be the first meeting chaired by the new chair, and markets currently expect the Fed to hold rates steady at this meeting.
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