Gold price today June 18: Slight decrease, still has momentum to increase

Gold prices fell slightly as tensions in the Middle East remained under control within the region.

Although risk factors still cause certain fluctuations in gold prices, according to experts, gold is still in a solid upward trend as it continues to play the role of an important monetary asset and a hedge against the devaluation of currencies globally.

The latest annual survey by the World Gold Council (WGC) shows that not only do central banks expect to continue buying gold over the next 12 months, they are also showing the highest level of interest in the precious metal in a decade.

Gold price decreased slightly today. (Photo: Minh Duc).

Accordingly, 95% of survey participants believe that global gold reserves will increase in the next 12 months. Notably, 43% of foreign exchange reserve managers at central banks said they plan to increase their gold holdings this year - a significant increase compared to 29% last year.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on June 18, the price of gold bars at Doji and SJC was listed at 117.6 - 119.6 million VND/tael (buy - sell), unchanged from early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 115-117 million VND/tael (buy - sell), unchanged.

+ International gold price

The world gold price listed on Kitco is at 3,387 USD/ounce, down 5 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,390 USD/ounce.

Gold Price Forecast

The main factor driving gold prices this year and the past three years has been central banks buying to diversify assets away from the US dollar, according to Adrian Day, chairman of Adrian Day Asset Management.

Next is the informal buying of gold by Chinese citizens, due to concerns about the devaluation of the yuan amid a slowing economy . Finally, wealthy individuals and families are also concerned about the global public finances, the amount of public debt, etc.

Analysts at CPM Group predict that gold prices have continued to increase sharply in recent days, reflecting fluctuations in economic and geopolitical factors. The next target for gold prices is 3,500 USD/ounce.

Gold markets were supported after news that US consumers significantly cut back on shopping spending last month.

The US Commerce Department reported that retail sales fell 0.9% in May. The data was weaker than expected, with economists predicting a 0.5% decline.

Sluggish consumer spending could dampen economic growth, potentially prompting the US Federal Reserve to cut interest rates, even as inflation risks remain high.

Source: https://baolangson.vn/gia-vang-hom-nay-18-6-giam-nhe-van-con-dong-luc-tang-gia-5050398.html