Gold Price Today June 30: Sharp Drop, Nearing the $4,000/oz Threshold

On the morning of June 30, the global gold market continued to face strong downward pressure. According to Kitco’s quoted price, spot gold stood at $4,014 per ounce, down $42 from the previous morning. This decline has drawn investors’ attention to the possibility that gold could break below the key psychological level of $4,000 per ounce in the near term. The drop in gold prices is being driven by several factors. Rising oil prices, higher U.S. Treasury yields, and a stronger U.S. dollar have reduced demand for precious metals. At the same time, traders are closely watching whether the U.S. Federal Reserve will maintain a tighter monetary policy stance, while geopolitical tensions in the Middle East remain unresolved. Some analysts believe gold may continue its correction and could fall below $3,900 per ounce before forming a new bottom. However, lower prices may also create a strategic buying opportunity, as the long-term upward trend for gold is still considered intact. In Vietnam’s domestic market, at 6:00 AM on June 30, gold bar prices at Doji and SJC were listed at VND 145.5 million per tael for buying and VND 148.5 million per tael for selling, unchanged from the previous session. Plain gold rings at Doji were also quoted at the same level, VND 145.5 million per tael for buying and VND 148.5 million per tael for selling. Looking ahead, analysts say the gold market is undergoing a strong correction after losing several important support levels. If the $4,000 per ounce threshold is broken, gold may lack clear technical support in the short term. ING Bank has lowered its average gold price forecast to $4,300 per ounce in the third quarter and $4,600 per ounce in the fourth quarter. Citigroup has also reduced its three-month gold target from $4,300 per ounce to $4,000 per ounce, citing pressure from real yields, a stronger U.S. dollar, and slowing physical demand from central banks and gold ETFs. Nevertheless, the long-term outlook for gold remains supported by the possibility of future monetary easing by the Fed or renewed geopolitical tensions. Citigroup continues to maintain its 6- to 12-month gold price target at $4,500 per ounce.