In recent days, the prices of gold and silver have consistently decreased, leading many international banks to adjust their forecasts downward. On the morning of June 24, gold prices fell to $4,063.7 per ounce, a decline of $46.7 (approximately 1.13%), while silver prices dropped to $61.33 per ounce, down $0.13 (about 0.2%) compared to the previous closing.

In Vietnam, the SJC gold price remained unchanged from the previous day, ranging between 144 and 147 million VND per tael (buying and selling). Meanwhile, silver prices were adjusted down by various local dealers, with prices per kilogram selling at 64.1 to 64.2 million VND, reflecting a decrease of 500,000 to 700,000 VND depending on the brand.

According to economist Le Ba Chi Nhan, the ongoing decline in gold and silver prices indicates that the precious metals market is entering a phase of significant price re-adjustment after major uncertainties have gradually been absorbed by the market. The most critical factor driving this trend is the declining underlying demand for safe-haven assets.

For several months, gold and silver prices had been significantly supported by geopolitical tensions in the Middle East, the Russia-Ukraine conflict, and concerns regarding the monetary policy of the U.S. Federal Reserve. As these factors become clearer, investors are increasingly inclined to take profits after a strong price increase, leading to increased selling pressure across the market.

"Gold and silver have risen significantly over a long period. The current decline is more of a technical correction and a rebalancing of portfolios rather than a long-term trend reversal," Mr. Nhan stated.

Gold expert Chu Phuong assessed that the Fed's decision to maintain interest rates while signaling a tightening stance is a clear "hawkish" signal from the U.S. central bank, putting noticeable pressure on gold and silver. As expectations for interest rate hikes rise, the opportunity cost of holding non-yielding assets like gold and silver also increases, alongside a stronger U.S. dollar and bond yields, causing capital to shift away from precious metals.

In the short term, gold and silver prices are likely to face pressure for adjustment or remain weakly sideways. The medium-term outlook will largely depend on whether the Fed actually raises interest rates or merely signals intentions. Investors need to monitor monthly inflation data, the Personal Consumption Expenditures (PCE) index (one of the Fed's most important inflation measures), and employment data (non-farm payrolls) to assess the Fed's potential interest rate trajectory.

Regarding gold and silver prices, many international banks have recently lowered their forecasts. In a newly released research report, Deutsche Bank projected that the average gold price would reach $4,300 per ounce in Q3 2026, down over 22% from previous forecasts. For Q4 2026, the bank expects gold prices to rise to $4,800 per ounce, but this level is still about 17% lower than earlier predictions.

In the medium to long term, gold prices still have many supporting factors, especially the reserve demand from central banks, high global public debt, and ongoing geopolitical uncertainties. BMO Capital Markets, a major Canadian bank, also lowered its short-term outlook for silver, now forecasting an average price of around $69 per ounce in Q3 2026, with a slight recovery expected in Q4 2026.