Market Highlight 23.06.2026

China’s monthly gold imports rose to their highest level in more than two years in May, showing that demand from the world’s largest gold-buying country remains strong amid a downward correction in gold prices. According to Customs data released on Saturday, China’s gold imports reached around 163 tonnes last month, the highest level since March 2024. Import volume in the first 5 months of 2026 reached around 692 tonnes, up about 76% from the same period last year. Gold prices have fallen by around one-quarter from the record high reached in January 2026, as the war in the Middle East has pushed Central Banks to gradually tighten monetary policy.

The USD strengthened on Monday as the first round of negotiations between the U.S and Iran delivered positive signals for a comprehensive peace agreement. U.S crude oil prices fell 1,84% to 75,19 USD/barrel, while Brent crude declined 3,29% on the day to 77,93 USD/barrel, as concerns over crude supply from the Middle East eased. Both Deutsche Bank and BofA Global Research revised their forecasts for Federal Reserve policy on Monday, including a rate hike in September. BofA expects the FED to raise interest rates by 0,25% each in September, October, and December. For its part, the market is now pricing in a nearly 40% probability of at least a 0,25% rate hike at the FED’s July meeting, up from 7% a week earlier. Speaking last night, European Central Bank President Christine Lagarde said the inflation shock facing the euro area is significant, but not large enough to push long-term price levels higher or create dangerous broad-based price effects.

Domestically, interbank USD/VND continued to trade steadily around 26.320 yesterday.

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