Late on June 2nd, gold and silver prices unexpectedly rose rapidly.

At the end of the day on June 2nd, the price of gold on the international market was trading at $4,520 per ounce, an increase of approximately $35 per ounce compared to the morning. During the session, the price of gold briefly surged to $4,535 per ounce.

Not only gold, but silver also reversed course and is currently trading at $76.4 per ounce, up nearly 2% from this morning. This is an unexpected development for both gold and silver after sharp declines in the past few days.

In the domestic market, contrary to the upward trend of world prices, the prices of SJC gold bars and 99.99% pure gold rings continue to weaken.

Giá vàng hôm nay 2 - 6 tăng mạnh bất ngờ trên thị trường quốc tế - Ảnh 2. — Gold prices rise again.

By the end of the day, SJC gold bars were traded by businesses at around 154.5 million VND/ounce for buying and 157.5 million VND/ounce for selling, stable compared to the morning. Gold bar prices have been falling for the past month and are now at their lowest point since the beginning of the year.

Meanwhile, silver brands such as Ancarat, SACOMBANK -SBJ, Phu Quy, and Bao Tin Manh Hai listed the price of silver bars at around 2.87 million VND/ounce for buying and 2.96 million VND/ounce for selling, an increase of 20,000 VND/ounce.

The price of silver by the kilogram and ingots of all kinds was also traded by many businesses at 76.5 million VND/kg for buying and 78.9 million VND/kg for selling – an increase of more than half a million VND per kg compared to the morning.

Global gold and silver prices fluctuated in the same direction, while in the domestic market, the price of SJC gold bars and gold rings continued to weaken – trading was sluggish. Silver prices recovered in line with world prices, but not significantly. Domestic silver prices have been in a consolidation zone for the past three months.

According to analysts, precious metal prices are being influenced by news related to the conflict in the Middle East. Rich Checkan, President and CEO of Asset Strategies International, said that when a ceasefire is reached between the US and Iran, gold prices will rise again because the conflict leads to higher oil prices, higher inflation, and the possibility of the US raising interest rates. Once the war is over, gold and silver prices will be more positive.