World gold and silver prices continued to fall on June 2nd.

SKĐS - World gold and silver prices fell on the morning of June 2nd (Vietnam time) amidst escalating tensions between the US and Iran and a surge in crude oil prices.

Spot gold and silver prices fell after the close of trading on June 1st in the US (morning of June 2nd in Vietnam time) amid soaring crude oil prices, rising US Treasury yields, and the lack of clear results in negotiations between the US and Iran.

At the close of trading, spot gold was trading around $4,482.30 per ounce, down 1.26%, while spot silver was at $74.795 per ounce, down 0.64%.

The ISM manufacturing index for May – a factor impacting gold prices – just released in the US, continued its upward trend, rising to 54.0 points from 52.7 points in April, marking the fifth consecutive month of growth and the highest level since May 2022. New orders increased to 56.8 points from 54.1 points, while the employment index remained below expansion threshold at 48.6 points.

World gold and silver prices fall due to tensions between Iran and the US (illustrative image).

Crude oil prices surged after the weekend ended without an agreement between the US and Iran regarding the reopening of the strategic strait. The two sides continued their confrontational actions, while some reports indicated Iran had temporarily halted negotiations following Israeli attacks in Lebanon. However, President Donald Trump insisted that discussions were continuing.

For the gold market, the current impact is negative as rising oil prices lead to higher Treasury yields and a stronger US dollar. Nevertheless, geopolitical risks continue to maintain demand for safe-haven assets to a certain extent.

In other markets, the most noticeable impact was the sharp rise in oil prices, putting pressure on fuel-sensitive stocks, pushing bond yields higher, supporting energy stocks, and increasing volatility in sectors related to shipping.

The US stock market closed higher despite the oil price shock, as technology and energy stocks offset the negative impact of rising fuel costs. The S&P 500 rose 0.3% to 7,599.96, the Dow Jones Industrial Average gained 0.1% to 51,078.88, and the Nasdaq Composite advanced 0.4% to 27,086.81. All three indices set new record closing highs.

Conversely, the Russell 2000 index fell 0.5%, to 2,905.76 points, as high borrowing costs continued to put pressure on small businesses.

In other markets, WTI crude oil traded on the Nymex rose and stabilized around $92.16 per barrel, while Brent crude remained near $94.98 per barrel. The US dollar continued to strengthen. The yield on the benchmark 10-year US Treasury bond is currently fluctuating around 4.5%.

Technically, the next upside target for buyers in the spot gold market is to push the price back to the resistance zone of $4,500 to $4,514 per ounce. If this area is breached, the next target would be $4,546.90 and then $4,550 per ounce.

Conversely, the short-term goal for sellers is to push the price below the support level of $4,446.90 per ounce. If successful, the next targets would be $4,420 and further to $4,400 per ounce.

Gold's first resistance level is identified at $4,500 per ounce, followed by $4,514 per ounce. The nearest support levels are at $4,446.90 and $4,420 per ounce, respectively.

For spot silver, the next upside target for buyers is to push the price back above the resistance zone of $74.97 to $76.00 per ounce. If successful, the next target would be $76.42 and then $78.00 per ounce.

Meanwhile, the sellers' downside target is to break through the support level of $73.25/ounce. If this level is breached, the next targets would be $72.00 and then $70.00/ounce.

The nearest resistance levels for silver are at $74.97 and $76.00 per ounce, while key support levels are identified at $73.25 and $72.00 per ounce.

Source: https://suckhoedoisong.vn/gia-vang-bac-the-gioi-2-6-tiep-tiep-giam-169260602065336679.htm