Gold corrects after US jobs report
In the first week of June 2025, gold prices recorded strong fluctuations. At one point, the price of gold surpassed the $3,400/ounce mark - the record high price of this precious metal in the middle of the week (June 5) due to high demand for shelter .
This is also the climax of the heated debate between President Donald Trump and billionaire Elon Musk , with a series of attacks back and forth on social networks X and Truth Social. From " political allies" with the goal of "making America great again", billionaire Musk on June 5 publicly criticized Mr. Trump's Tax and Spending Bill.
The Congressional Budget Office (CBO) estimates that the bill would increase the budget deficit by $2.4 trillion over the next decade. Late on June 5, Elon Musk responded to a Twitter user, agreeing that both should “calm down.” However, Trump continued to criticize Musk.
Most recently, in a phone interview on June 7, President Trump thought his relationship with Elon Musk was over, warning that the American billionaire would face "serious consequences" if he supported the Democrats against Republican lawmakers who supported the party's comprehensive budget bill .
However, after just a day and a half, the previous increase was almost completely erased when the US announced a positive May employment report. The number of non- farm jobs increased by 139,000 - higher than the expectation of 130,000, while the unemployment rate remained at 4.2% and wage growth reached 3.9%.
With the report showing no signs of a slowing labor market , investors are now betting that there is little chance of the Federal Reserve cutting interest rates at its June 17-18 meeting . After cutting them by a full percentage point by the end of 2024, the Fed has kept rates unchanged since early 2025 due to uncertainty over the impact of President Trump's policies.
 |
| Gold prices surpassed the $3,400/ounce mark but reversed during the week. |
At the end of the week, spot gold closed at $3,309 an ounce, down $90 an ounce from the week’s peak but still up slightly from last weekend. Gold futures for August 2025 delivery on the Comex New York floor also edged up to $3,331 an ounce, down $44 an ounce on Friday alone.
Not fluctuating as much as world gold, the price of SJC gold bars also changed but fluctuated between 117-118 million VND per tael, in the selling direction. At Saigon Jewelry Company (SJC), the buying price of SJC gold bars was 114.9 million VND/tael, down 800,000 VND /tael while the selling price was 117.2 million VND/tael , also down 1 million VND/tael. The difference between buying and selling prices narrowed to 2.3 million VND/tael.
USD exchange rate remains high despite weakening USD
Meanwhile, the USD/VND exchange rate increased sharply, establishing a new level when many commercial banks listed the selling price above 26,200 VND/USD throughout the week . At Vietcombank at the end of the week, the buying rate was 25,860 VND/USD, the selling rate was 26,220 VND/USD - an increase of 20 VND /USD compared to the end of May. The EUR/VND exchange rate at banks was 30.5 50 VND/euro.
Since the beginning of the year , the central exchange rate announced by the State Bank has increased by nearly 2.7%, currently at 24.992 VND/USD. With a margin of 5%, the ceiling exchange rate is 26.241 VND/USD. The exchange rate at banks still maintains a small difference compared to the maximum prescribed level. According to data released by the General Statistics Office (Ministry of Finance), the Vietnamese economy continued to have a trade surplus in May 2025 with a value of 0.56 billion USD. In the first 5 months of 2025, the trade balance of goods continued to have a surplus of 4.67 billion USD , although lower than the same period.
While rates have risen, the global dollar has remained relatively weak. The DXY index, which measures the strength of the greenback, has approached a three-year low on concerns about a slowing US economy and escalating trade tensions, and only edged above 99 after relatively positive employment data. The dollar has depreciated sharply against many major currencies. The euro briefly hit a six-week high when it re-crossed the $1.14 mark against the euro, before falling slightly.
Entering the second week of June 2025, global investors' top concerns continue to be the ongoing uncertainty surrounding US tariff negotiations and the growing rift between President Trump and billionaire Elon Musk.
On the economic front, in terms of key economic data, the information that investors are interested in this week is the US inflation index. According to experts' forecasts, the CPI in May 2025 may remain at 2.3% - the lowest since February 2021. Inflation figures are also expected from Mexico, Brazil, Russia and India. In addition, China is preparing to release consumer price and producer price data along with a series of trade figures.
Source: https://baodautu.vn/gia-vang-dieu-chinh-ty-gia-thiet-lap-mat-bang-moi-trong-tuan-dau-thang-6-d299625.html
Comment (0)