Gold prices fell slightly today after witnessing some selling pressure as the US labor market continued to operate at full capacity with more-than-expected private sector jobs. The US House of Representatives approved the agreement to raise the debt ceiling also created downward pressure on gold prices.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 2/6 and RATE TODAY 2/6
| 1. SJC – Updated: 01/06/2023 09:55 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,400 50K | 67,000 50K |
| SJC 5c | 66,400 50K | 67,020 50K |
| SJC 2c, 1C, 5 inch | 66,400 50K | 67,030 50K |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,550 | 56,500 |
| SJC Gold Ring 99,99 0.5 points |
55,550 | 56,600 |
| Jewelry 99.99% | 55,400 | 56,100 |
| Jewelry 99% | 54,345 | 55,545 |
| Jewelry 68% | 36,302 | 38,302 |
| Jewelry 41.7% | 21,546 | 23,546 |
World gold price lost ground after a strong rebound from two-month lows at the start of the week. Yesterday, the precious metal rebounded but still recorded a drop of nearly 1,1% in May and lost more than $5 from near-record highs recorded earlier this month.
Notes of TG&VN At 21:25 pm on June 1 (Vietnam time), gold price traded on Kitco floor at 6 - 1.970,90 USD/ounce, up 1.972,10 USD compared to the previous session.. Gold for August futures was last traded at $6 per ounce, down 1.959,30% on the day.
Currently, investors are waiting for more signals from the Senate on the interest rate ceiling and the US interest rate outlook, after the US Federal Reserve's (Fed) policy meeting in June. However, the The debt ceiling agreement passed by the House of Representatives has removed the anxiety of investors. The market also saw some other information such as falling US government bond yields and relatively good employment data, causing gold prices to fluctuate.
So, while the gold market was only slightly volatile today, most of the Asia-Pacific stock markets were up, thanks to increasing expectations that the Fed will not raise interest rates and the US Congress will certainly pass an agreement to raise the government's debt ceiling to prevent default.
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| Gold price today 2/6/2023: Gold price fell due to selling pressure, investment sentiment is removed, gold is likely to fall further? (Source: FT) |
Domestic gold price fell after the good gain of the previous session. SJC gold price is still higher than international by over 11 million dong per tael.
While the difference between buying and selling prices of gold jewelry is still as high as 950.000 VND/tael. The difference between buying and selling SJC gold bars is at VND 600.000. Thus, gold jewelry buyers will immediately lose nearly 1 million dong/tael.
Converting the world gold price to the foreign exchange rate at Vietcombank: 1 USD = 23.660 VND, the world gold price is equivalent to 56,01 million VND/tael, about 11 million VND/tael lower than the selling price of SJC gold at the same time.
Summary of SJC gold prices at major domestic business brands at the closing time of the first day of June:
VBDQ Saigon Company listed the price of SJC gold at 66,40 - 67,02 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,40 - 67,00 million VND/tael.
Phu Quy Group listed at: 66,40 - 67,00 million VND/tael.
PNJ system listed at: 66,50 - 67,05 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66,42 - 66,98 million VND/tael; Dragon Thang Long gold brand traded at 55,52 – 56,42 million VND/tael; Gold jewelry price traded at 55,15 - 56,25 million VND/tael.
Gold's attractiveness will decrease in the short term
Expert Brian Lan from GoldSilver Central Company in Singapore said, in the short term, gold can be traded at a higher price, approaching the threshold of 1.980 USD/ounce. But this expert noted that it is unlikely that gold will rise sharply, as the market is still speculating that the Fed will raise interest rates more and this will reduce the attractiveness of gold - a non-yielding safe-haven asset.
According to Expert Clifford Bennett, chief economist at ACY Securities, said the recent bearish pressure on gold was due to expectations that the US debt ceiling crisis must eventually be resolved and that it would erase the support of the gold market as a whole.
Meanwhile, experts Ole Hansen head of commodity strategy at Saxo Bank, Gold's three-week correction is over and the market is on track to move back above $2.000 an ounce even as weak commodity prices signal growing recession fears.
Hansen's bullish outlook for gold comes as the Commodity Index has fallen 13% this year, led by silver, copper and oil. Meanwhile, the price of gold is up nearly 6% this year, last trading at $1.972,70 an ounce. While weak commodity prices may ease inflationary pressures in the near term, new safe-haven demand remains a healthy driver for gold, Hansen said.
Expert Ole Hansen analyzed, the commodity market is struggling because of the economic outlook. If the economy is as bad as commodities are being priced in, then the Fed can't raise rates indefinitely. “In this environment, gold could easily go back to $2.000 an ounce. We are not yet out of our predicament. A return to $2.000 will definitely improve sentiment.”
Talking about the drop in gold price in recent days, Saxo Bank expert said that gold price has struggled to keep the increase in the past 3 weeks, so a correction is inevitable.
