Domestic gold price today June 1, 2024

At the end of the session on June 1 , SJC gold price was only 83 million VND/tael for selling and 81 million VND/tael for buying.

At 2:04 p.m. on June 1, the price of SJC 9999 gold continued to be adjusted down sharply in both buying and selling directions, to 83.5 million VND/tael (selling) and 81 million VND/tael (buying).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:04 and the price of 9999 gold was listed by Doji Jewelry Group at 12:16 as follows:

Buy Sell
SJC HCMC 81,000,000 VND/tael 83,500,000 VND/tael
Doji Hanoi 80,950,000 VND/tael 83,500,000 VND/tael
Doji HCMC 80,950,000 VND/tael 83,500,000 VND/tael

SJC and Doji gold price list updated early afternoon June 1

At 10:38 a.m. on June 1, the price of SJC 9999 gold continued to decrease by 500,000 VND/tael in both buying and selling prices, to 84.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 10:38 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:56 a.m. as follows:

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SJC gold price continuously plummets

Early morning of June 1, SJC's 9999 gold price decreased by 1 million VND/tael for buying and 2 million VND/tael for selling compared to the end of yesterday's trading session, reaching 85 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:42 a.m. as follows:

Buy Sell
SJC HCMC 82,000,000 VND/tael 85,000,000 VND/tael
Doji Hanoi 83,050,000 VND/tael 85,900,000 VND/tael
Doji HCMC 83,050,000 VND/tael 85,900,000 VND/tael

SJC and Doji gold price list updated early morning June 1

Closing session on May 31, the price of 9999 gold bars at SJC was 83 million VND/tael (buy) and 87 million VND/tael (sell).

Doji listed at 83.5 million VND/tael (buy) and 85.95 million VND/tael (sell).

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 74.64-76.03 million VND/tael (buy - sell).

The central exchange rate on May 31, 2024 announced by the State Bank is 24,261 VND/USD, an increase of 3 VND compared to the previous trading session. The USD price at commercial banks this morning (June 1) was listed at 25,224 VND/USD (buy) and 25,474 VND/USD (sell).

International gold price today June 1, 2024

At 8:21 a.m. today (June 1, Vietnam time), the world spot gold price stood at around 2,326.7 USD/ounce, down 20.3 USD/ounce compared to last night. The gold futures price for August 2024 on the Comex New York floor was at 2,345.8 USD/ounce.

Gold price on Kitco floor (at 9:00 p.m., May 31, Vietnam time) was trading at 2,347 USD/ounce, up 0.22% compared to the beginning of the session. Gold futures price for August was trading at 2,366 USD/ounce.

Gold price.jpg
Domestic gold prices decrease. Photo: Hoang Ha

World gold prices rose slightly in the early session in the US after a report of flat inflation. The personal consumption expenditure (PCE) price index in April increased 2.7% compared to the same period last year, in line with market expectations. The core PCE price index in April increased 2.8% compared to the same period last year.

The PCE price index is the Federal Reserve's preferred inflation measure. The report could provide insight into the timing and extent of interest rate cuts this year.

Earlier data showed that the US economy grew more slowly than expected in the first quarter.

The CME FedWatch tool currently shows a 50.5% chance of a Fed rate cut in September, with a 45.1% chance of a 25 basis point cut and a 5.4% chance of a 50 basis point cut. Fed officials have recently taken a tougher stance on a longer path to the 2% inflation target.

The US dollar fell 0.4% after hitting a two-week high. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 104.42.

Gold Price Forecast

Bart Melek, head of commodity strategy at TD Securities, said gold has recovered from a correction and is hovering around resistance. Gold prices are unlikely to surge as they depend on the Fed’s actions and upcoming economic data.

According to gold market expert Matt Simpson, gold prices could trade in the range of $2,280-2,300/ounce, if US economic data continues to be positive.