Gold prices today, June 2nd: Reversed course and fell sharply.

(NLĐO) – Gold prices reversed course and fell today as crude oil prices surged, and major political tensions between the US and Iran remain unresolved.

Gold prices plummeted today.

At approximately 6:00 AM on June 2nd (Vietnam time), the price of gold on the international market fluctuated around $4,482 per ounce, down $38 from the highest level of $4,520 per ounce reached last night.

However, compared to the opening price of the previous day ($4,540), the price of gold today has decreased by as much as $58/ounce.

Today's drop in gold prices is primarily due to the sharp rise in crude oil prices ($92/barrel), after the US and Iran failed to reach an agreement over the weekend on reopening the Strait of Hormuz.

In addition, the rise in 10-year US Treasury yields to 4.5%, coupled with a stronger US dollar, has put selling pressure on gold – an asset often considered a "safe haven".

Despite the energy price shock, the US stock market closed at new record highs, contributing to downward pressure on gold prices today.

Many people shifted capital from gold to stocks as the S&P 500 rose to 7,599 points, the Dow Jones increased 0.1% to 51,078 points, and the Nasdaq Composite rose 0.4% to 27,086 points.

Analysts believe the gold market will continue to monitor developments in the US-Iran negotiations and upcoming key US economic data to assess its next trend.

Domestically, the price of SJC gold bars, as listed by Saigon Jewelry Company (SJC) and many other businesses, is 155.5 million VND/ounce for buying and 158.5 million VND/ounce for selling, a decrease of 500,000 VND per ounce compared to yesterday morning.

The price of gold rings and other types of jewelry has also been adjusted downwards to 155.3 million VND/ounce for buying and 158.4 million VND/ounce for selling, half a million VND lower per ounce.

Source: https://nld.com.vn/gia-vang-hom-nay-2-6-dieu-gi-khien-gia-dao-chieu-giam-manh-19626060206232195.htm