Domestic gold price today

Early this morning, the domestic gold price reversed and decreased slightly. Currently, the domestic precious metal price is listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.4 million VND/tael and sold at 67.02 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices reversed and decreased slightly this morning. Photo: nld.com.vn

DOJI brand gold price in Hanoi is listed at 66.4 million VND/tael for buying and 67 million VND/tael for selling. In Ho Chi Minh City, this brand gold is buying at the same price but selling at 50,000 VND lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.4 million VND/tael for buying and 67 million VND/tael for selling. PNJ gold is buying at 66.5 million VND/tael and selling at 67.05 million VND/tael. Bao Tin Bao Tin Minh Chau gold is listed at 66.42 million VND/tael for buying and 66.98 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 2 as follows:

Yellow

Area

Early morning of June 1

Early morning June 2

Difference

Buy

Sell ​​out

Buy

Sell ​​out

Buy

Sell ​​out

Unit of measurement:

Million VND/tael

Unit of measurement:

Thousand dong/tael

DOJI

Hanoi

66.45

67.05

66.4

67

-50

-50

Ho Chi Minh City

66.45

67.05

66.4

66.95

-50

-100

Phu Quy SJC

Hanoi

66.45

67.05

66.4

67

-50

-50

PNJ

Ho Chi Minh City

66.5

67.05

66.5

67.05

-

-

Hanoi

66.5

67.05

66.5

67.05

-

-

SJC

Ho Chi Minh City

66.45

67.05

66.4

67

-50

-50

Hanoi

66.45

67.07

66.4

67.02

-50

-50

Da Nang

66.45

67.07

66.4

67.02

-50

-50

Bao Tin Minh Chau

Nationwide

66.47

67.03

66.42

66.98

-50

-50










World gold price today

The world gold price continued to recover early this morning with spot gold increasing by 14.3 USD to 1,976.7 USD/ounce. August gold futures last traded at 1,994.4 USD/ounce, up 12.3 USD compared to early the previous day.

World precious metal prices in the first trading session of June were boosted by the thought that the US Federal Reserve (Fed) will temporarily stop tightening monetary policy at its upcoming meeting.

The Wall Street Journal reported that the Fed is likely to pause its rate-hike cycle at its June meeting, before raising rates again later this summer. That's a change from recent expectations that the Fed would raise rates again at its June meeting.

Traders are now awaiting the US Department of Labor's May jobs report on Friday morning. The key non-farm payrolls figure is expected to rise by 190,000 from April's 253,000.

The gold market is seeing a solid recovery from Tuesday’s drop to a two-month low. In an interview with Kitco News, Saxo Bank head of commodity strategy Ole Hansen said that gold’s three-week correction is over and the market is on track to return above $2,000 an ounce even as weak commodity prices signal growing recession fears.

Hansen’s bullish outlook for gold comes as the Bloomberg Commodity Index has fallen 13% this year, led by silver, copper and oil. Meanwhile, gold has gained nearly 6%, last trading at $1,976.70 an ounce.

Hansen said that while weak commodity prices could ease inflationary pressures in the near term, renewed safe-haven demand remains a driver for gold.

"Commodities are struggling because of the economic outlook. If the economy is as bad as commodities are pricing in, the Fed can't raise rates indefinitely. In this environment, gold could easily go back to $2,000 an ounce. We're not out of the woods yet. Going back to $2,000 would definitely improve sentiment," he said.

World gold prices continued to rise early this morning. Photo: Kitco

Although gold prices have struggled to hold gains over the past three weeks, Hansen said a correction is inevitable. He added that gold investors are going against the Fed as it prices in a significant rate cut by the end of the summer.

Gold's drop to a two-month low has brought the market back in line with interest rate expectations, he added, however, adding that the idea of ​​a rate cut later this year remains a certainty, especially if the global economy falls into recession.

“If the world goes into recession, the Fed will react quickly and aggressively cut interest rates,” Hansen added. That is fundamentally good news for assets that benefit from lower interest rates, he said.

Heading into the June monetary policy meeting, markets see a more than 66% chance of the Fed raising rates by 25 basis points; meanwhile, markets also expect rates to fall back to 5% by the end of the year.

Along with the renewed upside potential for gold, Hansen said he remains a long-term bull on the precious metal, explaining that inflation is falling but unlikely to fall back to the central bank’s 2% target.

He said high and persistent inflation would eventually force the Fed to raise its inflation target to 3% or 4%, which would have a strong impact on real interest rates, supporting the long-term rally in precious metals.

With the domestic gold price slightly decreasing and the world gold price listed at Kitco at 1,976.7 USD/ounce (equivalent to nearly 56.4 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is currently nearly 11 million VND/tael.

TRAN HOAI