Gold prices today, June 2nd: Continuing their strong upward trend.

Domestic gold prices today

Early this morning, June 2nd , the price of 9999 gold from SJC increased by 50,000 VND/ounce for both buying and selling compared to the closing price of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:09 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 9:15 AM as follows:

	Buy	Sell
SJC Hanoi	66,450,000 VND/ounce	67,070,000 VND/ounce
SJC Ho Chi Minh City	66,450,000 VND/ounce	67,050,000 VND/ounce
SJC Da Nang	66,450,000 VND/ounce	67,070,000 VND/ounce
Doji Hanoi	66,400,000 VND/ounce	67,000,000 VND/ounce
Doji Ho Chi Minh City	66,500,000 VND/ounce	67,000,000 VND/ounce

Updated SJC and DOJI gold prices at the beginning of the morning on June 2nd.

At the close of trading on June 1st, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.4 million VND/ounce (buying price) and 67 million VND/ounce (selling price). SJC Hanoi listed the price at 66.4 million VND/ounce (buying price) and 67.02 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.4 million VND/ounce (buying price) and 67 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/ounce and sold it at 66.95 million VND/ounce.

The central exchange rate for June 2nd , announced by the State Bank of Vietnam, is 23,722 VND/USD, a decrease of 7 VND compared to yesterday. The USD price at commercial banks this morning (June 2nd) is trading around 23,280 VND/USD (buying) and 23,650 VND/USD (selling).

International gold price today

At 9:48 AM today (June 2nd, Vietnam time), the spot price of gold in the world market stood around $1,979.4 per ounce, an increase of $7.4 per ounce compared to last night. The price of August gold futures on the Comex New York exchange was $1,996.5 per ounce.

On the morning of June 2nd, the world gold price, converted using the bank's USD exchange rate, was over 56.4 million VND/ounce (excluding taxes and fees), approximately 10.67 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours (Image: Kitco)

On the world market, the spot gold price on June 1st (Vietnam time) was trading at $1,972 per ounce. Gold futures were trading at $1,973 per ounce.

World gold prices are rising. (Photo: Reuters)

According to the recently released jobs report, the US economy added 278,000 jobs in May. This marks the third consecutive month of unexpected job growth.

Meanwhile, the agreement to raise the US debt ceiling has been passed by the House of Representatives and sent to the Senate for a further vote. If approved by the Senate, the debt ceiling law will be presented to the President for signing into law before June 5th, eliminating the risk of government default.

The Dollar Index, which measures the strength of the greenback against six other major currencies, continued to fluctuate in the 104.2-104.3 point range, its highest level in over two months.

The US Federal Reserve (Fed) has indicated the possibility of not raising interest rates in June. This would give the Fed more time to carefully assess the state of the economy.

Gold price forecast

Brian Lan, an expert from GoldSilver Central, said that in the short term, gold could trade at higher prices, approaching the $1,980/ounce mark. The market is still speculating that the Fed will raise interest rates further. This will reduce the attractiveness of gold.

Edward Moya, senior market analyst at Oanda, said that the key support level for gold around $1,950 per ounce could push prices back to $2,000 per ounce.

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