Gold price today June 2: Continued strong increase

Domestic gold price today

Early morning of June 2 , SJC 9999 gold price today increased by 50 thousand VND/tael in buying and selling compared to the end 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 Jewelry Group at 9:15 am as follows:

	Buy	Sell out
SJC Hanoi	66,450,000 VND/tael	67,070,000 VND/tael
SJC HCMC	66,450,000 VND/tael	67,050,000 VND/tael
SJC Danang	66,450,000 VND/tael	67,070,000 VND/tael
Doji Hanoi	66,400,000 VND/tael	67,000,000 VND/tael
Doji HCMC	66,500,000 VND/tael	67,000,000 VND/tael

SJC and DOJI gold price list updated early morning June 2

At the end of the trading session on June 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.4 million VND/tael (buy) and 67 million VND/tael (sell). SJC Hanoi listed at 66.4 million VND/tael (buy) and 67.02 million VND/tael (sell).

Doji Hanoi listed at 66.4 million VND/tael (buy) and 67 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/tael and sold at 66.95 million VND/tael.

The central exchange rate on June 2 announced by the State Bank is 23,722 VND/USD, down 7 VND compared to yesterday. The USD price at commercial banks this morning (June 2) was traded around 23,280 VND/USD (buy) and 23,650 VND/USD (sell).

International gold price today

At 9:48 a.m. today (June 2, Vietnam time), the world spot gold price stood at around 1,979.4 USD/ounce, up 7.4 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,996.5 USD/ounce.

On the morning of June 2, world gold converted to USD bank price was more than 56.4 million VND/tael (excluding tax and fees), about 10.67 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

In the world market, the spot gold price on June 1 (Vietnam time) was trading at 1,972 USD/ounce. The futures gold price was trading at 1,973 USD/ounce.

World gold prices increase. (Photo: Reuters)

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

Meanwhile, the agreement to raise the US debt ceiling has been approved by the US House of Representatives and sent to the Senate for the next vote. If approved by the US Senate, the debt ceiling bill will be submitted to the US President to sign into law before June 5, eliminating the risk of the US Government defaulting on its debt.

The Dollar Index, which measures the greenback's strength against six other major currencies, continued to fluctuate in the 104.2-104.3 point range, the highest in more than two months.

The US Federal Reserve (Fed) has raised the possibility of supporting the option of not raising interest rates in June. This will give the Fed more time to thoroughly assess the economic situation.

Gold price forecast

In the short term, gold could trade higher, approaching $1,980 an ounce, said Brian Lan, an expert at GoldSilver Central. The market is still speculating that the Fed will raise interest rates more, which will reduce the attractiveness of gold.

Gold's key support level around $1,950 an ounce could send the price back to $2,000 an ounce, said Edward Moya, senior market analyst at financial firm Oanda.

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