Domestic gold bar prices today

Specifically, gold bars from SJC, Bao Tin Manh Hai, PNJ, and DOJI brands were bought at 155.5 million VND/ounce and sold at 158.5 million VND/ounce, a decrease of 500,000 VND/ounce in both directions compared to yesterday morning.

Phu Quy branded gold bars are being bought at 155 million VND/ounce and sold at 158.5 million VND/ounce, a decrease of 500,000 VND/ounce in both directions compared to yesterday morning.

Illustration photo: 24h.com.vn

The price of gold bars in Vietnam, updated this morning, June 2nd, is as follows:

Gold bars

Early morning of June 1st

Early morning of June 2nd

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measurement:

million VND/ounce

Unit of measurement:

Thousand dong/ounce

SJC

156

159

155.5

158.5

-500

-500

Bao Tin Manh Hai

156

159

155.5

158.5

-500

-500

DOJI

156

159

155.5

158.5

-500

-500

PNJ

156

159

155.5

158.5

-500

-500

Phu Quy

155.5

159

155

158.5

-500

-500

Domestic gold ring prices today

Following the trend of gold bars, the price of gold rings also decreased today across all brands.

Specifically, SJC listed the buying price of gold rings at 155.3 million VND/ounce and the selling price at 158.3 million VND/ounce, a decrease of 500,000 VND/ounce in both directions compared to yesterday morning.

Bao Tin Manh Hai branded gold rings are being bought at 154 million VND/ounce, down 500,000 VND/ounce compared to yesterday morning.

DOJI and PNJ branded gold rings are being bought at 155.5 million VND/ounce and sold at 158.5 million VND/ounce, a decrease of 500,000 VND/ounce in both directions compared to yesterday morning.

Phu Quy brand gold rings are trading at 155 million VND/ounce for buying and 158 million VND/ounce for selling, a decrease of 500,000 VND/ounce in both directions compared to yesterday morning.

Today's world gold price

World gold prices this morning traded at $4,484.1 USD/ounce. Converted using the Vietcombank exchange rate, excluding taxes and fees, the world gold price is equivalent to approximately 143.2 million VND/ounce, which is about 15.3 million VND/ounce lower than the domestic gold bar price.

Illustration photo: kitco.com

Gold prices fell after the close of trading on Monday, due to soaring crude oil prices, rising Treasury yields, and unresolved negotiations between the US and Iran.

According to precious metals analysts at Heraeus, gold prices are stuck in a range established earlier during the US-Iran conflict.

“Gold prices initially edged lower this week following apparent progress in talks between Iran and the US aimed at ending the conflict and reopening the Strait of Hormuz,” they wrote. “While the picture remains unclear, with both sides at odds, they appear to be closer to a solution than they were a few weeks ago. Since then, on May 28th, more concrete details of an agreement have emerged, causing gold prices to stabilize again.”

“Since the start of the US-Iran conflict, precious metals have typically fallen in price when tensions escalate due to inflation concerns leading to interest rate hikes, and then rebounded when tensions eased,” the analysts wrote. “However, this time, precious metals initially fell after the clearest indication yet that the conflict was nearing its end. There are two potential reasons for this. First, the market has become desensitized to geopolitical news as much of the emerging news is strongly contradictory and unreliable. Second, and perhaps more worryingly, the market believes that damage has been done, significant short-term inflation is inevitable, and interest rate hikes are certain to follow.”

In addition, the strengthening of the US dollar makes gold more expensive for investors holding other currencies.

The gold market is focusing on a series of key US economic data, particularly indicators on manufacturing, services, and the labor market, to assess the outlook for the Federal Reserve's monetary policy. The spotlight is on the ISM manufacturing PMI, the ADP employment report, initial jobless claims, and the non-farm payrolls report.

If employment data suggests the economy is cooling down, gold prices could be supported by expectations of an early Fed interest rate cut. Conversely, better-than-expected figures could put pressure on the precious metal as the US dollar and US bond yields rise again.

Today's silver price

Today's silver price at Phu Quy Gold, Silver and Gemstone Group is listed at 2.864 million VND/ounce (buying price) and 2.953 million VND/ounce (selling price) in Hanoi.

Additionally, according to surveys at other trading locations in Hanoi, the domestic silver price is currently listed at 2.396 million VND/ounce (buying price) and 2.425 million VND/ounce (selling price).

In Ho Chi Minh City, the current price of silver is 2.397 million VND/ounce (buying price) and 2.431 million VND/ounce (selling price).

The current world price of silver is 1.961 million VND/ounce (buying price) and 1.966 million VND/ounce (selling price).

On the world market, the price of silver is quoted at $75.15 per ounce.

    Source: https://www.qdnd.vn/kinh-te/tin-tuc/gia-vang-hom-nay-2-6-tiep-tiep-giam-1042352