Gold price today May 3: Continue to move away from the threshold of 3,300 USD/ounce

On the morning of May 3, world gold prices slowed down after falling sharply to 3,239 USD/ounce due to profit-taking activities of investors.

Early this morning, the world gold price was listed on Kitco at 3,239 USD/ounce, unchanged from early yesterday morning.

Gold prices were subdued due to profit-taking and liquidation by short-term futures traders. Many markets were closed for the Labor Day holiday.

According to the US Department of Commerce, the gross domestic product (GDP) in January-March 2025 decreased at an annual rate of 0.3%. This is the first quarter since the first quarter of 2022 that the US GDP recorded negative growth.

Immediately after the US employment report was released, the world gold price fell to 3,200 USD/ounce. Despite increasing economic obstacles, the US labor market continues to be strong, with more jobs created than expected.

Gold prices also fell as US-China trade tensions showed signs of easing. Meanwhile, the market is still waiting for US economic data to be released this week for more clues on the US Federal Reserve's policy path.

Gold price movements today

+ Domestic gold price

Gold price today stagnated. (Photo: Minh Duc)

At 6:00 a.m. on May 3, the price of gold bars at Doji and SJC was listed at 119.3 - 121.3 million VND/tael (buy - sell), unchanged from early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 114 - 116.5 million VND/tael (buy - sell), unchanged from early this morning.

+ International gold price

The world gold price listed on Kitco was at $3,239/ounce, unchanged from late yesterday afternoon. Gold futures last traded at $3,240/ounce.

Gold Price Forecast

Analysts forecast an average annual gold price of over $3,000 an ounce. The poll of 29 traders and analysts produced a median forecast of $3,065 an ounce this year, up from $2,756 an ounce in the poll three months ago. The 2026 gold price forecast was also raised to $3,000 an ounce from $2,700 an ounce.

Global trade tensions and the growing trend of de-dollarization have been key drivers of gold prices, with spot prices up more than 25% since the start of the year, nearly matching last year’s 27% gain.

However, price risks remain as physical markets are choppy and central bank money flows slow, while fading tariff and recession risks could reduce gold's appeal as a safe haven, said Suki Cooper, an analyst at Standard Chartered.

Source: https://baoquangninh.vn/gia-vang-hom-nay-3-5-tiep-tuc-roi-xa-nguong-3-300-usd-ounce-3356165.html