Domestic gold price
At the end of the trading session on June 2, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.45 million/tael (buy) and VND67.05 million/tael (sell). SJC Hanoi listed at VND66.45 million/tael (buy) and VND67.07 million/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 66.5 million VND/tael and sold at 67 million VND/tael.
International gold price
On the world market, the spot gold price on June 2 (Vietnam time) was trading at 1,964 USD/ounce, down 0.63% compared to the beginning of the session. The futures gold price was trading at 1,965 USD/ounce.
World gold prices increase sharply. (Photo: Kitco)
The gold market is struggling to hold its position at $2,000 an ounce. However, the precious metal faces pressure from US labor data. However, the precious metal did not react strongly to this report.
Nonfarm payrolls increased by 339,000 jobs last month, according to the Bureau of Labor Statistics. That was higher than expected. However, the unemployment rate rose to 3.7%.
Many are concerned that the strong labor market will likely force the US Federal Reserve (Fed) to continue raising interest rates at its meeting in the middle of this month.
Markets were soothed by the US House of Representatives' easy approval of a deal to extend the government's debt ceiling reached between Republicans and Democrats.
Meanwhile, the yield on 10-year US Treasury bonds is currently at 3.6%.
Gold Price Forecast
Traders are betting on a 76.2% chance that the Fed will not raise interest rates at its June 13-14 meeting, according to data from CME Group’s FedWatch Tool. Non-yielding gold loses its appeal as interest rates rise.
Edward Meir, an analyst at global financial services platform Marex, said that sentiment in the gold market remains optimistic. Gold prices may rise slightly amid speculation that the Fed will keep interest rates unchanged at its meeting this month.
According to DUY ANH (Vietnamnet)
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