Gold price today (3-6): Gold decreased by nearly 1 million dong/tael

Domestic gold price today

At dawn this morning, the domestic gold price fluctuated slightly. Currently, the domestic precious metal prices are listed as follows: 

SJC gold price in Hanoi and Da Nang area is buying at 66,45 million dong/tael and selling at 67,07 million dong/tael. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling for less than 20.000 dong.

Domestic gold price in the early morning increased slightly this morning. Photo: tinnhanhchungkhoan.vn

Gold price of DOJI brand in Hanoi area is listed at 66,4 million VND/tael bought and 67 million VND/tael sold. In Ho Chi Minh City, this brand's gold is buying and selling at the same level as in Hanoi.      

Phu Quy SJC gold price is listed at 66,45 million dong/tael bought and 67,05 million dong/tael sold. PNJ gold is buying at 66,5 million dong/tael and selling at 67,05 million dong/tael. Bao Tin Minh Chau Bao Tin Gold is listed at 66,47 million dong/buy-in and 67,03 million dong/sold-out. 

The domestic gold price updated at 5:30 am on June 3 as follows:

World gold price today

World gold price this morning continued its strong decline with spot gold down 29,2 USD to 1.947,5 USD/ounce. Gold futures in August last traded at $8 per ounce, down $1.969,6 from dawn the day before. Thus, if converted at the Vietcombank exchange rate, excluding taxes and fees), the world gold price has decreased by nearly 25,9 million VND/tael.

World precious metals in the last session of the week fell sharply when the recent report showed that the US job market was still very healthy. Specifically, the US Department of Labor's nonfarm payrolls report showed that there were 339.000 jobs created in May. This number is much higher than economists' forecasts and the number of jobs. April making has been adjusted. The unemployment rate rose to 5% in May from 4% in April.

The strong jobs data indicates that although the central bank may pause, it is not yet finished raising interest rates, according to some analysts. Some analysts say this long-term shift in interest rate expectations is likely to continue to weigh on gold.

Traders and investors are still buzzing about the Wall Street Journal (WSJ) report on Thursday that said the US Federal Reserve (Fed) is likely to pause its rate hike cycle at its monthly meeting. 5 before raising rates again later this summer. That's a big shift from recent market expectations that the Fed will raise rates again at its June meeting. However, the WSJ calls for a "heating jobs report" on Friday. may pour cold water on expectations of a pause in rate hikes.

Gold in the world this morning continued to increase. Photo: Kitco

Elsewhere, after much effort, the US Senate passed a public debt ceiling bill after it was passed by the House of Representatives late on June 1. Once passed in both the House and Senate, the bill will be presented to President Joe Biden. The bill passed prevented the US from defaulting just days before the deadline. The safe-haven appeal of gold in the last trading session of the week was therefore affected.

Although gold prices are weighed down by interest rate expectations and other factors, experts remain bullish on the precious metal, saying that its safe-haven appeal is not over yet. Fear of an impending recession is a reason why investors should hold gold.

With the domestic gold price increasing slightly and the world gold price anchoring at 1.947,5 USD/ounce (equivalent to nearly 55,5 million dong/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between the prices Domestic and international gold is currently about 11,5 million VND/tael.            

TRAN HOAI