Gold price today, June 5: Rising as US economy weakens

(NLDO) – After a sharp decline, gold prices today, June 5, suddenly reversed and skyrocketed as US-China trade tensions showed no signs of cooling down.

Gold price increased sharply today

At 6:00 a.m. on June 5, the world spot gold price on the international exchange reached 3,395 USD/ounce, up 32 USD compared to the bottom of 3,358 USD/ounce recorded in the trading session last night. Similarly, the price of gold for August delivery also increased sharply, reaching 3,408 USD/ounce, up 31 USD compared to the previous session.

The main reason for the rebound in gold prices is weak economic data from the US. The ADP national employment report released on the morning of June 4 showed that only 37,000 jobs were created in May, much lower than the expectation of 110,000 jobs.

US-China trade tensions have also boosted demand for gold as a safe haven. President Trump said Chinese President Xi Jinping was having a hard time reaching a trade deal.

The decline of the US dollar and the US Treasury bond yield falling to 4.38% have encouraged investors to hold precious metals, including gold. The increase in gold prices today is inevitable.

With current developments, gold prices are forecast to continue to fluctuate strongly in the short term, depending on economic signals, policies from the US and the progress of US-China trade negotiations.

In Vietnam, at the end of June 4, the price of SJC gold was listed at 117.2 million VND/tael (selling price), while the price of gold rings reached 113.5 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-5-6-bat-tang-khi-kinh-te-my-suy-yeu-196250605063408942.htm