The world gold price today increased vertically by 22 USD to reach 1,962 USD/ounce at 6:00 a.m. on June 6.
World gold prices suddenly increased by tens of USD/ounce as the market received many impacts.
Specifically, the Institute for Supply Management (USA) announced the non-manufacturing index in May 2023 at 50.3 points, down 4 points compared to the previous month at 51.9 points.
Market participants are struggling to predict the upcoming monetary policy decision of the US Federal Reserve (FED), as inflation falls at a rather slow pace.
At this point, they believe US monetary policymakers may pause on rate hikes at their meeting next week but leave the door open for further rate hikes in the future.
With the above information, financial investors aggressively sold USD, causing the value of this currency to reverse downward, which is beneficial for today's gold price.
Meanwhile, Saudi Arabia has decided to cut crude oil production by about 1 million barrels per day from July 2023, causing the fuel market to heat up. Crude oil prices rose to $72.7 per barrel, positively affecting gold prices today.
Market transactions showed that on June 5, the world price dropped to 1,940 USD/ounce. However, when the value of the USD decreased and crude oil prices heated up, many people invested in this precious metal.
Therefore, the world gold price today increased vertically by 22 USD to reach 1,962 USD/ounce at 6:00 a.m. on June 6.
Previously, in Vietnam, the price of SJC gold at the end of June 5 increased by 50,000 VND/tael, trading at 67.05 million VND/tael.
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