Gold price today 5/6/2023 started a new week with a sharp drop to close last week. The solid optimism in the market suggests that gold is poised to rally, "retesting" the $2.000 level as soon as this week, as the three-week sell-off ends, according to analysts.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 5/6 and RATE TODAY 5/6
| 1. SJC – Updated: 03/06/2023 09:42 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,350 | 67,050 |
| SJC 5c | 66,350 | 67,070 |
| SJC 2c, 1C, 5 inch | 66,350 | 67,080 |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,550 | 56,500 |
| SJC Gold Ring 99,99 0.5 points |
55,550 | 56,600 |
| Jewelry 99.99% | 55,400 | 56,100 |
| Jewelry 99% | 54,345 | 55,545 |
| Jewelry 68% | 36,302 | 38,302 |
| Jewelry 41.7% | 21,546 | 23,546 |
World gold price plummeted nearly 30 USD before the end of the week. Recorded in the last session of the week (June 2) on the Kitco floor, the gold price traded at $6/ounce, down $1.947,50 compared to the previous session.. Entering the weekend, the August gold futures price was last traded at $8 per ounce, up 1.971,80% compared to last Friday.
The weak USD and the expectation that the US Federal Reserve (Fed) will stop raising interest rates will help the gold market maintain its upward momentum, after gaining 0,2% this week. In particular, the solid optimism surrounding the market is expected to push the gold price back to $2.000/ounce this week.
Results of the latest weekly Gold Market Survey of Kitco News shows that both Wall Street analysts and Main Street investors are bullish on gold in the near term.
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Of the 19 Wall Street analysts who participated in the Gold Market Survey of Kitco News last week, 10 analysts (53%) are optimistic about gold prices this week; Another 5 (26%) forecast a drop in gold prices; Four analysts (4%) give neutral opinions. Meanwhile, out of 509 votes cast in online polls, 307 (or 60%) expect gold prices to rise this week; Another 124 (24%) forecast lower prices; The remaining 78 people (15%) gave neutral opinions. |
The broad-based optimism comes as the precious metal is coming under some selling pressure on Friday after the US Labor Department released strong jobs data, which said 2 jobs were lost. generated last month, more than analysts had expected. This information caused the world spot gold price to drop by 6 USD to 339.000 USD.
However, for the whole week, gold still gained 0,2%, ending 3 consecutive weeks of decline. Some analysts say that, despite the high number of jobs, gold's new momentum still has a chance to move higher.
Before the end of the week, although gold failed to hold the $2.000 level either, analysts believe a bounce off the two-month low will provide some upside momentum in the near term.
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| Gold price today June 5, 6: Gold price bottomed out, ending a three-week sell-off, ready to re-test the $2023 level (Source: Kitco) |
Domestic gold price Closing the week there was not much change, almost standing still when comparing prices at the beginning of the week and at the end of the week at big brands. However, domestic investors still lose money when buying SJC gold surf, when the difference between buying and selling last week was high, causing buyers to suffer heavy losses if short-term investment. Specifically, if buying DOJI gold on May 28 at the price of 5 million dong/tael and selling it on June 66,95, investors will lose 4 dong/tael. Similarly, gold buyers at Saigon VBDQ Company also lost 6 VND/tael.
Summary of SJC gold prices at major domestic business brands at the end of last week (June 3):
VBDQ Saigon Company listed the price of SJC gold at 66,35 - 67,05 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,35-66,95 million VND/tael.
Phu Quy Group is listed at: 66,35 – 66,95 million VND/tael.
PNJ system listed at: 66,40 - 67,00 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66,42 - 67,00 million VND/tael; Dragon Thang Long gold brand traded at 55,46 – 56,36 million VND/tael; Gold jewelry price traded at 55,10 - 56,20 million VND/tael.
Converting to USD price at Vietcombank on July 3, 6 USD = 1 VND, the world gold price is equivalent to 23.650 million VND/tael, lower than the selling price of SJC gold 55,52 million VND/tael.
Gold price forecast will increase this week
James Stanley Senior Market Strategist at Forex.com “There is a connecting bullish trend line between last Friday’s low and this Tuesday’s low – this, I think, is in the bulls’ plans and They will lose at this point.”
At the same time, while prices are expected to rise next week, analysts do not expect to see a major breakout to new all-time highs. Colin Cieszynski, Chief Market Strategist at SIA Wealth Management Inc. said a weaker dollar next week will support gold prices, but according to this expert, do not see the price above 2.000 USD / ounce.
“Tensions in the political system and banking ease suggest that, if we do get to a rally in gold, it could be moderate and $2.000 remains a psychological hurdle. significantly," said expert Colin Cieszynski.
Along with Wall Street analysts, retail investors do not expect gold prices to hit record highs anytime soon, even as they remain bullish on the precious metal. Main Street expects gold prices to end around 1.997/ounce next week, the survey found.
For many analysts, the main driver for gold prices remains the Fed's monetary policy stance. There are expectations that the Fed is looking to pause its stance when it meets in two weeks. However, economists have noted that the pause will not signal the end of the fiscal tightening cycle.
A significantly better-than-expected job gain last month, some analysts noted, supports the Fed's positive stance. However, other analysts have pointed out that looking beyond the published numbers, cracks in the labor market are starting to appear. The US economy's unemployment rate rose to a seven-month high of 7%.
“I believe it is becoming increasingly clear that the Fed rates have peaked and that will be a headwind for gold. However, the $2.070 level remains a key resistance and it is difficult to get too bullish until it is broken.” Adam Button, Head of Currency Strategy at Forexlive.com said.
