Gold prices continue to rise, non-USD trend increases, precious metals are "valued"

Gold prices today, June 3, 2023, continued to increase as many people believe that the Fed will pause tightening monetary policy at its upcoming meeting. Business Insider reported that most central banks in the world now consider gold a more prominent reserve asset, indicating that the trend of de-dollarization will continue in the coming years.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/3 and EXCHANGE RATE TODAY 6/3

1. SJC - Updated: 06/02/2023 08:31 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,450 ▲50K	67,050 ▲50K
SJC 5c	66,450 ▲50K	67,070 ▲50K
SJC 2c, 1c, 5c	66,450 ▲50K	67,080 ▲50K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,700 ▲150K	56,650 ▲150K
SJC 99.99 gold ring 0.5 chi	55,700 ▲150K	56,750 ▲150K
Jewelry 99.99%	55,550 ▲150K	56,250 ▲150K
Jewelry 99%	54,493 ▲148K	55,693 ▲148K
Jewelry 68%	36,404 ▲102K	38,404 ▲102K
Jewelry 41.7%	21,609 ▲63K	23,609 ▲63K

World gold prices continue to rise as many believe that the US Federal Reserve (Fed) will temporarily stop tightening monetary policy at its upcoming meeting.

The Wall Street Journal reported that the Fed is likely to pause its rate-hike cycle at its June meeting, before raising rates again later this summer. That's a change from recent expectations that the Fed would raise rates again at its June 2023 meeting.

In the interest rate futures market, traders are betting on a 76.2% chance that the Fed will not raise rates at its June 13-14 meeting, according to data from CME Group's FedWatch Tool.

Notably, the Senate passed a bill to raise the debt ceiling by a vote of 63-36 in a race against time after months of disagreement between Democrats and Republicans.

The debt ceiling bill will now go to President Joe Biden for his signature as the US Treasury Department's June 5 deadline for the parties to reach an agreement to raise the $31.4 trillion debt ceiling before the federal budget runs out.

This bill eliminated the risk of default by the US government.

According to TG&VN, at 7:00 p.m. on June 2, the world gold price on the Kitco exchange was at 1,978.6 - 1,979.6 USD/ounce, an increase of 1.2 USD.

In Asia, precious metals were headed for their biggest weekly gain in nearly two months. Spot gold was steady at $1,977.31 an ounce. The metal has gained 1.6% so far this week, heading for its biggest weekly gain since the week ending April 7.

Domestic gold prices increased slightly following the world trend. At the end of the session on June 2, Saigon Jewelry Company listed the price of SJC gold on the Hanoi market at 66.45 - 67.07 million VND/tael (buy - sell).

Gold price today June 3, 2023: Gold price continues to rise, non-USD trend increases, precious metals are 'used'. (Source: Investing)

Summary of SJC gold prices at major domestic trading brands at the closing time of June 2:

Saigon Jewelry Company listed the price of SJC gold at 66.45 - 67.07 million VND/tael.

Doji Group currently lists SJC gold price at: 66.40 - 67.00 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.50 - 67.05 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.47 - 67.03 million VND/tael; Rong Thang Long gold brand is traded at 55.52 - 56.42 million VND/tael; jewelry gold price is traded at 55.15 - 56.25 million VND/tael.

Gold is a more prominent reserve asset than the USD

World gold prices are at their highest level in more than a week, with the catalyst for this price increase being the USD.

The Dollar Index, which measures the strength of the greenback against a basket of six major currencies, fell sharply from its highest level in two months, paving the way for gold prices to rise. On the morning of June 2 (Vietnam time), the index fluctuated around 103.5 points, from 104.2 points yesterday morning.

Along with that, US Treasury bond yields fell to a two-week low, further supporting gold prices.

Analyst Edward Meir at UK-based global financial services platform Marex said that the current sentiment in the gold market remains positive and prices could move slightly higher amid speculation that the Fed will keep interest rates unchanged at its meeting this month.

Most central banks around the world now consider gold a more prominent reserve asset, suggesting that the de-dollarization trend will continue in the coming years, according to Business Insider .

According to a survey by the World Gold Council (WGC), 62% of banks surveyed expect gold to account for a larger proportion of total reserves in the next five years, compared with 46% last year.

“The reasons for increasing gold reserves are not surprising, as interest rates, inflation concerns and geopolitical risks continue to be the leading factors in central banks’ reserve management decisions,” the WGC said.

Central banks have been buying gold aggressively, especially after Russia launched a military campaign in Ukraine last year, which led to the West freezing Russia’s foreign currency. Western sanctions have prompted many countries to plan to reduce their dollar holdings in their economies, and gold has emerged as a leading alternative.

The trend continued this year, with the first quarter of 2023 seeing central bank gold purchases increase by 176% compared to a year ago.

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