Gold price today 3/6/2023 continues to increase when many people believe that the Fed will pause tightening monetary policy at the upcoming meeting. The majority of central banks around the world now see gold as a more prominent reserve asset, suggesting that the trend toward de-dollarization will continue in the coming years, Business Insider reports.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 3/6 and RATE TODAY 3/6
| 1. SJC – Updated: 02/06/2023 08:31 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,450 50K | 67,050 50K |
| SJC 5c | 66,450 50K | 67,070 50K |
| SJC 2c, 1C, 5 inch | 66,450 50K | 67,080 50K |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,700 150K | 56,650 150K |
| SJC Gold Ring 99,99 0.5 points |
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 price continued to increase as many people believe that the US Federal Reserve (Fed) will pause to tighten monetary policy at the upcoming meeting.
The Wall Street Journal reported that the Fed is likely to pause the rate hike cycle at its June meeting, before raising rates again later this summer. That's a change from recent expectations that the Fed will raise rates again at its June 6 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 be transferred to President Joe Biden to sign into law in the context of only a few days until the June 5 deadline as warned by the US Treasury Department for the parties to reach an agreement to raise the debt ceiling to $ 6 trillion before the federal budget is exhausted.
This bill eliminated the risk of default of the US government.
Notes of TG&VN, By 19:2 on June 6, the world gold price on the Kitco exchange was at 1.978,6 – 1.979,6 USD/ounce, up 1,2 USD.
In Asia, precious metal prices headed for the biggest weekly gain in nearly two months. Spot gold price held at 1.977,31 USD/ounce. The precious metal is up 1,6 percent so far this week, heading for its biggest weekly gain since the week ending April 7.
Domestic gold price slight increase in the world direction. Closing session on June 2, Saigon Jewelry Company listed SJC gold price on Hanoi market at 66,45 - 67,07 million VND/tael (buy in - sell out)
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| Gold price today 3/6/2023: Gold price continuously goes up, non-USD trend increases, precious metal is 'appreciated'. (Source: Investing) |
Summary of SJC gold prices at major domestic business brands at the close of session 2/6:
VBDQ Saigon Company listed the price of SJC gold at 66,45 - 67,07 million VND/tael.
Doji Group currently lists the price of SJC gold 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; Dragon Thang Long gold brand traded at 55,52 – 56,42 million VND/tael; Gold jewelry price traded at 55,15 - 56,25 million VND/tael.
Gold is a more prominent reserve asset than USD
The world gold price is at the highest level in more than a week, with the catalyst for this increase is the USD.
The Dollar Index, which measures the dollar's strength against a basket of six other major currencies, plummeted from a two-month high, paving the way for gold to rise. In the morning of June 6 (Vietnam time), this index fluctuated around 2 points, from 2 points yesterday morning.
Along with that, US Treasury yields fell to 2-week lows, further supporting gold prices.
"Sentiment in the gold market remains positive for now and prices could move a little higher amid speculation the Fed will keep rates unchanged at this month's meeting," said Edward Meir, an analyst at global financial services platform Marex, based in the UK.
Sheet Business Insider The majority of central banks in the world now see gold as a more prominent reserve asset, suggesting that the de-dollarization trend will continue in the coming years.
According to a survey by the World Gold Council (WGC), 62% of banks polled expect gold to account for a larger share of total reserves over the next five years, compared with 5% last year.
“The reason to increase gold reserves is not surprising, as interest rates, inflation concerns and geopolitical risks continue to be leading factors in central banks’ reserve management decisions,” the WGC said.
Central banks have been aggressively buying gold, especially after Russia launched a military campaign in Ukraine last year, which resulted in the West freezing Russia's foreign currency. Western sanctions led many countries to plan to reduce their holdings of the dollar in their economies, and gold emerged as a leading alternative.
The trend continues this year, as the first quarter of 2023 saw central bank gold purchases increase by 176% from a year ago.
