Domestic gold price is stable
At the end of the trading session on June 4, the price of SJC gold bars was listed by large enterprises at 114.9-117.2 million VND/tael (buy - sell), unchanged from yesterday's session. The difference between the two buying and selling directions was 2.3 million VND/tael.
The price of plain gold rings is also kept unchanged, listed at 111-113.5 million VND/tael (buy - sell). The difference between the two buying and selling directions is 2.5 million VND/tael.
Domestic gold price is stable (Photo: Thanh Dong).
On the international market, the price of gold in the early morning (June 4, Vietnam time) was trading around 3,383 USD/ounce, up 21 USD compared to the previous one. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 106.7 million VND/tael. The world price of precious metals is currently lower than the domestic price by about 10-10.5 million VND/tael, depending on the time.
The U.S. dollar index, which measures the greenback against a basket of major currencies, fell 0.4% to 98, making gold more attractive to investors holding other currencies. Gold prices were boosted by the greenback's decline.
“I think we’re seeing the usual concerns around trade talks, not much progress and that adds to the uncertainty around what the final tariffs will be – that’s what’s driving gold higher right now,” said Nitesh Shah, commodity strategist at global asset manager WisdomTree.
Donald Trump said on Wednesday that Chinese President Xi Jinping is tough and “very difficult to make a deal with,” just days after he accused China of reneging on its commitment to remove tariffs and trade restrictions.
President Donald Trump's comments came after US Commerce Secretary Scott Bessent said last week that trade negotiations between the US and China were stalling. Washington and Beijing have been blaming each other for violating a trade deal reached in Switzerland in May.
Washington doubled tariffs on imported steel and aluminum on the same day, as the Trump administration also expects trading partners to make “best offers” to avoid further punitive tariffs scheduled to take effect in early July.
Investors are now looking ahead to Friday's U.S. nonfarm payrolls report for further clues on the Federal Reserve's policy direction. Fed officials have repeatedly stressed a cautious policy stance, citing risks from trade tensions and economic uncertainty.
“If the data is stronger than expected, expectations for a rate cut could weaken, which would put pressure on gold prices. We expect gold to trade in the $3,300 to $3,400/oz range in the short term,” said Commerzbank analyst Carsten Fritsch.
Gold, traditionally a safe haven asset during times of political and economic uncertainty, typically benefits in low interest rate environments.
"I think the Fed is ready for a new rate cut cycle, most likely starting in September. This will put pressure on the USD and support gold prices," said David Meger, director of metals trading at High Ridge Futures.
Bank USD price hits ceiling
In the foreign exchange market, the central exchange rate ending on June 4 was adjusted by the State Bank to increase by 22 VND compared to the previous session, listed at 25,004 VND/USD. This is the highest central exchange rate recorded to date.
With a trading band of 5% compared to the central rate, today's ceiling rate is 26,254 VND/USD and the floor rate is 23,754 VND/USD.
Major banks listed the exchange rate at 25,846-26,254 VND/USD (buy - sell), up to the ceiling selling price. At the group of private commercial banks, units listed the greenback trading price at 25,850-26,254 VND/USD (buy - sell), also at the ceiling price.
On the free market, some foreign exchange points buy and sell USD at 26,240-26,340 VND/USD, an increase of 10 VND each way.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-the-gioi-bat-ngo-tang-manh-tien-gan-moc-3400-usdounce-20250604230701803.htm
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