World gold prices rise as US labor market shows signs of weakness

DNVN - In the trading session on May 29, the world gold price recorded an increase thanks to the US labor data showing signs of weakness in the job market. In addition, investors are also monitoring the impact of a new US court ruling related to President Donald Trump's tax policy.

Illustration photo. Photo: Internet

At 1:25 a.m. on May 30, Vietnam time, the spot gold price edged up 0.9% to $3,318.69 per ounce, after falling to its lowest level since May 20 during the session. Meanwhile, the gold futures price closed the session up 0.6% to $3,343.90 per ounce.

According to the latest data, the number of initial unemployment claims in the US last week increased more than expected. Mr. Tai Wong, an independent metals trader, said that the gold price increased due to the strong increase in claims - which could be an early sign of a weakening labor market, forcing the Fed to consider cutting interest rates sooner.

Minutes from the Fed’s May 6-7 meeting showed that central bank officials are facing the possibility of making difficult decisions in the coming period. Specifically, they warned that inflation and unemployment could rise at the same time. Fed officials’ comments about the growing risk of recession added to investors’ concerns.

In times of economic turmoil and high inflation, gold is often seen as a safe haven and the asset tends to appreciate when interest rates fall.

Markets are also looking ahead to the US Personal Consumption Expenditures report due out on May 30 for fresh clues on the direction of monetary policy going forward.

Another factor contributing to gold's rally was "the strong recovery in gold prices overnight, as the market believed that President Trump would eventually overcome the court's ruling," according to Mr. Wong.

In Manhattan on May 28, the Court of International Trade ruled to block the implementation of President Donald Trump's tariff policy, affirming that he exceeded his authority when imposing a general tax on imports from countries with a trade surplus with the United States.

The Trump administration immediately filed an appeal after the ruling. Experts say investors will remain cautious as the White House seeks to pursue its next legal steps.

In other precious metals markets, spot silver prices rose 0.8% to $33.27 an ounce, while platinum prices also edged up 0.2% to $1,076.90 an ounce.

In the Vietnamese market, on the morning of May 30, Saigon Jewelry Company announced the buying and selling prices of SJC gold bars at 115.50 - 118.00 million VND per tael.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-bat-tang-do-thi-truong-lao-dong-my-co-dau-hieu-suy-yeu/20250530073342157