Gold prices fell nearly 1% in trading on June 3 after hitting a nearly four-week high.
Gold prices have been under pressure as the US dollar has risen, with investors cautious ahead of a possible phone call between US President Donald Trump and Chinese President Xi Jinping this week.
Spot gold fell 0.9% to $3,352.30 an ounce at 1:26 a.m. on June 4 (Vietnam time), after hitting its highest level since May 8 during the session.
US gold futures closed down 0.6% to $3,377.10 an ounce.
The dollar index rose 0.5% from a more than one-month low earlier, making gold more expensive for buyers holding other currencies.
Expert David Meger at High Ridge Futures commented that the market is entering the gloomy summer period, so there is a possibility that gold prices will move sideways or decline slightly.
Investors are nervous ahead of a possible phone call this week between US President Donald Trump and Chinese President Xi Jinping, amid lingering trade tensions between the world's two largest economies .
The European Commission said it would push ahead with talks with the United States to reduce tariffs, as Mr Trump proposed doubling tariffs on steel and aluminium imports into the US.
Investors are also watching US non -farm payrolls data, due on June 6, and comments from Federal Reserve officials for clues on the bank's interest rate policy.
Data released recently showed that the number of job vacancies in the US increased in April 2025, but the number of layoffs also increased, showing signs of cooling in the labor market.
Meger believes the Fed is ready to cut interest rates but may not act until September 2025. This will put pressure on the USD and could support gold prices.
Gold, a safe haven in times of political and economic uncertainty, has typically benefited from low interest rates. It has gained about 28% so far this year.
In Vietnam, on the morning of June 4, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 114.9-117.2 million VND/tael (buy-sell).
Source: VNA
Source: https://baophutho.vn/gia-vang-the-gioi-di-xuong-sau-khi-cham-muc-cao-nhat-cua-gan-4-tuan-233847.htm
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