At the end of the trading session on June 2, the price of SJC gold bars was listed by large enterprises at 115.8-117.8 million VND/tael (buy - sell), an increase of 100,000 VND in the buying direction and a decrease of 400,000 VND in the selling direction compared to the opening session. The difference between the buying and selling directions was 2 million VND/tael.
The price of plain gold rings is listed at 111.2-113.7 million VND/tael (buy - sell), an increase of 700,000 VND for buying and 200,000 VND for selling.
On the international market, the price of gold in the early morning (June 3, Vietnam time) was trading around 3,387 USD/ounce, up nearly 100 USD compared to before. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 107 million VND/tael. The world price of precious metals is currently 10.8 million VND lower than the domestic price, depending on the time.
World precious metal prices increased by nearly 100 USD/ounce in the first trading session of the week (Photo: Hai Long).
The rise in gold prices was driven by increased demand for safe havens as trade tensions between the US and China unexpectedly escalated again. Investors are showing caution amid unclear signals from the US President Donald Trump’s administration regarding import tax policies, causing money to continue flowing into gold.
Experts also said that geopolitical tensions contributed to the gold price. The conflict between Russia and Ukraine showed no signs of cooling down, causing risky assets to sell off, while gold continued to benefit.
Tim Waterer, chief market analyst at KCM Trade, said: "Given the heightened trade and geopolitical concerns, it is understandable that gold started the week on an upward trend."
Fawad Razaqzada, an expert from City Index and FOREX.com, also said that the market is entering a period of high volatility, with risk factors such as trade war, fiscal instability and the US debt ceiling, creating ideal conditions for gold prices to break out.
Another factor supporting gold’s rise is the weakening of the US dollar. The greenback fell against many major currencies after Mr. Trump announced plans to double tariffs on steel and aluminum imports to 50%. The decline in the US dollar makes gold more attractive to international investors, thereby boosting demand for the precious metal.
Central rate cools down
At the end of the session on June 2, the central exchange rate was listed by the State Bank at 24,970 VND/USD, down 6 VND compared to the previous trading session. With a 5% amplitude, the ceiling and floor exchange rates applied are 26,220 VND/USD and 23,723 VND/USD, respectively.
Major banks listed the exchange rate at 25,810 - 26,200 VND/USD (buy - sell). At the group of private commercial banks, units listed the greenback trading price at 25,830 - 26,218 VND/USD (buy - sell), an increase of 70 VND in the buying direction compared to the previous session.
On the free market, some foreign exchange points buy and sell USD at 26,260-26,360 VND/USD, an increase of 20 VND each way.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-the-gioi-tang-vot-tien-sat-moc-3400-usdounce-20250603071516175.htm
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