Gold price slides, precious metals weaken, safe zone advantage shakes, SJC gold 'alone in the market'

Gold price today June 6, 2023, gold price plummeted due to the strong USD. Precious metals weakened, safe-haven demand decreased. Technically, the advantage of the bulls has gone down a bit. SJC gold price increased.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/5 and EXCHANGE RATE TODAY 6/5

1. SJC - Updated: 06/05/2023 16:29 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,550 ▲200K	67,150 ▲100K
SJC 5c	66,550 ▲200K	67,170 ▲100K
SJC 2c, 1c, 5c	66,550 ▲200K	67,180 ▲100K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,450 ▼100K	56,400 ▼100K
SJC 99.99 gold ring 0.5 chi	55,450 ▼100K	56,500 ▼100K
Jewelry 99.99%	55,300 ▼100K	56,000 ▼100K
Jewelry 99%	54,246 ▼99K	55,446 ▼99K
Jewelry 68%	36,234 ▼68K	38,234 ▼68K
Jewelry 41.7%	21,504 ▼42K	23,504 ▼42K

World gold price and gold price in opposite direction.

Opening the first trading session of the week on June 5, domestic gold price decreased by 50 thousand VND/tael.

Specifically, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.4 - 67 million VND/tael (buy - sell), down 50 thousand VND/tael for buying and down 70 thousand VND/tael for selling compared to the trading session at the end of last week.

At Phu Quy Jewelry Company, the listed price of SJC gold is 66.35 - 66.95 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the trading session at the end of last week.

Meanwhile, in the Asian market, gold prices fell in the session on June 5, due to the USD holding steady after a strong jobs report, although the market received support from the possibility that the US Federal Reserve (Fed) will stop raising interest rates this month.

Spot gold fell 0.4% to $1,939.19 an ounce at 3:03 p.m. (Vietnam time). US gold futures fell 0.8% to $1,954.4 an ounce.

Gold price today September 12: (Source: Kitco News)

According to World & Vietnam Newspaper , at 7:28 p.m. on June 5 (Vietnam time), the world gold price on Kitco floor was at 1,940.0 - 1,941.0 USD/ounce, down 7.5 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of June 5:

Saigon Jewelry Company listed the price of SJC gold at 66.55 - 67.15 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.4 - 67.00 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.10 million VND/tael.

PNJ system listed at: 66.4 - 67.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.47 - 67.08 million VND/tael; Rong Thang Long gold brand is traded at 55.48 - 56.38 million VND/tael; jewelry gold price is traded at 55.10 - 56.20 million VND/tael.

Thus, compared to the early morning of June 5, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company increased by VND150,000/tael for both buying and selling.

Converted according to the USD price at Vietcombank on June 5, 1 USD = 23,670 VND, the world gold price is equivalent to 55.35 million VND/tael, 11.8 million VND/tael lower than the selling price of SJC gold.

World gold prices fall due to strong USD

According to Reuters , world gold prices fell in the first trading session of the week on Monday as the US dollar firmed after strong US jobs data last week, offsetting some support for non-yielding bullion from bets that the Fed could pause interest rate hikes in June.

Spot gold fell 0.4% to $1,939.44 an ounce at 1130 GMT, near its lowest since May 30. U.S. gold futures fell 0.7% to $1,956.40 an ounce.

“Gold prices fell after the release of the US non-farm payrolls report, which fueled the recovery of the US dollar,” said Han Tan , chief market analyst at Exinity.

The dollar index rose 0.3%, making greenback-denominated bullion cheaper for overseas buyers, while benchmark U.S. bond yields hovered near a one-week high.

Gold also weakened as safe-haven demand eased after U.S. President Joe Biden pushed a debt ceiling deal through both the House and Senate, SP Angel analysts said in a note.

According to CME FedWatch Tool, the possibility of the Fed maintaining interest rates at the meeting on June 13-14 is pegged at 77%.

Gold prices fell more than 1% in the last session of last week, after a report showed that the US employment increased by 339,000 jobs in May, exceeding the forecast of 190,000 increase by economists surveyed by Reuters (UK). However, the unemployment rate increased from 3.4% in April to a seven-month high of 3.7%.

Rising unemployment has led markets to predict a 79.3% chance the Fed will keep interest rates unchanged at its June 13-14 meeting.

Non-yielding assets like gold tend to lose their appeal in high interest rate environments.

“To see higher gold prices, we need to see the Fed become more dovish, which may require weaker economic data,” said UBS analyst Giovanni Staunovo .

Technically, the bulls’ advantage has diminished slightly, with the bulls’ next upside price objective being to produce an August futures contract closing above solid resistance at $2,000 an ounce, according to Kitco News.

Meanwhile, the bears' next near-term downside price objective is to push futures prices below solid technical support at the May low of $1,949.60/ounce.

Previously, Reuters analyst Wang Tao said gold prices could return to the low of $1,931.76/ounce recorded on May 30.

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