Domestic gold price
Closing the session on April 2, the price of 6 gold bars at SJC Ho Chi Minh City was 9999 million dong/tael (buying in) and 66,45 million dong/tael (sold out). SJC Hanoi listed at 67,05 million dong/tael (buying in) and 66,45 million dong/tael (sold out).
Doji Hanoi listed at 66,4 million dong/tael (buy in) and 67 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66,5 million dong/tael, sold at 67 million dong/tael.
International gold price
On the world market, spot gold price on June 2 (Vietnam time) traded at $6 per ounce, down 1.964% compared to the beginning of the session. Gold futures price traded at 0,63 USD/ounce.
The gold market is trying to hold its position at $2.000 an ounce. However, precious metals face pressure from US labor data. However, precious metals did not react strongly to this report.
Nonfarm payrolls increased by 339.000 jobs last month, according to the US Bureau of Labor Statistics. This number is higher than expected. However, the unemployment rate rose to 3,7%.
Many opinions are concerned, the labor market is still strong, so the US Federal Reserve (Fed) may continue to raise interest rates at its mid-month meeting.
Markets were appeased by the ease with which the US House of Representatives passed an agreement to extend the government's debt ceiling reached between Republicans and Democrats.
Meanwhile, the 10-year US Treasury bond yield is currently at 3,6%.
Gold price forecast
Traders are betting there's a 76,2% chance the Fed won't raise rates at its June 13-14 meeting, according to data from CME Group's FedWatch Tool. Gold, which is not profitable, loses its appeal when interest rates rise.
Edward Meir, an analyst at global financial services platform Marex, said that sentiment in the gold market remains upbeat. Gold prices may rise slightly as many investors speculate that the Fed will keep interest rates unchanged at this month's meeting.
