World gold price rebounds, SJC gold price listed at 118 million VND/tael for sale

International gold prices have increased by 30 USD/ounce as analysts say gold investors should prepare mentally as gold prices are expected to continue to fluctuate within a strong range due to prolonged economic and geopolitical instability.

In addition, the factor supporting the strong increase in gold prices is also the news that the US has increased tariffs on aluminum and steel. Last weekend, during a tour of the US Steel factory in West Mifflin, Pennsylvania (USA), President Donald Trump announced that he would increase tariffs to protect American workers and the steel industry. The import tariffs on aluminum and steel into the US will increase from 25% to 50%, effective from June 4.

Forecasts suggest that the precious metal will continue to be confined within a range of $3,200 - $3,400 per ounce. Gold prices fell more than 2% last week, but still recorded a slight increase. However, analysts note that although gold still retains strong long-term fundamentals supporting the uptrend, short-term volatility is weakening the upside momentum. It is not surprising to see this volatility in gold, reflecting the chaos in US government policy.

Gold bounces back, SJC listed price 118 million VND/tael for sale

The European Union (EU) has criticized US President Donald Trump's decision to double tariffs on steel imports. This move not only increases tensions in the transatlantic trade war but also makes the global economy more unstable. The EU affirmed its readiness to respond if a suitable trade agreement is not reached between the two sides.

The world USD price decreased slightly. The USD-Index reached 99.22 points, down 0.22 points compared to yesterday. The greenback traded at a low level as investors weighed the possibilities of trade tariffs, even as President Donald Trump faces court over this.

The world gold price fell sharply due to the increase of the USD and the market digesting the latest developments on tariffs. However, many analysts predict that the gold price will increase again. Specifically, in the Kitco News survey on the gold price trend next week, which attracted the participation of 14 Wall Street analysts, 6 people, accounting for 43%, said that the gold price will increase. The remaining 4 people, corresponding to 29%, said that the precious metal will move sideways and 4 people predicted that the gold will turn down.

Meanwhile, the bullish trend was also chosen by many individual investors in the Main Street survey. A total of 290 individual investors participated in the survey, of which 163 people, or 65%, predicted that gold would rise. However, 70 people, or 24%, thought that gold would continue to fall, and the remaining 57 investors, or 20%, said that the precious metal would move sideways.

For the domestic market, this morning the price of SJC gold bars increased by 300,000 VND per tael when SJC bought for 116 million VND and sold for 118.5 million VND. The difference between the buying and selling price of gold bars is from 2.5 to 3 million VND per tael. The price of gold rings increased by 300,000 VND per tael when SJC bought for 110.5 million VND and sold for 113.6 million VND. Compared to the international gold price converted at this morning's exchange rate, the price of SJC gold bars is 14 million VND per tael higher, and gold rings is 9.3 million VND per tael higher.

This morning (June 2), the central exchange rate between USD and VND announced by the State Bank of Vietnam (SBV) was 24,970 VND, down 8 VND compared to last weekend. Meanwhile, the USD price at Vietcombank increased by 10 VND, buying by transfer to 25,850 VND, selling at 26,210 VND/USD.

Source: https://baodautu.vn/vang-the-gioi-bat-tang-tro-lai-gia-vang-sjc-niem-yet-118-trieu-dongluong-ban-ra-d294493.html