At the end of the trading week from June 2 to June 7, the price of SJC gold bars was listed by large enterprises at 114.9-117.2 million VND/tael (buy - sell). The difference between the two buying and selling directions was 2.3 million VND/tael.
Since the beginning of the week, the price of gold bars has continuously increased and decreased, fluctuating within a narrow range. At the beginning of the week, the price of gold bars was listed at 116-118.5 million VND/tael (buy - sell). Thus, after a week, the buying price decreased by 1.1 million VND/tael and the selling price decreased by 1.3 million VND/tael.
The price of plain gold rings ended the week listed at 111.2-113.5 million VND/tael (buy - sell). This item fluctuates similarly to gold bars, being continuously adjusted with an amplitude of 200,000 VND to 500,000 VND, depending on the session.
Gold fell sharply at the end of the week, expectations of the Fed lowering interest rates wavered (Photo: Manh Quan).
Domestic gold prices fluctuated in the same direction as world prices. At the end of this weekend's trading session, the world spot gold price fell sharply by 1.3% to 3,308 USD/ounce. Overall for the week, the precious metal increased slightly by 0.6%. Previously, in the previous session, the world gold price had reached 3,400 USD/ounce but quickly turned around and plummeted.
The main reason for the sharp drop in gold prices was a better-than-expected US jobs report, reducing the possibility of the Federal Reserve (Fed) cutting interest rates early this year.
Specifically, the US Department of Labor report showed that the number of non- farm jobs in May increased by 139,000, exceeding the forecast of 130,000 by analysts surveyed by Reuters. The unemployment rate remained at 4.2%, in line with market expectations.
"This data, although close to forecasts, is bad news for gold because it shows that the Fed will not rush to adjust interest rates," said Edward Meir, an analyst at global financial services company Marex.
In addition, the phone call between US President Donald Trump and Chinese President Xi Jinping on June 5 did not bring many breakthroughs. "These are very difficult negotiations and cannot be resolved by phone alone. If the tariff issues become negative, that will be a factor supporting gold prices," Mr. Edward Meir added.
Investors expect the Fed to start cutting rates in September, and may only make one rate cut this year. Expectations of three rate cuts by the end of the year have faded.
Gold is traditionally seen as a safe haven against inflation and geopolitical uncertainty. However, high interest rates reduce the appeal of gold because the precious metal does not generate interest.
This week, 14 experts participated in the Kitco News gold survey. Of these, 7 (50%) expect gold prices to rise next week, 6 (43%) expect prices to fall and one (7%) thinks prices will be flat.
Meanwhile, an online survey of 256 individual investors showed increasing positive sentiment, with 169 (66%) expecting gold prices to rise, 39 (15%) expecting a fall, and the remaining 48 (19%) expecting prices to fluctuate sideways.
“Prices are going to go up,” said James Stanley, senior market strategist at Forex.com. “Many people may look at last week’s action and expect a deeper correction, but I’m still bullish and will wait for gold to hit another support level for the long-term trend to continue.”
“Prices will fall. There are signs that the White House is leaning towards reaching a deal. Gold is largely reflecting trade tensions at the moment, so when deals are announced, there could be some moderate selling pressure,” said Adam Button, head of currency strategy at Forexlive.com.
On the other hand, Mr. Rich Checkan, President and COO of financial and investment consulting firm Asset Strategies International, commented: “Prices will rise. Currently, the upward momentum supports both gold and silver. Although there may be short-term profit-taking, I expect gold to continue to rise next week due to the weakening USD.”
“There are finally signs that North American investors are back buying gold,” said Adrian Day, chairman of Adrian Day Asset Management. “It’s not a large-scale move, but the trend is changing.”
Source: https://dantri.com.vn/kinh-doanh/du-bao-ve-gia-vang-sau-tuan-bien-dong-manh-20250608004722629.htm
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