Gold price update closing session June 2nd: World gold price recovers after pressured session

Khương Duy |

Gold price update closing session June 2nd: World gold is recovering despite the market receiving many unfavorable factors.

SJC gold bar price

As of 17:00, SJC gold bar prices were listed by DOJI at the threshold of 154.5-157.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 154.5-157.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Diễn biến giá vàng SJC những phiên giao dịch gần đây. Biểu đồ: Khương Duy
SJC gold price movements in recent trading sessions. Chart: Khuong Duy

Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 154.2-157.5 million VND/tael (buying - selling), down 800,000 VND/tael on the buying side and down 1 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.3 million VND/tael.

9999 gold ring price

As of 17:00, DOJI listed the price of gold rings at the threshold of 154.5-157.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 154.5-157.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Giá vàng nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: Khương Duy
Price of plain gold rings at some business units. Unit: VND/tael. Table: Khuong Duy

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 154.5-157.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

The buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

Giá vàng miếng SJC và nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: Khương Duy
SJC gold bar and plain ring prices at some business units. Unit: VND/tael. Table: Khuong Duy

World gold price

At 5:00 PM, world gold prices were listed around 4,529.2 USD/ounce, up 23 USD compared to the previous day.

Diễn biến giá vàng thế giới những phiên giao dịch gần đây. Biểu đồ: Khương Duy
Developments in world gold prices in recent trading sessions. Chart: Khuong Duy

Gold price forecast

World gold prices are showing signs of recovery despite a series of unfavorable factors. After the first trading session of the week, the precious metal weakened amid strong crude oil prices, US government bond yields remaining high, and the negotiation process between the US and Iran has not yielded clear results.

Newly released US economic data also put more pressure on gold. The ISM manufacturing index in May rose to 54 points, higher than the 52.7 points of the previous month and marked the 5th consecutive month of expanding manufacturing.

This figure shows that US economic activity is still relatively stable, thereby reducing expectations that the US Federal Reserve (Fed) will soon ease monetary policy. When interest rates and bond yields are high, gold - a non-performing asset - is often less attractive in the eyes of investors.

In addition, rising oil prices due to tensions in the Middle East continue to be a noteworthy variable. The fact that US-Iran negotiations have not made a breakthrough has raised market concerns about the risk of energy supply disruption, thereby increasing inflationary pressure.

In the short term, this development may strengthen the USD and US bond yields, adversely affecting gold prices. However, geopolitical risks still help gold maintain part of its safe-haven demand.

Mr. Giovanni Staunovo - a commodity expert at UBS - believes that volatility in the commodity market may remain high in the short term, especially when tensions related to Iran and the Strait of Hormuz have not cooled down. According to him, commodities still play a certain role in the investment portfolio thanks to their ability to hedge against inflation and energy supply shocks.

However, UBS recently lowered its gold price forecast for the end of 2026 to 5,500 USD/ounce, from the previous level of 5,900 USD/ounce. UBS experts Dominic Schnider and Wayne Gordon said that investors are paying more attention to "opportunity costs" when holding gold in the context of still high real yields. Demand from ETFs and futures markets has also weakened, making gold's upward momentum unable to recover as strongly as in the previous period.

In general, the outlook for gold prices in the short term still largely depends on the diễn biến of the USD, US bond yields, oil prices and geopolitical situation. If yields continue to linger high, gold prices may still be under adjustment pressure. Conversely, prolonged tensions or expectations of the Fed reducing interest rates returning may support the precious metal's recovery.

Gold price data is compared to the previous day.

See more news related to gold prices HERE...

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