Gold price update at the closing session June 6: Falling close to the threshold of 150 million VND/tael

SJC gold bar price

As of 5:00 PM, SJC gold bar prices were listed by DOJI at the threshold of 146.2-150.2 million VND/tael (buying - selling), down 3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 146.2-150.2 million VND/tael (buying - selling), down 4.6 million VND/tael on the buying side and down 3.6 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 146.2-150.2 million VND/tael (buying - selling), down 3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 17:00, DOJI listed the price of gold rings at the threshold of 146.2-150.2 million VND/tael (buying - selling), down 3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 146.2-150.2 million VND/tael (buying - selling), down 4.6 million VND/tael on the buying side and down 3.6 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 146.2-149.6 million VND/tael (buying - selling), down 3 million VND/tael on the buying side and down 3.1 million VND/tael on the selling side. The difference between buying and selling prices is at 3.4 million VND/tael.

The buying - selling price difference of gold is at a very high level, around 4 million VND/tael, posing a risk of losses for investors.

World gold price

At 5:07 PM, world gold prices were listed around the threshold of 4.328 USD/ounce, down 135.9 USD compared to the previous day.

Gold price forecast

World gold prices have just experienced a sharp decline after the US jobs report exceeded expectations, changing market expectations about the monetary policy of the US Federal Reserve (Fed).

Data shows that the US economy created an additional 172,000 jobs in May, much higher than previously forecast. A solid labor market has narrowed the possibility of the Fed's early interest rate cut, thereby putting direct pressure on gold.

After the data was released, the USD and US Treasury bond yields increased, making gold lose its attractiveness in the short term. With the characteristic that assets do not yield interest, gold is often under pressure when the interest rate level is maintained at a high level. This is the main reason why the precious metal lost important technical support zones in the last trading session of the week.

Mr. Naeem Aslam - Investment Director at Zaye Capital Markets - said this job report is "hawkish". According to him, positive data supports a stronger USD, pulling bond yields up and weakening expectations of strong interest rate cuts. This expert believes that gold may still be under pressure in the early stages, unless geopolitical risks continue to maintain safe-haven demand.

In the short term, analysts believe that the gold market will continue to fluctuate strongly according to US economic data, especially the consumer price index (CPI) and the producer price index (PPI). If inflation has not cooled down quickly enough, the Fed may continue to maintain a cautious stance, thereby making gold prices difficult to recover sustainably.

Technically, the fact that gold prices cannot maintain the zone around 4,400-4,500 USD/ounce shows that sellers still prevail in the short term. Some experts note that if selling pressure continues to increase, gold may test deeper support zones around 4,300 USD/ounce, or even lower.

However, the long-term trend of gold has not necessarily reversed. Mr. Robert Minter - ETF Strategy Director at abrdn - believes that central banks' gold buying activities are still an important support. According to him, adjustments may stimulate buying demand, in the context of demand for reserve diversification and concerns about global public debt not yet decreasing.

In general, gold prices are under great pressure from high interest rate expectations and a strong USD. However, safe-haven demand, central bank gold buying activities and geopolitical risks can still help the precious metal limit its deep decline.