Gold price update morning of June 1: Bright prospects

SJC gold bar price

As of 6:00 AM, SJC gold bar prices were listed by DOJI at 156-159 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at 156-159 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 155.5-159 million VND/tael (buying - selling), keeping both buying and selling directions unchanged. The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 6:00 AM, DOJI listed gold ring prices at 156-159 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 156-159 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 155.5-158.5 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 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.

World gold price

At 5:00 AM, world gold prices were listed around the threshold of 4,538.3 USD/ounce, moving sideways.

Gold price forecast

This week's gold market continues to be affected by expectations of cooling geopolitical tensions, US economic data and the monetary policy outlook of the US Federal Reserve (Fed).

According to the latest weekly gold survey by Kitco News, Wall Street analysts have regained optimism about the short-term outlook for the precious metal. Among 12 experts participating in the survey, 9 people, equivalent to 75%, predict gold prices will increase this week. Two experts, equivalent to 17%, believe that gold prices may decrease, while 1 person, equivalent to 8%, predicts prices will remain flat.

Meanwhile, the psychology of individual investors is somewhat cautious. In 39 online surveys, 17 investors, equivalent to 44%, expect gold prices to increase this week; 10 people, equivalent to 26%, forecast prices to decrease; and 12 people, equivalent to 31%, believe that gold prices will remain unchanged.

Mr. Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold has recovered along with risky assets after the market expects the ceasefire agreement in the Middle East to be extended. According to him, the fact that gold prices regained momentum after breaking the 200-day moving average at one point is a noteworthy sign. This expert believes that if gold prices exceed the 4,585 USD/ounce zone, the technical picture will become more positive.

Meanwhile, Mr. Naeem Aslam - Investment Director at Zaye Capital Markets - believes that the gold market is balancing between two opposing signals. On the one hand, cooling geopolitical tensions may reduce safe-haven demand. On the other hand, inflationary pressure remains high, along with risks related to transportation, energy, confidence in the USD and interest rate policy, continuing to support gold prices.

This week, the market will closely monitor a series of US economic data, including the ISM manufacturing PMI index, JOLTs jobs report, ADP, ISM service PMI, number of unemployment claims and especially the non-farm payroll. These data may directly affect the Fed's interest rate expectations, thereby strongly impacting gold price movements.