Gold price update on the morning of May 3: Sudden drop

Updated SJC gold price

As of 6:00 a.m. on May 3, the price of SJC gold bars was listed by Saigon Jewelry Company at VND 119.3-121.3 million/tael (buy in - sell out). The difference between buying and selling prices is at 2 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 119.3-121.3 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 118-121 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.1 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 118.3-121.3 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.

9999 round gold ring price

As of 6:00 a.m. on May 3, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 114-116.5 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 116.4-119 seven million VND/tael (buy in - sell out), an increase of 100,000 VND/tael in both directions. The difference between buying and selling is 3.3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 114.5-117.5 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.

In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed too high, increasing the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

At 2:00 a.m. on May 3, the world gold price listed on Kitco was around 3,225.4 USD/ounce, up 3.7 USD.

Gold price forecast

World gold prices are under pressure when the important US economic report has just been released better than expected, helping to improve market sentiment.

June gold futures are currently up $46.3 to $3,268.6 an ounce. The price of silver futures for May also increased by 0.311 USD to 32.495 USD/ounce.

The US Department of Labor's April jobs report - the focus of the market this week - shows that the economy has created 177,000 more jobs, higher than the forecast of 133,000. However, the March figure was revised down from 228,000 to 185,000. The unemployment rate in April remained unchanged at 4.2%.

Asian and European stocks mostly increased in the overnight session. US stock indexes are also looking forward to a positive opening session. Risk-off sentiment improved over the weekend after positive signals from US-China trade relations.

Mr. Kevin Hassett - Director of the US National Economic Council - expressed optimism about the progress of tariff negotiations between the two countries. Meanwhile, China denied having official negotiations, but still said it was always ready for dialogue and had granted tax concessiones on some US goods. This shows that both sides are sending goodwill signals.

Technically, buyers are still holding a short-term advantage, but have somewhat weakened. The next target for buyers is to close above the strong resistance level at $3,350/ounce. On the contrary, the sellers want to pull prices below the solid support zone at 3,100 USD/ounce.

The first resistance was an overnight high of $3,277, followed by $3,300/ounce. First support was at an overnight low of $3,234.5, followed by a weekly low of $3,209.4/ounce.

Regarding external market factors, the USD index decreased while the WTI crude oil price on Nymex was weakening, around 59 USD/barrel. The yield on the US 10-year Treasury note is at 4.271%.