Gold price update morning of June 5th: Domestic gold is likely to increase again

SJC gold bar price

As of 6:00 AM, SJC gold bar prices were listed by DOJI at 153-156 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 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 153-156 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.

Phu Quy Jewelry Group listed SJC gold bar prices at 153-156 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 3 million VND/tael.

9999 gold ring price

As of 6:00 AM, DOJI listed the price of gold rings at 153-156 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 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 153-156 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 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 153-156 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 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 9:45 PM on June 4th, world gold prices were listed around the threshold of 4,473.4 USD/ounce, up 32.3 USD/ounce.

Gold price forecast

World gold prices recovered last night amid a weakening USD, cooling crude oil prices and cautious investors ahead of the US May jobs report. This development helped the precious metal regain support after a period of pressure from the greenback and US bond yields.

According to analysts, the market is focusing its attention on US labor data expected to be released later this week. Previously, the number of initial jobless claims in the US increased by 13,000, to 225,000 claims in the week ending May 30, higher than the forecast of 215,000 claims.

This data was released after the ADP report showed that the US private sector created 122,000 jobs in May, higher than the forecast of 110,000 jobs.

Conflicting data makes expectations for monetary policy of the US Federal Reserve (Fed) continue to fluctuate. If the official jobs report shows that the labor market cools down more clearly, the pressure to raise interest rates may decrease, thereby supporting gold prices.

Conversely, a more positive report than expected could cause the USD and bond yields to recover, putting pressure back on the precious metal.

Besides the US economic factor, geopolitical tensions around the Strait of Hormuz are still an important variable for the gold, oil and foreign exchange markets. Although oil prices are falling thanks to expectations of cooling down tensions, the risk of disrupting energy flow through this region still prevents safe-haven demand for gold from disappearing.

Technically, analysts believe that gold buyers need to bring prices to sustainably exceed the resistance zone of 4,500-4,526 USD/ounce to strengthen the recovery momentum. If they cross this zone, gold prices may head towards higher levels around 4,576 USD/ounce and 4,595 USD/ounce.

On the contrary, the area of ​​4,460 USD/ounce is considered close support. If this mark is breached, the gold price could fall to 4,436 USD/ounce, or even 4,350 USD/ounce.

In the short term, gold prices are forecast to continue to fluctuate strongly as the market waits for more signals from US jobs data, USD developments, bond yields and geopolitical situation in the Middle East.