USD turned to fall, gold rallied

Domestic gold price

At the end of the trading session on June 2, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.55 million VND/tael – 69.47 million VND/tael

Doji Hanoi: 68.50 million VND/tael – 69.35 million VND/tael

SJC HCMC: 68.55 million VND/tael – 69.45 million VND/tael

Doji Ho Chi Minh City: 68.55 million VND/tael – 69.35 million VND/tael

International gold price

On the night of June 2 (Vietnam time), the world spot gold price stood around the threshold of 1.68 USD/ounce. Gold for August delivery on the Comex New York exchange was at $1,870 per ounce.

World gold price The night of June 2 was about 2.8% lower (US$53/ounce) than at the beginning of 2021. World gold converted to bank dollars was priced at VND51.6 million/tael, excluding taxes and fees, which was low. about 17.7 million dong/tael higher than the domestic gold price as of late afternoon session 2/6.

Gold prices in the international market spiked again amid a rapid decline in the dollar after the US released disappointing labor market data.

The DXY index – measuring the volatility of the USD against a basket of 6 major currencies in the world – fell below the threshold of 102 points.

The US ADP National Employment Report for May has just been released, showing a less-than-expected increase. Only 128,000 jobs were created in May, far below expectations of 300,000. This report is the original US employment report.

Gold rallied strongly after breaking above the resistance of $1,850 per ounce.

Bottom-fishing demand continued to increase and thereby pushed buying force to cover short-selling orders.

Gold also increased because the commodity closely related to gold, namely oil, continued to increase. Market stock The international “red” floor also contributed to pushing up the price of woolen gold.

Gold price forecast

Gold is still reported as a safe investment channel when world inflation is high. Many countries are raising interest rates to cool down inflation. The Bank of Canada has just raised the base rate from 1% to 1.5%, European Central Bank (ECB) officials predict that the basic interest rate in the euro area will increase by 50 percent. percentage points in July 2022.

Gold is also supported when the economies of the European Union (EU) countries may slow down after the EU decided to cut most of the crude oil imports from Russia.

Gold is forecast to break out after jumping above the threshold of $1,850/ounce.

V. Minh