Unable to break through, around 1,850 USD/ounce

6 am this morning 6/6 (Vietnam time), world gold price on the Kitco floor traded at 1,853 USD/ounce, up 2 USD/ounce compared to the early hours of the morning.

The world gold price is still around 1,850 USD/ounce in the context of optimism beginning to cool as the US Federal Reserve (Fed) is expected to continue raising interest rates throughout the rest of this year.

Phillip Streible, chief market strategist at Blue Line Futures, said the US jobs data was better than expected by investors. economy supported further aggressive monetary policy action by the Fed.

This expert also believes that the Fed will continue to maintain a tough attitude in the context that inflation is still too high. And a Fed rate hike will be detrimental to precious metals.

Domestic gold price

At the end of the trading session on the weekend of June 4, Saigon Jewelry Company listed the price of SJC gold at 68.75 million dong/tael (buying in) and 69.65 million dong/tael (sold out). .

DOJI Group listed the gold price at 68.7 million dong/tael (buy in) and 69.67 million dong/tael (sold out).

Gold price forecast

This week’s survey on gold prices by Kitco News showed that 7 experts (47%) think that gold prices will increase next week, 5 experts (36%) think that prices will decrease, while the remaining 3 people ( equivalent to 20%) have a neutral opinion.

As for the online survey of 637 participants, 448 people (70%) think gold will increase in price next week, 117 people (18%) predict lower prices and the remaining 72 people (11%) predict it. price goes sideways.

Many experts believe that although the Russia-Ukraine war still contributes to increasing the role of gold as a haven, the Fed’s continued interest rate hikes put pressure on gold prices. Therefore, gold price will still correct, around 1,800 USD/ounce in the short term.