International gold price today June 6, 2024
At 8:14 a.m. today (June 6, Vietnam time), World gold spot price stands around 2,358.4 USD/ounce, up 16.4 USD/ounce compared to last night. Gold futures price for August 2024 on the Comex New York floor is at 2,378.8 USD/ounce.
At 8:00 p.m. on June 5 (Vietnam time), today’s spot gold price on the world market is at 2,342 USD/ounce. Gold delivered in August 2024 on the Comex New York floor is at 2,362 USD/ounce.
The world gold price on the evening of June 5 is about 13.5% higher (279 USD/ounce) compared to the end of 2023. World gold price converted by bank USD price is at 72.5 million VND/tael, including taxes and fees, about 5.4 million VND/tael lower than the domestic gold price as of late afternoon on June 5.
World gold prices have increased again, but will domestic gold bars continue to decrease following the State Bank’s efforts to stabilize the gold market? Where is the stopping point for SJC gold price?
The price of SJC gold bars and gold rings both dropped sharply. Photo: HH
World gold increased quite strongly again after plunging in the previous session (sometimes down to 2,315 USD/ounce).
If in the previous session, the spot price of gold on the international market suddenly decreased when the US announced negative economic data, then in the evening session of June 5 (Vietnam time) gold fluctuated according to regulations. the law.
On the night of June 5 (Vietnam time), the US announced labor data showing that this market is weakening rapidly. In May, US private businesses hired fewer workers than market expectations.
According to ADP, in May, 152,000 jobs were created, lower than the forecast of 173,000 jobs.
According to ADP chief economist Nela Richardson, job growth and wage growth will slow in the second half of 2024. Observers are watching for notable weaknesses in the labor market, tied to both producers and consumers.
The report noted that the US economy saw modest job growth across the board, across all sectors. However, the biggest decline was in the manufacturing sector. The sector lost 20,000 jobs last month.
Previously, the US also recorded a decline in consumer activity, with retail sales in April much lower than expectations, thereby slowing down the country’s economy.
With a weaker economy, the US Federal Reserve (Fed) may have to cut interest rates soon after a long delay. The USD will therefore be under downward pressure, thereby pushing up the price of gold.
However, the USD is still quite firm, almost not decreasing following the signal of the possibility of the Fed soon reducing interest rates.
Gold price forecast
Spot gold prices increased again mainly due to an unusual decrease in the previous session after investors bet that this commodity would surpass the important barrier of 2,350 USD/ounce but failed.
In the medium and long term, the gold price outlook is still quite bright. Many forecasts that gold prices may rise to 2,500 USD/ounce (equivalent to 77.4 million VND/tael) in the second half of this year.
Domestically, the price of SJC gold bars continued to decrease very rapidly, from the peak of 92.5 million VND/tael (selling price) recorded on May 10 to below 78 million VND/tael at the end of the afternoon of June 5. The difference with the world price was reduced to 5.4 million VND/tael.
Thus, if the State Bank of Vietnam brings the price of SJC gold bars closer to the world level, the domestic price of SJC gold bars could return to 73-74 million VND/tael.