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Today, July 6, the price of gold on the international market reversed and increased sharply after the US announced a positive non-agricultural employment report, but the unemployment rate also increased. The price of gold rings has not stopped increasing compared to the previous session.
The world spot gold price in the Asian market at 5:41 a.m. (Hanoi time) this morning was trading around 2,391 USD/ounce, a sharp increase of 36 USD/ounce compared to the same time yesterday morning.
At the close of trading in the US market early this morning (Hanoi time), the world spot gold price was around 2,391 USD/ounce, up 36 USD/ounce compared to the close of the previous trading session in this market, equivalent to an increase of 1.46%.
In the domestic market, at the end of yesterday's session (July 5), the price of SJC gold bars continued to move sideways compared to the previous session. Specifically, the price of SJC gold bars on the market stood at around 74.98 - 76.98 million VND/tael (buy - sell). The difference between buying and selling was at 2 million VND/tael.
SJC gold price at Doji Group in Hanoi and Ho Chi Minh City market is bought and sold at around 74.98 - 76.98 million VND/tael. The difference between buying and selling is 2 million VND/tael.
SJC gold price at Bao Tin Minh Chau Company stands at 75.5 - 76.98 million VND/tael. The difference between buying and selling is 1.48 million VND/tael.
The price of gold rings on July 4 continued to increase compared to the previous session. Specifically, the round ring of Thang Long Gold Dragon at Bao Tin Minh Chau Company stood at 75.08 - 76.38 million VND/tael (buy - sell), an increase of 20,000 VND/tael for both buying and selling compared to the previous session. The difference between buying and selling is 1.3 million VND/tael.
Doji Hung Thinh Vuong 9999 gold ring of Doji Group in Hanoi market stood at 75.05 - 76.35 million VND/tael, up 150,000 VND/tael for buying and unchanged for selling compared to the previous session. The difference between buying and selling was 1.3 million VND/tael.
Last night, the US economy released a better-than-expected June jobs report, with 206,000 new jobs added, higher than the forecast of 200,000 jobs, but lower than the revised May figure of 272,000 jobs to 218,000 jobs.
Notably, the unemployment rate in June increased from 3.9% in May to 4.1%, higher than the forecast of 4%. The newspaper said that the increase in the number of workers in June was mainly in the government, social assistance and construction sectors. Meanwhile, the professional services, business and retail sectors all showed a decrease in labor.
Average hourly earnings rose 0.3% in June and were up 3.9% year-over-year, both in line with forecasts.
Experts say that the strong increase in gold prices last night and early this morning was due to investors' expectations that when the job market is less positive due to the decrease in new jobs in manufacturing and service sectors, and the increase in unemployment rate, the US Federal Reserve (Fed) will soon cut interest rates.
Recently, Fed officials said they need to monitor inflation developments more closely, especially since the labor market remains strong, so they will not rush to cut interest rates.
However, as the June labor market showed weakness compared to previous months, it is the basis for the Fed to soon lower interest rates in September.
Expectations that the Fed will soon lower interest rates have helped investors increase their gold purchases, as the USD continued to have its third consecutive session of decline in the international payment basket.
