Gold price today June 1, 2025: Domestic and world gold prices are heading for a week of sharp decline

Domestic gold price today June 1, 2025

At the closing time of 5:00 p.m. on May 31, 2025, the domestic gold bar price continued to decrease slightly. Specifically:

DOJI Group listed the price of SJC gold bars at 115.7-118.2 million VND/tael (buy - sell), a decrease of 300 thousand VND/tael in both buying and selling directions compared to yesterday.

At the same time, the price of SJC gold bars was listed by Saigon Jewelry Company Limited - SJC at 115.7-118.2 million VND/tael (buy - sell), a decrease of 300 thousand VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 115.7-117.2 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 800 thousand VND/tael for both buying and selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by the enterprise at 115.7-118.2 million VND/tael (buy - sell), the price decreased by 300 thousand VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 115-118.2 million VND/tael (buy - sell), gold price decreased 500 thousand VND/tael in buying direction - decreased 300 thousand VND/tael in selling direction compared to yesterday.

Closing session at 5:00 p.m. on May 31, 2025, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 111-113.5 million VND/tael (buy - sell); the price decreased by 500 thousand VND/tael in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 113-116 million VND/tael (buy - sell); down 500 thousand VND/tael in both buying and selling directions compared to yesterday.

Domestic gold prices fell sharply after the State Bank announced the conclusion of its inspection of gold trading activities at two banks and four large companies on the afternoon of May 30. The market immediately reacted when large trading units such as SJC, Mi Hong and Phu Quy adjusted the buying and selling prices of SJC gold bars and gold rings, respectively.

Although the decline is not too deep, the development shows that cautious sentiment has spread among investors after the inspection information.

The latest gold price list today, June 1, 2025 is as follows:

World gold price today June 1, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 10:30 p.m. on May 31, Vietnam time, was 3,291.99 USD/ounce. Today's gold price decreased by 2.54 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,200 VND/USD), the world gold price is about 107.86 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 10.34 million VND/tael higher than the international gold price.

On the afternoon of May 30, the State Bank of Vietnam Inspectorate announced the conclusion of the inspection on compliance with policies and laws in gold trading activities at four major companies including SJC, PNJ, DOJI, Bao Tin Minh Chau and two banks, TPBank and Eximbank.

During the inspection process, these units were all found to have violated documents, invoices and anti-money laundering regulations. Each enterprise and bank had different specific violations and were subject to administrative penalties of varying degrees. According to experts, these conclusions will have a direct and strong impact on domestic gold prices, even though the world market has not had significant fluctuations.

Financial expert Nguyen Tri Hieu said that this inspection is a positive signal, contributing to stabilizing the gold market and adjusting business activities. Domestic and world gold prices will be closer.

Gold prices have failed twice to break above the resistance level of $3,328 an ounce, indicating caution, especially as investors await key economic data from the United States, said Kelvin Wong, an analyst at Oanda in the Asia-Pacific region.

According to Mr. Wong, if the data shows that inflation in the US is still high, the US Federal Reserve (Fed) may continue to maintain a high interest rate policy. This will put pressure on gold prices, which are very sensitive to interest rate fluctuations.

In its mid-year outlook, JPMorgan said gold remains a safe haven for investors amid rising geopolitical uncertainty and a weaker US dollar. According to the bank, gold prices can act as a hedge to protect asset values.

Veteran investor David Einhorn, founder of Greenlight Capital, also believes that the US dollar is losing its role as the world's leading reserve currency. He predicts that the US's financial situation will deteriorate due to increasing budget deficits, thereby slowing economic growth. In such an environment, Mr. Einhorn prioritizes buying gold and shifting his investments to European stocks.

Investors should be cautious about the current gold price movement, as the recent rally may be ahead of fundamentals, according to Ryan Oldham, co-manager of FSAGX. He noted that there are two main factors affecting the gold market: inflation and real interest rates, and the trend of some investors moving away from the US dollar.

Despite the short-term volatility, Oldham remains bullish on gold’s long-term prospects. He believes that the increase in money in the financial system and budget deficits will continue to drive gold prices higher. However, he also notes that gold is a highly volatile asset, often experiencing sharp corrections of 10–15% or more.

Gold Price Forecast

Spot gold is down 1.97% for the week so far, reflecting a sharp divide in market sentiment: some expect gold to rally amid rising political uncertainty, while others fear it could enter a correction after a long rally.

Michael Moor, founder of Moor Analytics, believes that gold prices may fall. He believes that the long-term trend since August 2018 is still up, but may be entering its final stages. Moor predicts that the market is correcting after a strong rally and that prices are currently in a short-term downtrend after failing to overcome resistance around $3,395/ounce.

Sharing the same view, Kitco expert Jim Wyckoff said that gold prices are likely to continue to decline slightly next week. He said that technical charts are no longer showing clear positive signals, while the market lacks new supporting information.

Regarding the bullish view of gold, Marc Chandler, CEO of Bannockburn Global Forex, said that gold prices are showing signs of breaking out of the sideways phase and preparing to return to an upward trend. According to him, gold last week mainly fluctuated within the price range of the previous week, from about $3,204 to $3,365/ounce, showing a state of accumulation.

Although gold fell 1.97% last week, Chandler noted that if it holds above $3,288 an ounce, April’s closing level, May would mark a fifth consecutive monthly gain. That would be the longest streak since 1979.

He pointed out that if gold breaks through the technical resistance zone around $3,333, it is likely that the accumulation phase has ended and the price will return to the old peak.

Barchart.com expert Darin Newsom also believes that the gold price outlook is still positive. He calls the current supporting factor for gold “CUTE” – an acronym for chaotic, unstable, volatile and unpredictable – to describe the political situation under the current US administration.

Newsom noted that the market is getting used to President Trump’s frequent statements that affect the market, especially on tariffs. As the US stock market begins to react less to these statements, gold, as a haven, will react differently.

Newsom said that the factors driving gold prices will still be uncertainties and unexpected information from the Trump administration, which often appear on weekends. He said that in the context of the market being constantly dominated by such sudden changes, gold is still the most effective hedge.