Gold rises sharply amid US-China tensions; US raises steel import tax to 50%; China surpasses Japan as the top LNG importer. June 3, 2025 market update.
On June 3, 2025, global markets witnessed several notable developments—from rising gold prices and new US trade policies to a shift in the LNG market landscape. Here’s a detailed summary:
1. Gold Prices Surge Amid Rising US-China Trade Tensions
Global spot gold prices hit $3,372.4/oz, up $10.4 from the previous session.
The surge is attributed to escalating US-China trade tensions, a weaker USD, and rising oil prices.
Impact:
Investors are turning to gold as a safe-haven asset.
Domestic gold prices follow the upward global trend.
2. US Raises Steel Import Tariff to 50%
President Donald Trump announced a tariff hike on steel imports from 25% to 50%, aiming to protect national industry and security.
This move may lead to higher prices and affect industries reliant on steel.
Impact:
Domestic manufacturers face rising raw material costs.
May spark retaliatory actions and impact trade relations.
3. China Overtakes Japan as World’s Top LNG Importer
For the first time in over 50 years, China has surpassed Japan as the leading importer of liquefied natural gas (LNG).
China is investing heavily in infrastructure and securing global supply lines.
Impact:
Shifts the global energy balance of power.
Japan may need to revise its energy strategy.
4. E-wallets Recognized as Official Payment Method in Vietnam
Starting July 1, 2025, e-wallets will officially be recognized as a legal form of payment, on par with bank accounts and cash.
This is expected to accelerate cashless transactions across the country.
Impact:
Supports digital transformation in finance.
Enhances financial access for remote communities.
5. Central Exchange Rate Slightly Increases
Vietnam’s central bank set today’s reference exchange rate at 24,982 VND/USD, up 12 VND from the previous session.
Commercial bank rates remained steady, reflecting mild forex adjustments.
Impact:
Importing firms should monitor fluctuations to manage costs.
Investors watch currency movements for forex strategies.
6. Russia and Ukraine Agree on POW Exchange
At peace talks in Istanbul, Russia and Ukraine agreed to exchange all severely wounded prisoners and those under 25.
This is seen as a hopeful sign toward de-escalation.
Impact:
Positive signal for regional stability.
May influence market sentiment and commodity prices.
7. Special Bank Deposit Rates Near 10% in Vietnam
Some Vietnamese banks are offering promotional deposit interest rates as high as 10% per annum for large-scale deposits.
This reflects increased competition in capital mobilization.
Impact:
Attracts major investors and high-net-worth individuals.
May influence general interest rates and monetary policy.
Summary of June 3, 2025 Market Highlights
| Topic | Key Development | Market Impact |
|---|---|---|
| Gold | Prices rise amid trade tensions | Boost in safe-haven demand |
| US Policy | Steel tariff raised to 50% | Cost pressure on manufacturing |
| Energy | China surpasses Japan in LNG imports | Global energy market shifts |
| Digital Payments | E-wallets become official payment method | Accelerates financial digitization |
| Forex | Slight increase in exchange rate | Importers and traders monitor closely |
| Geopolitics | Russia-Ukraine POW deal | Positive peace signals |
| Interest Rates | Banks offer up to 10% promotional deposits | Competitive savings environment |
Investor Takeaways
Gold: Monitor trade disputes for continued bullish momentum.
Energy: Explore LNG and renewables exposure amid Asia’s energy transition.
Fintech: Leverage growth opportunities in e-wallets and cashless systems.
Forex: Adjust currency risk management strategies accordingly.
Savings: Consider shifting idle funds to high-interest deposit products.
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