During the holiday season, gold increased sharply again

Domestic gold price

At the end of yesterday’s trading session, the price of 9999 gold bars at SJC and Doji listed as follows:

SJC Hanoi: 69.65 million VND/tael (buy in) – 70.37 million VND/tael (sold out)

SJC HCMC: 69.65 million VND/tael (buy in) – 70.35 million VND/tael (sold out)

Doji Hanoi: 69.55 million VND/tael (buy in) – 70.2 million VND/tael (sold out)

Doji Ho Chi Minh City: 69.7 million VND/tael (buy in) – 70.3 million VND/tael (sold out)

International gold price

On the world gold market, spot gold price in the US increased by 8.2 USD/ounce to 1,894.2 USD/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange increased by $2.6 to $1,891.3 per ounce.

The Chairman of the US Federal Reserve (Fed), Mr. Jerome Powell said that curbing inflation is “absolutely necessary”. Mr. Jerome Powell said the option to raise interest rates by 50 basis points (0.5 percentage points) is “ready” for the Fed’s monetary policy meeting in May.

Fed officials have agreed on a plan to accelerate rate hikes this year, but have yet to determine how far to stop to avoid pushing the economy into recession.

The dollar index is at a five-year high and could climb to over 103.82 which would send the greenback to highs not seen since late 2002. A strong dollar keeps gold priced in terms of the greenback. less attractive to holders of other coins. A stronger dollar makes gold, an asset denominated in greenbacks less attractive to holders of other currencies.

Gold price forecast

Matt Simpson, an expert at City Index, said that the USD will likely fall at some point, gold price will benefit.

Jim Wycoff, senior analyst at Kitco, said that gold is in need of a new fundamental that can increase investor anxiety, and that is not happening. The dull sideways movement we are seeing has led to some selling based on technical charts.

Told him