Gold continues to be under downward pressure

Domestic gold price

End of trading session April 29, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 69.65 million VND/tael – 70.37 million VND/tael

Doji Hanoi: 69.55 million VND/tael – 70.25 million VND/tael

SJC HCMC: 69.65 million VND/tael – 70.35 million VND/tael

Doji Ho Chi Minh City: 69.50 million VND/tael – 70.20 million VND/tael

International gold price

On the night of May 2 (Vietnam time), the world spot gold price stood around $1,861 per ounce. Gold for June delivery on the Comex New York exchange was at $1,863 an ounce.

The world gold price on the night of April 28 decreased by about 1.8% (US$34/ounce) compared to the beginning of 2021. World gold converted to bank dollars was priced at VND52.1 million/tael, excluding tax and fee, about 18.0 million dong/tael lower than the domestic gold price as of late afternoon session 28/4.

Gold prices in the international market continued to be under downward pressure and fell to a two-and-a-half month low as the dollar hung at its highest level in nearly 20 years. While oil prices and US government bond yields rose.

US stocks continued to fall after losing strongly in April.

Investors are turning their attention to the two-day monetary policy meeting of the US Federal Reserve (Fed).

Markets predict the Fed will raise interest rates by 50 percentage points amid US inflation at a 40-year high.

Gold fell mainly due to the predictions of the Fed’s tightening monetary policy trend. In April, gold fell about 1.5%. The USD is currently hanging at a high level and is expected to increase in price in the near future.

Gold price forecast

Gold price fell due to strong USD increase. However, the attractiveness of gold increased again when the US announced a decline in GDP in the first quarter of 2022 due to the strong spread of the Omicron variant and the decline in the amount of pandemic relief from the Government.

However, many experts say that any neutral or dovish tone from the Fed could drive the dollar lower, pushing gold prices higher.

Although the price of gold fell sharply below the psychological resistance level of 1,900 USD/ounce, the survey results of Kitco showed that both investors and analysts expect gold prices to recover and rise again in the new week.

A Kitco Wall Street survey shows that 53% of the precious metals will gain in the new week, 25% say the opposite, and the rest of the analysts expect gold prices to be flat.

V. Minh