Gold prices continue to fall after the holiday

Recorded at 9:20 am, Hanoi market, DOJI Jewelry Group Joint Stock Company adjusted down. gold price SJC 350,000 dong/tael in the buying afternoon and 50,000 dong/tael in the selling afternoon compared to yesterday (May 3). Currently, the gold price is trading at 69.2 – 69.9 million VND/tael (buy in – sell out).

At Saigon Jewelry Company, the price of SJC gold in Hanoi market is listed at 69.2 – 69.92 million VND/tael (buying in – selling out), keeping the price unchanged in the buying afternoon. in and decreased by 50,000 dong/tael in the selling afternoon compared to the end of yesterday.

SJC gold price at Bao Tin Minh Chau Co., Ltd traded at 69.21 – 69.89 million dong/tael (buy in – sell out), down 50,000 dong/tael in buying and selling direction compared to the end of session. yesterday.

Gold price in the world increased

The direction of gold will depend on the decision of the Fed. (Photo: Bloomberg)

In the world market, the gold price in the early morning session of May 4 (Vietnam time) witnessed a slight recovery, after touching the lowest level in the past 2.5 months.

Specifically, the price of gold for June futures increased by 7.5 USD to 1,871.1 USD/ounce. Gold last traded at $1,869.3 per ounce, up $6.5 from the previous day.

Previously, the world gold price increased in the 3/5 session at the New York Commodity Exchange when the dollar depreciated. The most-traded June gold contract rose 0.38% to $1,870.6 an ounce.

In recent weeks, the world gold price has “plunging” consecutively because the US dollar found strong upward momentum as the US Federal Reserve (FED) prepared to raise interest rates by 50 basis points, weakening the US dollar. attractiveness of precious metals.

Last week, the US Dollar Index hit 103.93 points – the highest level in 20 years. The index has gained 3.5% since falling below 100 briefly on April 19. The US 10-year bond yield hit 3% for the first time since December 2018 on May 2.

Meanwhile, at the same time, the price of gold could not break above $2,000/ounce and was under strong selling pressure, causing the price to drop by nearly 5%. However, some analysts see signs of a reversal as the US Dollar Index narrows its gains and gold turns bullish.

According to experts, the direction of gold will depend on the decision of the Fed. Any neutral or dovish tone from the central bank could weaken the dollar and push gold higher, said David Madden, market analyst at Equiti Capital. The possibility that the Fed will not raise interest rates as expected because that could push the economy into a recession, the expert predicted.

The gold market is still “holding its breath” before the meeting of the US Federal Reserve (FED) taking place on May 4 and May 5. The meeting results are expected to be announced on May 4 (Vietnam time).

Currently, most people think that the FED will raise interest rates by 0.5 percentage points in May, the highest increase since 2000 in the context of increasingly severe inflation in this country.

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