Strong volatility, record difference with the world

Domestic gold price

As of 2:40 p.m. on May 4, SJC’s 9999 gold price increased by 100 thousand dong in both buying and selling afternoon compared to early morning. Specifically, the gold price of 9999 was traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 2:40 p.m. on May 4

Open the market on 4/5, SJC’s gold price of 9999 today in Hanoi decreased by 50 thousand dong in the selling afternoon compared to the end of yesterday’s trading session. Specifically, at 9:34 am on May 4, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 9:34 am on May 4

At the end of the trading session on May 3, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 69.20 million VND/tael – 69.97 million VND/tael

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

SJC HCMC: 69.20 million VND/tael – 69.95 million VND/tael

Doji Ho Chi Minh City: 69.35 million VND/tael – 70.15 million VND/tael

International gold price

Until 9:40 am today (May 4, Vietnam time), world spot gold price stood around the threshold of 1,861.9 USD/ounce, up 0.9 USD/ounce compared to last night. The price of gold for June delivery on the Comex New York exchange was at $1,862.2 per ounce, down $0.8 per ounce compared to last night.

On the night of May 3 (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.

World gold price 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 52.1 million VND/tael, excluding taxes and fees, lower. about 18.0 million dong/tael compared to the domestic gold price by the end of the afternoon session on April 28.

Gold price in the international market fluctuated strongly when the USD hung high but was under pressure to take profit. The domestic gold price has a record difference with the world gold price, 18-19 million dong/tael more expensive.

Domestic gold fell sharply below the threshold of 1,900 USD/ounce, but the domestic gold price was still anchored around the 70 million dong/tael mark, 18-19 million dong/tael higher than the converted world gold price.

Gold prices worldwide are under pressure from a strong dollar, with the DXY index hitting a decade high. Gold price fell to a 10-week low.

Investors are also waiting for the Bank of England policy meeting, which is expected to make a policy decision on Thursday this week.

The market is also closely watching the introduction of the latest sanctions by the European Union (EU) against Russia’s oil sales in response to the Russia Attacks Ukraine. Investors also watched the Bank of Japan move after pledging to keep interest rates low and buy an unlimited number of bonds daily to protect its yield target.

Gold price forecast

The world gold recently lost momentum when it failed to conquer the threshold of 2,000 USD/ounce. Immediately after the failure with this threshold, gold continued to lose the threshold of 1,900 USD/ounce even though the war in Ukraine was a factor in precious metals.

However, in the last 6 months of the year, gold is forecasted to have a chance to increase in price when the midterm US congressional elections take place.

In the short term, gold could lose $1,860 an ounce and maybe even reach $1,806 an ounce.

Currently, many forecasts suggest that the uptrend of the greenback seems to have dried up. The DXY Index recently turned down again and this is a support factor for gold.

The fact that the US Federal Reserve (Fed) continues to raise interest rates to fight inflation put downward pressure on gold prices. However, gold supply is at a five-year low due to insufficient production to meet demand. The need for defense in a high inflation environment remains strong. Therefore, gold is still an attractive investment channel.

V. Minh