Waiting for a price increase from the signal of the Fed

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) – 70.25 million VND/tael (sold out)

Doji Ho Chi Minh City: 69.55 million VND/tael (buy in) – 70.25 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.

Federal Reserve Chairman Jerome Powell is likely to slow the pace of rate hikes after raising rates by 50 basis points at their meeting next week and into the future, according to economists surveyed by Bloomberg. June.

The Fed signaled it would raise interest rates by 50 basis points at its May meeting, and investors expect US rates to rise by a total of 240 percentage points in 2022.

The dollar index fell 0.7% this session, after touching a 20-year high on April 28, making gold less expensive for investors holding other currencies. .

Goldman Sachs estimates there’s a 35% chance the US economy will contract over the next two years, while Deutsche Bank AG predicts a major recession will hit with unemployment rising by a few percent.

Gold price forecast

According to a Wall Street survey, 9 analysts (53%) gold price forecast will increase next week; Four analysts (25%) see prices falling, and three (18%) expect prices to move sideways.

As for the results of Main Street’s online survey, 49% think gold will increase in price next week; 34% forecast a decline in prices, 17% have a neutral opinion. This is the first time since late September that optimism in the market has fallen below 50%.

“The growth data and the cost index in the employment data suggest that inflation is still quite hot, which is generally supportive for gold,” said Edward Meir, an analyst at ED&F Man Capital Markets.

Markets are now focusing their attention on the US central bank’s two-day policy meeting, which begins on May 3.

Told him

Old Hanoi couple spent 500 million to buy gold, 1 year later they ate the biggest profit in their lifeA year ago, Do Thi Van and her husband (Hoang Mai, Hanoi) decided to put 500 million dong in their savings book to buy gold.