Gold gradually increases, waiting for a breakthrough
Domestic gold price
Open the market on 5/5, SJC’s gold price of 9999 today in Hanoi increased by 300 thousand dong in both buying and selling direction compared to the end of yesterday’s session. Specifically, at 9:30 am on May 5, 9999 gold was traded by Doji Jewelry Group and SJC as follows:
Buy into | Sold out | |
SJC Hanoi | 69.7 million VND/tael | 70.42 million VND/tael |
SJC HCMC | 69.7 million VND/tael | 70.40 million VND/tael |
Doji Hanoi | 69.65 million VND/tael | 70.35 million VND/tael |
Doji Ho Chi Minh City | 69.65 million VND/tael | 70.35 million VND/tael |
SJC and DOJI gold price list updated at 9:30 am on 5/5
End of session 4/5, 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: 69.40 million VND/tael – 70.12 million VND/tael
Doji Hanoi: 69.30 million VND/tael – 70.00 million VND/tael
SJC HCMC: 69.40 million VND/tael – 70.10 million VND/tael
Doji Ho Chi Minh City: 69.35 million VND/tael – 70.05 million VND/tael
International gold price
Until 9:30 am today (May 5, Vietnam time), the world spot gold price stood around the threshold of 1,901.1 USD/ounce, up 40.1 USD/ounce compared to last night. The price of gold for June delivery on Comex New York floor was at 1,900.7 USD/ounce, up 37.7 USD/ounce compared to last night.
On the night of May 4 (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 May 4 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 4/5.
Gold price in the international market gradually increased again when the USD slackened after a very strong rally. Gold finds impetus for a fresh breakout.
In recent times, precious metals have dropped continuously because the dollar has strongly broken out when the US Federal Reserve (Fed) made a tough statement about speeding up the monetary tightening process to control monetary policy. inflation control, capital to the highest level in 40 years.
The attractiveness of gold thus temporarily weakened.
Gold’s price decline was also due to US bond yields reaching 10-year highs, with 10-year US Treasury yields reaching 3%.
In the past 2 weeks, precious metals have been affected mainly by the US dollar and have not reacted much to the war situation in Ukraine as well as the escalating price and inflation situation around the world.
Gold price forecast
Although it has weakened quite quickly in the past 2 weeks, gold is forecasted to be a surprise. On Kitco, John LaForge, Wells Fargo’s head of real-asset strategy, said that gold could surprise the market with a year-end price target of $2,100 an ounce as investors change their asset allocations. their property.
Gold’s price fell according to the falling momentum of a commodity closely related to gold, which is oil. Oil dropped sharply on the international market in the context of China’s blockade of many cities to combat the Covid-19 epidemic.
However, oil and gas prices may increase sharply in the near future as Europe strengthens sanctions on Russia and Moscow may also retaliate with measures that cause difficulties back to the European economy. .
Oil prices may also turn to increase when the epidemic situation in China stabilizes in the second half of the year. At that time, gold is forecasted to increase sharply.
V. Minh
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here