Gold price reversed and rose sharply

At 8:36 a.m., DOJI Jewelry Group Joint Stock Company listed SJC gold price at the Hanoi market at 69.6-70.3 million dong/tael (buy in – sell out), an increase of 300 thousand dong/tael in both buying and selling direction compared to yesterday’s close.

Phu Quy Jewelry Company listed SJC gold price at 69.6-70.3 million dong/tael (buying in – selling out), an increase of 250,000 dong/tael in both buying and selling direction. with yesterday’s closing.

SJC gold price in Hanoi market was listed by Saigon Jewelry Company at 69.65 – 70.37 million VND/tael (buying in – selling out), an increase of 250,000 VND/tael in the buying direction. in and out in the afternoon compared to the end of yesterday.

SJC gold jewelry also corrected up this morning. Specifically, the price of 24K gold increased by 350,000 VND/tael, listed at 54.75 – 55.55 million VND/tael (buy in – sell out); SJC 18K jewelry gold increased by 270,000 VND/tael, listed at 39.82 – 41.82 million VND/tael (buy in – sell out) and 14K grade increased by 210,000 VND/tael in both directions of trading and listing. listed at 30.54 – 32.54 million VND/tael.

In the world market, the price of gold has increased sharply when U.S. Federal Reserve (Fed) raised interest rates by 0.5%, the highest level since May 2000 to curb inflation.

At 7:30 am this morning (May 5), the spot gold price on Kitco was 1,895 USD/ounce (equivalent to 52.55 million VND/tael), up 27 USD compared to yesterday (4/5).

Commenting on the gold market in the near future, strategist Bart Melek from TD Securities sees the precious metal can overcome the resistance level of 1,900 USD/ounce.

Suki Cooper – analyst at Standard Chartered also forecast gold prices to continue to go up due to concerns about inflation, geopolitical risks and slowing economic growth.

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