How will the gold price change in the near future?
On the afternoon of May 7, DOJI Hanoi listed gold price around the threshold of 69.6 million dong/tael bought, 70.4 million dong/tael sold. DOJI Ho Chi Minh City traded gold around the threshold of 69.8 million dong/tael bought in, 70.4 million dong/tael sold.
SJC Hanoi and Da Nang listed gold price at 69.75 million VND/tael bought, 70.47 million VND/tael sold. SJC Ho Chi Minh City listed the buying price of gold at the same threshold; The selling price of gold was at 70.45 million VND/tael.
Meanwhile, the world gold price closed up on May 6 as investors assessed new data showing that the US job market was stronger than expected, but ended the third consecutive week of decline.
Last week, the precious metal lost 1.5% of its value, marking the third consecutive week of decline. According to Dow Jones Market Data, this is the longest period of decline in gold prices since December 3, 2021.
Despite gold’s disappointing results in recent weeks, many analysts note that the market remains relatively healthy and is consolidating after strong performance in the first quarter.
According to Mr. Robert Minter, director of investment strategy in ETFs at ABRDN, a global investment company based in the United Kingdom, the demand for investment in gold will increase this year, when interest rates rise. high interest rates and high inflation.
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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