Gold price today May 16: Gold continued to decline at the beginning of the week, investors bought in massively

The world gold price updated at 6:30 am this morning (May 16) stood at 1,851.1-1,851.6 USD/ounce (buy in – sell out), down 1.1 USD compared to the price at the same time this time. yesterday morning, stood at 1,852.2-1,852.7 USD/ounce (buy in – sell out). Compared with the closing price of the last session of the week, gold price decreased by 1.9 USD, stood at 1,810.3 USD/ounce due to the strong USD, the buying force of gold investors is dominating the market.

World gold price Last week recorded the fourth consecutive week of decline. And the drop over the past week was the steepest percentage drop in four weeks, losing 3.9%; Considering the past 4 weeks, the value of gold has dropped by 8.44%.

At the end of the last session of the week, gold price fell more than 1%, at one point the price broke through the level of 1,800 USD to 1,798.86 USD/ounce.

Meanwhile, the USD index is still rising, because of concerns that the Fed’s actions to control inflation will negatively affect global economic growth, making gold prices unlikely to show any signs of recovery. The market is under a lot of pressure, in which the main factor driving the gold price down is the recovery of the strength of the dollar – gold’s rival, which has jumped to a 20-year high, reaching 104.8 points.

Gold price is falling closer and closer to the sensitive level of 1,800 USD/ounce – a dangerous area. It was difficult for the market to break out again when the selling force was too strong and maintained for too long.

US bond yields regaining high levels is also a negative factor weighing on the price of precious metals. The Fed announced in advance its positive view of raising interest rates to control inflation, causing investors to constantly adjust their investment portfolios.

The results from the Kitco News gold survey on Wall Street show that only 12% think gold prices will increase, 71% think gold will continue to decline. According to an online survey, investors are somewhat more optimistic with 51% saying that gold will increase in price, only 31% think that gold will decrease.

Specifically: Out of 17 Wall Street analysts, only 2 think that the gold price will increase again this week (equivalent to 12%); 12 analysts (71%) believe that gold prices will continue to fall; The remaining 3 opinions (18%) are neutral. Of the 932 online surveys on Main Street, the results were contradictory. 481 opinions (51%) forecast that the gold price will rise again in the next week. 286 investors (31%) think that gold prices will continue to fall lower; The remaining 165 comments (18%) gave neutral opinions.

Domestic gold price: At the end of yesterday’s session, the price of 9999 gold bars at SJC and Doji listed as follows: SJC HCMC: 68.56 million dong/tael (buy in) – 69.55 million dong/tael (sold out) . SJC Hanoi: 68.55 million VND/tael (buy in) – 69.57 million VND/tael (sold out). Doji Hanoi: 68.7 million VND/tael (buy in) -69.4 million VND/tael (sold out). Doji Ho Chi Minh City: 68.7 million VND/tael (buy in) – 69.4 million VND/tael (sold out).

World gold converted at the bank’s USD price is 51.8 million dong/tael, excluding taxes and fees, about 18.4 million dong/tael lower than the domestic gold price.