Gold price fluctuates

At 9:55 am, DOJI Jewelry Group Joint Stock Company listed gold price SJC in Hanoi market was at 68.25 – 69.1 million dong/tael (buy in – sell out), an increase of 50,000 dong/tael in the buying afternoon and 100,000 dong/tael in the selling afternoon compared to the end of the session. passed (May 16).

Meanwhile, Bao Tin Minh Chau Co., Ltd. listed the price of SJC gold bar at 68.3 – 69.24 dong/tael (buy in – sell out), down 60,000 dong/tael in the buying side and up 210,000 dong/tael. volume in the selling afternoon compared to the end of yesterday session.

At Saigon Jewelry Company, the price of SJC gold in the Hanoi market through the listing of the enterprise traded at 68.25 – 69.27 million VND/tael (buy in – sell out), unchanged compared to with the end of yesterday’s session.

World gold price

At 7:30 am this morning, the spot gold price on Kitco traded at 1,825 USD/ounce (equivalent to 50.87 million VND/tael). Converted at the free USD exchange rate without taxes, world gold is 18.4 million dong/tael cheaper than domestic.

Many opinions predict that the upward direction of gold in the near future will continue to be restrained. (Illustration image – Photo: Reuters)

Previously, the world gold price increased slightly in the first session of the week of May 16, when the yield of US government bonds “cooled down”. This offset the strength of the dollar, along with the prospect of interest rate hikes, which pushed gold prices down to three-and-a-half-month lows earlier in the session.

At the end of this session, on the COMEX exchange (US), spot gold price increased 0.3% to $ 1,817.12 an ounce, after touching the lowest level since January 31 at the beginning of the session at 1,786. 60 USD/ounce. Meanwhile, the price of US gold futures also increased 0.3% to 1,814 USD/ounce.

The prolonged Russia-Ukraine conflict, China’s strict blockade policy to prevent the spread of COVID-19 and inflation concerns over the past time have caused global stock markets to wobble.

The growing risk aversion in the market has been a boon for the precious metals market so far. However, in recent weeks, bulls have been baffled as the precious metal failed to find a bullish momentum amid the market anxiety.

The strong rise of the USD and the increase in bond yields on the expectation of interest rate hikes of the US Federal Reserve (FED) continuously “cut off” the rally of gold and pushed gold to the lowest level in 3 months. for 4 consecutive weeks.

Gold price is anchored at the support level of 1,800 USD/ounce after many volatile trading sessions. However, analysts say that challenges are still ahead when the US Federal Reserve (FED) is fierce in the fight with inflation.

According to Rob Haworth, strategist at US Bank Wealth Management, from now until the end of the year, inflation will continue to soar and create a harsh environment for the economy. Given the current situation, real assets remain an attractive hedge against inflation and market volatility.

However, Mr. Haworth does not see gold as a really attractive asset. Because he thinks that gold will continue to face difficulties when the Fed raises the basic interest rate to 3% in December. Recently, the US central bank said it could raise interest rates by 0.5% in the next 2 weeks. .

Experts say that investors seem to care more about the dollar and bond yields, ignoring the factors in favor of precious metals. Many opinions predict that the uptrend of gold in the near future will continue to be restrained, because the USD is stronger.

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