Gold price today 18/5: Continue to find the bottom

At 6 am this morning on May 18 (Vietnam time), the world gold price on the Kitco floor traded at 1,814 USD/ounce, down 10 USD/ounce compared to the early hours of the morning.

Gold price after a rally turned to decline due to the new statements of the Chairman of the US Federal Reserve (Fed). Chairman Jerome Powell has been fiercely opposed to inflation, saying the agency insists it will be more assertive if inflation does not fall.

“That will be a prudent judgment, as we carefully monitor incoming data and changing financial conditions.” said Mr. Powell.

The Fed estimates that interest rates will be normalized around the fourth quarter of this year. Mr. Powell even noted that the Fed could go beyond what is generally considered a neutral rate.

Domestic gold price

At the end of the trading session on the afternoon of May 17, Saigon Jewelry Company listed the price of SJC gold at 68.25 million dong/tael (buying in) and 68.27 million dong/tael (sold out).

DOJI Group listed the gold price at 68.25 million dong/tael (buying in) and 68.91 million dong/tael (sold out).

Gold price forecast

The demand to catch the gold bottom increased and was a support for precious metals in the short term.

Investors are now watching for signals from Fed officials, including Chairman Jerome Powell, especially on the timing and speed of interest rate hikes as well as the outlook for the economy. economy America, is it falling into a recession?

The latest information shows that the eurozone economy grew by 0.3% in the first quarter and by 5.1% over the same period. These numbers are more positive than forecast. This is also the factor that pulls the euro up against the USD.

Gold is considered to have strong support from the psychological level of 1,800 USD/ounce.