Gold price today May 18: Reversal to plunge

Domestic gold price

As of 3:00 p.m. on May 18, SJC’s 9999 gold price was unchanged from the early hours of the morning. Specifically, the price of gold 9999 is traded by Doji Jewelry Group and SJC as follows

SJC and DOJI gold price list updated at 3pm on May 18

Open the market on 18/5, SJC’s gold price of 9999 in Hanoi today was unchanged compared to the end of yesterday’s session. Specifically, at 8:42 am on May 18, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Gold price list SJC and DOJI updated at 8:42 am on May 18

End of session 17/5, domestic gold price 9999 listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.25 million VND/tael – 69.27 million VND/tael

Doji Hanoi: 68.25 million VND/tael – 68.91 million VND/tael

SJC HCMC: 68.25 million VND/tael – 69.25 million VND/tael

Doji Ho Chi Minh City: 68.25 million VND/tael – 68.91 million VND/tael

International gold price

Until 9:15 am today (on May 18, Vietnam time), the world spot gold price stood around the threshold of $1,813 per ounce, down 15 dollars per ounce compared to last night. Gold futures for June delivery on Comex New York were at $1,812.5 per ounce, up $14.5 per ounce compared to last night.

On the night of May 17 (Vietnam time), the world spot gold price stood around $1,828 per ounce. Gold for June delivery on the Comex New York exchange was at $1,827 per ounce.

The world gold price on the night of May 17 was about 3.5% lower (US$67/ounce) than at the beginning of 2021. World gold converted to bank dollars was priced at 51.2 million VND/tael, excluding tax. and fees, about 17.7 million dong/tael lower than the domestic gold price as of late afternoon session 17/5.

Gold price in the international market turned to increase rapidly from the bottom of 3 months amid the strong decline of the USD.

The greenback cooled down after hitting a two-decade high in the previous session.

Previously, the dollar continued to appreciate in the context of the US Federal Reserve (Fed) starting a strong interest rate hike cycle to curb inflation. A stronger USD has had a negative impact on commodities, including gold.

Bond yields retreat from peaks also positive for gold.

Gold price increased again because the commodity closely related to gold, oil, increased rapidly. Oil prices 9 weeks peak.

The recovery of many stock markets, including the US stock market, also contributed to reducing the selling pressure of gold to cover losses. US stocks reacted positively to the expectation that China will ease the blockade in many key cities, including Hong Kong and Shanghai.

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 prospect of the US economy, whether it will fall into a recession. recession or not.

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.

V. Minh