USD continues to fall, gold loses its upward momentum

Domestic gold price

Up to 13:30′ on May 19, SJC’s 9999 gold price was unchanged from the early hours of the morning. Specifically, the gold price of 9999 is traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 13:30′ on May 19

Open the market on 19/5SJC’s 9999 gold price in Hanoi today remained unchanged from the end yesterday’s trading session. Specifically, at 9:15 am on May 19, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Gold price list SJC and DOJI updated at 9:15 am on May 19

At the end of the trading session on May 18, the domestic gold price of 9999 was 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 – 69.00 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 – 69.00 million VND/tael

International gold price

Until 9:15 am today (May 19, Vietnam time), the world spot gold price stood around the threshold of 1,815.2 USD/ounce, up 5.2 USD/ounce compared to last night. Gold futures for June delivery on Comex New York were at $1,813.6 per ounce, up 1.6 dollars per ounce compared to last night.

On the night of May 18 (Vietnam time), the world spot gold price stood around $1,810 per ounce. Gold for June delivery on the Comex New York exchange was at $1,812 per ounce.

The world gold price on the night of May 18 was about 4.5% (85 USD/ounce) lower than at the beginning of 2021. World gold converted to USD bank value is 50.7 million VND/tael, excluding tax. and fees, about 18.5 million VND/tael lower than domestic gold price until late afternoon session 18/5.

Gold prices in the international market lost momentum, failed to rise from 3-month lows and remained around the support of $1,800 an ounce amid continued rise in US Treasury yields. The USD continues to cool down but is still quite high.

Precious metals failed to regain momentum even after the US released construction data of the housing market stood at a weak level in April.

Gold fell also because investors believed that the dollar was unlikely to fall and would remain at a high level, even increasing further when the chairman of the US Federal Reserve (Fed) Jerome Powell expressed a really pessimistic attitude about politics. currency book.

Accordingly, Jerome Powell reaffirmed that the main goal of the US central bank is to prevent inflation, even in the case of an increase in the unemployment rate.

Britain has just announced inflation to the highest level in 40 years, with the rate in April was up 9% over the same period. Inflation in the euro area is also very narrow. The consumer price index in April increased by 7.4% over the same period.

Gold price forecast

Gold is currently supported by the psychological $1,800/ounce and next is the technical support of $1,750/ounce.

On the other hand, gold is under pressure before the resistance at $1,818.7 an ounce and then the highest of the week: $1,834.8 an ounce.

Gold is said to be oversold recently. However, the fact that the USD rose to a 20-year high and precious metals did not have many supportive factors.

With a clear interest rate hike schedule, the USD is forecasted to still be the currency with the strongest uptrend among the major currencies. This means that gold will remain under pressure in the short term.

Gold is forecast to trade below $1,800/ounce between now and the end of the year.

V. Minh

What will be the consequences of domestic gold continuously being expensive compared to the world?The story that domestic gold is more expensive than the world is not new, but recently, this gap has widened to a record level of nearly 19 million dong/tael.