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Gold price fell, many people bought and hoarded

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End of trading session May 21, gold bar price 9999 at SJC Hanoi is 68.95 million VND/tael (buy in) – 69.85 million VND/tael (sold out). SJC Ho Chi Minh City listed at 68.95 million dong/tael (buy in) and 69.87 million dong/tael (sold out).

Doji Hanoi listed at 68.9 million dong/tael (buy in) and 69.6 million dong/tael (sold out). In Ho Chi Minh City, Doji Ho Chi Minh City bought SJC gold at 68.9 million VND/tael, sold it at 69.6 million VND/tael.

Last week, the domestic gold price did not fluctuate much, the gold price traded around 68-69 million dong/tael, while the world gold price dropped sharply.

In the first trading session of the week, the price of 9999 gold bars at SJC Hanoi was 68.5 million dong/tael (buy in) – 69.52 million dong/tael (sold out). SJC Ho Chi Minh City listed at 68.5 million dong/tael (buy in) and 69.5 million dong/tael (sold out). Doji Hanoi listed at 68.5 million dong/tael (buy in) and 69.2 million dong/tael (sold out). In Ho Chi Minh City, Ho Chi Minh City Doji bought SJC gold at 68.5 million VND/tael and sold it at 69.2 million VND/tael.

In the following sessions, gold prices increased and decreased continuously. On May 18, the domestic gold price decreased by 250,000 VND/tael in the buying and selling afternoon compared to the beginning of the week. In the session of May 20, gold price reversed to rise again to the threshold of 68.55 million dong/tael (buying in) and 69.47 million dong/tael (sold out).

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Gold price chart last week

Thus, the domestic gold price has increased by 450 thousand dong/tael in the buying direction and 330 thousand dong/tael in the selling direction.

In the context that investment channels such as securities, real estate, and virtual currencies are facing difficulties, many investors tend to switch to gold because the market is quite stable. Ms. Nguyen Thi Thuy Hong (Ba Dinh, Hanoi) said that she has 500 million dong from the savings book accumulated since her retirement. Seeing the gold price tend to decrease, she took advantage of buying. Compared to the price at the beginning of the year, the gold price has been high, but according to Ms. Hong, there are still many opportunities to increase again.

“Every year gold goes up, if you don’t buy gold, you don’t know where to put your money,” said Ms. Hong.

According to Ms. Hong, the price of gold is around 68-69 million VND/tael. She can buy more than 7 gold trees. If buying from the beginning of the week, at the end of the week, Ms. Hong has made a profit of 2.5 million dong.

The difference is 18 million VND/tael

In the world gold market, spot gold price in the US increased by 24.5 USD/ounce to 1,841.5 USD/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange increased by $25.3 to $1,841.2 per ounce. The difference between domestic and international gold is still a large gap of 18 million dong/tael.

For the whole week, the gold price increased by 1.7%, thereby ending the previous series of four consecutive declines.

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Domestic gold price fell

According to analysts, the gold market is in danger zone as prices move closer to $1,800 an ounce. This is solid support, but a break below could lead to more selling.

The USD has put gold in danger and a break of $1,800 could lead to further technical selling, said OANDA senior market analyst Edward Moya. Gold cannot attract any attention until this USD move is over.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank (Switzerland), thinks that gold prices are testing resistance at the 200-day moving average near $1,837 an ounce. A break out of this level could lead to a move towards the $1,880-1,900 price range, and a shock in gold supply in Russia could support this outlook.

Duy Anh

ban vang don tien bat day chung khoan choi tien ao vo chong tre bay sach tai khoan 8a66422fd1e6466aa4e9e7a4f0bd9a0b

Sell ​​gold to accumulate money to catch the bottom of stocks, play virtual money: The young couple wiped out their accountsAfter taking profit of 10 gold trees, Ms. Truc and her husband poured money into bottom-fishing securities. Unexpectedly, all profits from gold were gone.
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