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Fear of $5 trillion evaporating, gold skyrocketing

Gold price today 24/5 on the international market skyrocketed because the dollar fell deeply in the context of investors worried that 5 trillion US dollars of assets would evaporate.

Domestic gold price

End of session 23/5, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 69.05 million VND/tael – 69.97 million VND/tael

Doji Hanoi: 69.05 million VND/tael – 69.80 million VND/tael

SJC HCMC: 69.05 million VND/tael – 69.95 million VND/tael

Doji Ho Chi Minh City: 69.05 million VND/tael – 69.80 million VND/tael

International gold price

On the night of May 23 (Vietnam time), the world spot gold price stood around the threshold of 1,860 USD/ounce. Gold for June delivery on the Comex New York exchange was at $1,862 per ounce.

World gold price on the night of May 23 was about 2.7% lower (525 USD/ounce) than in early 2021. World gold converted to bank dollar price is 51.6 million dong/tael, excluding tax and fees, about 17.6 million dong/tael lower than the domestic gold price by the end of the afternoon session on May 23.

Giavang-hom-nay-May-24-05-2022-tang-vot
Gold price increased sharply again, in the country to nearly 70 million VND/tael.

The price of gold on the international market skyrocketed due to the deep fall of the US dollar in the context of investors worried that US$5 trillion in assets would evaporate.

The DXY index – measuring the volatility of the USD with a basket of 6 major currencies fell from 104 points to 102.3 points. Investors are concerned about slowing US economic growth.

Fear of growth has caused the US equity market to evaporate about $5 trillion to $8 trillion in the past five months.

Stocks in all sectors declined, from energy stocks to finance to technology stocks.

Over a period of time, stocks and bonds simultaneously sold off and dropped in price. And now, investors see bond prices go up while stocks sell off. Bonds are starting to become safe havens. This phenomenon presents a threat to economic growth. A drop in consumer demand could lead to a lower growth rate.

However, many assessments say that the US economy is not at clear risk of a recession in the next 12 months.

According to JPMorgan, over the past 2 years, since the beginning of the Covid-19 pandemic, US household wealth has increased by $ 30 trillion thanks to stock market price increase. And now the market is “giving back a little” after a period of strong gains.

With the decrease of USD, the world gold has witnessed 3 consecutive gaining sessions. The world gold price also had similar situation and SJC rose back to nearly 70 million dong/tael.

Gold price forecast

The results of a survey by Kitco showed that the majority of Wall Street experts expect precious metal prices to continue to go up this week in the context of a negative US stock market forecast. Many people are still concerned that the US economy may fall into a recession while inflation remains at a record high.

Currently, there are many signals that US inflation may not have peaked and may continue to rise higher. In such a context, the forecasts point towards the possibility that gold will again be chosen as a high-haven asset.

In the opposite direction, some experts believe that the USD will turn to rise again according to the roadmap of raising interest rates of the US Federal Reserve (Fed). Gold is likely to have peaked and will continue to be in a bear market until 2024. Gold may even drop to $1,000 an ounce.

V. Minh

gia vang the gioi 457

USD increases slightly, gold price is unpredictable: Investors are insecureWorld gold price has recovered when it turned to increase slightly by 1.8% compared to last week’s slab, currently trading at around $1,846/ounce. However, unpredictable financial developments made gold investors optimistic with many worries.

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