Domestic gold rose again
Domestic gold price
Up to 14:46′ on May 26, SJC’s 9999 gold price increased by 200 thousand dong in both buying and selling afternoon compared to early morning. Specifically, the gold price of 9999 is traded by Doji Jewelry Group and SJC as follows:
|Buy into||Sold out|
|SJC Hanoi||68.2 million VND/tael||69.22 million VND/tael|
|SJC HCMC||68.2 million VND/tael||69.2 million VND/tael|
|Doji Hanoi||68.1 million VND/tael||69 million VND/tael|
|Doji Ho Chi Minh City||68.1 million VND/tael||69 million VND/tael|
SJC and DOJI gold price list updated at 14:46′ on May 26
Open the market on May 26, SJC’s gold price of 9999 today in Hanoi decreased by 100 thousand dong in both buying and selling direction compared to the end of yesterday’s session. Specifically, at 9:25 am on May 26, 9999 gold was traded by Doji Jewelry Group and SJC as follows:
|Buy into||Sold out|
|SJC Hanoi||68 million VND/tael||69.02 million VND/tael|
|SJC HCMC||68 million VND/tael||69 million VND/tael|
|Doji Hanoi||67.95 million VND/tael||68.95 million VND/tael|
|Doji Ho Chi Minh City||67.95 million VND/tael||68.95 million VND/tael|
Gold price list SJC and DOJI updated at 9:25 am on May 26
At the end of the trading session on May 25, the domestic price of 9999 gold was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:
SJC Hanoi: 68.10 million VND/tael – 69.12 million VND/tael
Doji Hanoi: 67.90 million VND/tael – 68.80 million VND/tael
SJC HCMC: 68.10 million VND/tael – 69.10 million VND/tael
Doji Ho Chi Minh City: 67.90 million VND/tael – 68.80 million VND/tael
International gold price
Until 9:35 am today (May 26, Vietnam time), the world spot gold price stood around the threshold of 1,850.8 USD/ounce, down 11.2 USD/ounce compared to last night. Gold futures for June delivery on the Comex New York exchange were at $1,854.1 per ounce, down $9.9 per ounce compared to last night.
On the night of May 25 (Vietnam time), the world spot gold price stood around $1,862 per ounce. Gold for June delivery on the Comex New York exchange was at $1,864 an ounce.
The world gold price on the night of May 25 was about 1.7% lower (US$33/ounce) compared to the beginning of 2021. World gold converted to bank dollars was priced at VND52.2 million/tael, excluding tax. and fees, about 17.7 million dong/tael lower than the domestic gold price by the end of the afternoon session on May 25.
Gold price in the international market fluctuated strongly, rising and falling by millions of dong/tael as investors speculated about the possibility of a sharp increase in interest rates by the US Federal Reserve (Fed).
Gold price declined quite quickly worldwide as investors awaited the minutes of the Fed’s meeting with speculation about the possibility that the agency would raise interest rates sharply in September.
In the June and July meetings, the signals in the market showed that the Fed would raise interest rates by 50 percentage points each time.
Currently, what many people are interested in is how inflation in the US and Europe will be controlled, when it will go down and for how long. Inflation in many European countries is still increasing at double digits.
Usually, gold is chosen as an asset to hedge against inflation. However, when the Fed accelerates the rate hike, the dollar may strengthen, thereby negatively affecting gold. Interest rate momentum in the US increases the cost of holding gold.
In the long run, rising interest rates will cause the US economy to decline, thereby pulling the dollar down and gold benefiting.
Gold price forecast
Gold is currently subject to many different factors and volatility does not have a clear trend. The Fed’s tightening monetary policies pulled the dollar up and pushed the price of gold down. However, the USD is also under strong downward pressure when the euro is forecasted to appreciate.
European Central Bank (ECB) President Christine Lagarde has just announced that interest rates in the euro area are likely to be at their highest at the end of the third quarter of 2022. This news may cause the greenback to be sold heavily and drop.
The rally in US stocks after a period of sell-off could also pull money out of gold.
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here