USD drops, gold recovers

Domestic gold price

As of 2:43 p.m. on May 27, SJC’s 9999 gold price increased by 100 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:

SJC and DOJI gold price list updated at 14:43′ on May 27

Open the market on May 27, SJC’s gold price of 9999 today in Hanoi increased 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 27, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Gold price list SJC and DOJI updated at 9:25 am on May 27

At the end of the trading session on May 26, 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: 68.30 million VND/tael – 69.32 million VND/tael

Doji Hanoi: 68.20 million VND/tael – 69.10 million VND/tael

SJC HCMC: 68.30 million VND/tael – 69.30 million VND/tael

Doji Ho Chi Minh City: 68.20 million VND/tael – 69.10 million VND/tael

International gold price

Until 9:35 am today (on May 27, Vietnam time), the world spot gold price stood around $1,853.8 per ounce, up $2.8 per ounce compared to last night. The price of gold for June delivery on the Comex New York floor was at $1,858.4 per ounce, up $3.4 per ounce compared to last night.

On the night of May 26 (Vietnam time), the world spot gold price stood around $1,851 per ounce. Gold for August delivery on the Comex New York exchange was at $1,855 per ounce.

The world gold price on the night of May 25 was about 2.3% (44 USD/ounce) lower than at the beginning of 2021. World Gold converted to USD price, the bank has a price of 51.9 million dong/tael, excluding taxes and fees, about 17.4 million dong/tael lower than the domestic gold price by the end of the afternoon session on May 26.

Gold price in the international market recovered after falling sharply earlier. A weakening USD is a supportive factor for precious metals.

Gold is still in a weak state in the context of stock markets around the world, including the US, stabilizing again after falling to the lowest level in 12 months.

However, gold is backed by oil prices increased and US bond yields fell.

Last night, Chinese Premier Li Keqiang issued a warning saying that the world’s second-largest economy is struggling with the outbreak of the Covid-19 pandemic and many major cities are under lockdown. Accordingly, the situation is worse than in 2020 when the pandemic first appeared.

China’s leader called for more efforts to reduce the soaring unemployment rate. China’s supply chain bottlenecks and the Russia-Ukraine war have sent prices of goods and services soaring around the world.

Gold price forecast

Gold is considered a safe investment asset in times of crisis and a hedge against inflation. However, the rate hike has put pressure on non-yielding assets like gold.

In the previous session, the US Federal Reserve’s Open Market Committee (FOMC) expressed a tough stance on the stance of tightening monetary policy.

The US Federal Reserve (Fed) has now confirmed the risk of rising inflation and its growing threat to the economy. Most likely, the agency will raise interest rates by 50 percentage points each time in its June and July meeting.

At that time, the USD is expected to appreciate, thereby putting pressure on gold.

However, precious metals are still subject to many opposite influences and fluctuations without clear trends.

V. Minh