USD plunges, gold rises

At 6am on May 28 (Vietnam time), the world gold price on the Kitco floor traded at 1,861 USD/ounce, up 10 USD/ounce compared to the early hours of the morning.

Gold price on the international market continued to increase as the dollar fell to the lowest level in the past 1 month.

The USD index has dropped 1.49% this week, marking a two-week decline since the start of the year.

Minutes of the May meeting of the Fed’s Open Market Committee (FOMC) released showed that the central bank reiterated its aggressive stance on tightening monetary policy.

The agency sees the risk of rising inflation and its growing threat to the economy. The members also agreed that it is appropriate to raise interest rates by 50 basis points at the next meeting.

Domestic gold price

At the end of the trading session on May 27, Saigon Jewelry Company listed the price of SJC gold at 68.55 million dong/tael (buying in) and 69.57 million dong/tael (sold out).

DOJI Group listed the gold price at 68.5 million dong/tael (buy in) and 69.45 million dong/tael (sold out).

Gold price forecast

In a recent interview with Kitco News, Merk Investments President and Chief Investment Officer Axel Merk said that the prospect economy The US could become more confused as the Fed faces an uphill battle against inflation.

Although gold prices have dipped below $2,000 an ounce and have struggled to attract fresh upside momentum, Mr. Merk said the precious metal remains an important investment channel. Gold continues to act as a safe-haven against inflation and continues to outperform the stock market.